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:

1. 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.
2. 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.