VANCOUVER, Feb. 1, 2013 /CNW/ - If you're like most Canadians, you buy
insurance to protect your home. After all, your home is likely your
biggest asset. With home show season upon us and spring just around the
corner, you might be thinking about renovating your home.
Vancouver-based home insurance provider, Square One Insurance, warns
that even the smallest renovation could affect the coverage provided by
your home insurance policy.
"Insurance protects homeowners against a wide range of losses," states
Daniel Mirkovic, President of Square One Insurance. "But all policies
have provisions that may limit the coverage you receive. To ensure you
are properly protected, you should notify your insurance provider of
even the smallest renovation to your home."
Square One Insurance advises homeowners contemplating renovations that
most policies require that you notify your home insurance provider
immediately of any renovation costing more than $5,000. If you fail to
do so, you will no longer qualify for the "guaranteed building
replacement cost" coverage included in most policies. This critical
coverage guarantees that your home will be rebuilt even if it costs
more than the limit of insurance on your policy.
Owners of condos should be aware that while condo corporations are
responsible for buying insurance on the condo building, unit owners are
responsible to insure the cost of any improvements that have been made
to their units. According to Square One Insurance, it's relatively easy
and inexpensive to insure any improvements. Condo owners can contact
their insurance providers to add "building improvements" coverage to
their condo insurance policies.
Wondering what happens if you're not satisfied with the work completed
by the contractor you hired? Worse yet, what if the contractor
accidentally puts a screw in a pipe that causes water damage to your
home or belongings? While your policy won't cover costs to correct
faulty design, material or workmanship, it may cover the water damage
caused by the contractor. To be as protected as possible, make sure the
contractor has proper licenses, solid references and both workers'
compensation and commercial general liability insurance coverage.
If you plan on doing the renovations yourself and you have a
comprehensive home insurance policy, your policy should also cover any
damage that you may accidentally cause to your own home or belongings,
or to those of your neighbours. For example, if you live in a condo and
you're the one who accidentally puts a screw in a pipe that causes
damage to the units beneath you, your personal liability coverage
should pay for any resulting damage to your neighbours' property.
For more information on how renovations may affect your home insurance
coverage, speak with one of Square One Insurance's licensed agents or
Established in 2011 and based in Vancouver, British Columbia, Square One
Insurance offers the only à-la-carte home insurance policy in Canada.
That means you only pay for the protection you need. Square One
Insurance is also one of the few providers to automatically include
earthquake and broad water protection in its policy. No paying extra.
For more information about Square One, or to get an online quote, visit
SOURCE: Square One Insurance Services Inc.
For further information:
Square One Insurance Services Inc.
Tel: 778.331.6933 ext 104