For many of us, our home is our most valuable asset. Before starting any renovation, talk to us, and we’ll make sure you are protected against financial loss should an accident or an injury take place during the project.
Even though your house is adequately insured, your risks change once your home becomes a construction site. When a contractor works on your home, you need to be protected from a number of risks.
Insist that the contractor provide you with proof of Business Liability Insurance, also known as general commercial liability insurance. $2 million is the minimum that should be requested. This protects you if your home is damaged through the contractor’s fault,
or if your contractor causes damage or injury to third parties, like your neighbours. We are happy to review your contractor’s policy to make certain there are no gaps between it and your policy that could leave you financially vulnerable.
If your contractor needs to hire additional trades such as an electrician or plumber, make sure they are insured for the work they perform. Your contractor should have Workers’ Compensation coverage for all the people on the job. If they don’t, you could be at risk if a worker is injured on your project.
Don’t just take the contractor’s word — ask to see a certificate.
If you do the work yourself or plan on acting as your own general contractor and hire others to do the work, talk to us to make sure you are properly protected against damage or injuries suffered as a result of your project.
While most repair or renovation work will not require changes to your homeowner’s policy, there are some coverage restrictions you should be aware of. If building materials stored on your property are stolen, they are not usually covered. In addition, if the building is under construction there may be no coverage for vandalism or malicious acts.
Water damage is also restricted, especially if it is during the usual heating season. If your
property is going to be vacant during the renovation, let us know so that your coverage does not lapse. Remember, tell us about your renovation plans before the work starts. We’ll help protect your most valuable asset.