Do your homework before renovating your home
(NC)—In today's housing market, many homeowners looking for a change may decide to give their home a facelift instead of moving. Before swapping that 'For Sale' sign with hammers, hardwood and paint, it's important to consider the insurance implications of your home renovations.
“Your home is one of the biggest investments you'll ever make,” says Dave Minor, Vice President, TD Insurance. “Whether you're installing water-efficient plumbing or just installing new cabinetry, it's important to understand your insurance coverage before getting started.”
Minor provides his top tips for handy homeowners to consider before picking up the hammer and paint brush:
Choose your renos carefully: You may be dreaming of an open concept kitchen or a custom built bookshelf, but it's important to consider the long-term impact of your renovations. It may be better to fix your 20-year-old roof, or upgrade your electrical system first. These types of renos just might save you from big headaches down the road. Also, ensure that the renovations are done properly, as inadequate construction may lead to cancellation of your insurance policy.
Before starting, know what you're covered for: Contact your insurance provider before lifting a finger on your home renos. Ensure you have the proper coverage in place during the renovations and learn about what liability coverage your policy includes. Your insurance provider may also be able to warn you about aspects of your policy that you may not be aware of, such as how long your home insurance policy allows you to vacate your home during renovations without affecting your coverage.
Post-renovation, revisit your insurance coverage: Renovating to add value to your home could also impact the coverage you need. Depending on the upgrades you make, you may have to re-evaluate your insurance policy to make sure you're still properly protected, so contact your insurance provider to be safe.
Go green: Consider replacing an old furnace or upgrading appliances with high-efficiency ones that use less electricity. By considering environmentally friendly renovations, you will be reducing your carbon footprint and helping your wallet too.
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