Make Home Insurance Rates Part of the Renovation Plan
So, you’re thinking about a home renovation? It can be exciting to design a new floor plan, pick out flooring, and shop for those little extras to find the best bargains! It’s even more exciting to see it all come together after weeks, months, or even years of preparation and hard work. Most likely the last thing on your mind is home insurance, but it should be!
Home insurance rates may shift due to renovations, either increasing or decreasing depending on what renovations are performed. So while you may be increasing the value of your home, you could also be leaving it vulnerable to losses. And while you may be incorporating upgrades that lower your home insurance rates, the savings will just be sitting there unless you contact your insurer to ask!
Typical Renovations That Change Your Home Insurance Rates
In the last decade, an average of over two million Canadians have started home renovation projects amounting to at least $1,000 according to the Canadian Mortgage and Housing Corporation (CMHC ).
If you’ve recently renovated or are considering a change and wonder what types of renovations have an effect on home insurance rates, here are just a handful of examples:
Depending on the duration of construction, your home insurance rates and policy classification may change. This can happen because homeowners decide on extra projects while walls are removed or other things are being improved. It may also occur out of necessity if problems are uncovered during the remodel. It’s not uncommon to find old plumbing, insulation, or outdated electrical in older homes.
Be sure to ask about your home insurance rates and classification before, during, and after the home remodel process. It’ll benefit you through potential savings and give you peace of mind that you are covered from any losses!
Looking for a new policy or want to know more about home insurance rates during renovation? Call Higgins Insurance at 1-866-273-2911.