- August 13, 2021
- Category: Home, Tips & Advice
Whether you’re planning a major renovation or making some minor upgrades to your home or condo, it can be tempting to skip to the exciting stage of choosing new paint colours and fixtures. In order for a home or condo renovation to go smoothly, there are some things to think about. Here are 5 tips that can help you understand the importance of the right insurance protection.
Find a reliable contractor
Ask your family, friends, and colleagues for recommendations. Hiring a contractor that is highly recommended, has the right qualifications, and can provide proof of insurance is extremely important.
Get the right documentation
Make sure to have a copy of a signed contract detailing the estimated cost of the project, work you expect to be done, and start and completion dates. You should also have a list of materials and their cost.
Complete the paperwork upfront
It is your responsibility to get the correct legal permits and appropriate approval (condo board approval) before you start the renovation project. You can also request that your contractor obtains all the necessary permits for you.
Vacating your home or condo
Your insurance policy may not cover your home or condo if it is unoccupied while renovations are being made. This is because there is an increase in risk. If you plan on vacating your home or condo for an extended period of time, you may need a permit to insure coverage on your property.
The value of your home or condo may change
Insurance covers the cost of your property and its contents. A home or condo renovation may change the value of your property and, therefore, affect your coverage.
Learn more about home & property insurance