If I make renovations or upgrades to my home, do I need to tell my insurance company or insurance broker?
Generally speaking, you should notify your insurance company/broker when you make renovations or upgrades to your home under 2 scenarios:
- If the renovations substantially increase the replacement cost of your home, you should notify your broker to ensure your limits are updated and you have adequate coverage.
- If the renovations create a material change in risk for the insurer. For example, adding a pool to the backyard increases your risk of liability claims happening on your premises.
If you’re not sure, I recommend erring on the side of caution and notifying your broker of any planned renovations and upgrades.