Remodeling your house

If you love your location and get along with your neighbours, updating your current space might be the right move. Remodeling your home will also allow you to customize your space to suit your needs and likely increase the value of your home.

Things to consider when planning a home renovation:

Investing in a home makeover doesn’t have to be stressful if you build a plan for a smart renovation: 

Typically, home insurance will not cover liability or damages caused by the contractor. Before hiring your contractor, it’s a good idea to ensure that they’re covered under the Workplace Safety and Insurance Board (WSIB) or the equivalent board in your province, have commercial general liability coverage and that their insurance will cover any damages on your property during construction. 

If finding a contractor seems daunting, Aviva customers who have add-ons like Home Repair Assure or Claim Prevent can ask Aviva for a list of preferred contractors. Customers with this optional coverage will be backed by a $1,000 workmanship guarantee† if they’re not satisfied with the work done.

Five most popular renovations for Canadian homeowners in 2017

Inform your insurance company of your home renovation plans

Whether you decide to finish your basement, update your kitchen or bathroom, it’s a good idea to let your insurance provider know about your plans. Your house insurance covers your home and its contents in the event of a loss, but your new renovations could increase the overall value of your home – therefore, affecting the replacement value and premiums of your current policy. 

It’s also important to remember that some renovations may not be covered under your current home insurance policy and a surcharge or restrictions may apply to your existing policy due to the risks involved during construction. 

Understanding your policy and available add-ons to your coverage will ensure you’re covered for the cost to rebuild your home (including all the new renovations) in the event of a loss. 

Every situation is different, contact your insurance broker or Aviva to learn more about the implications of home renovations. 

†Terms and conditions apply.