(NC) - Canadians love to renovate their homes and will spend, on average, about 10 per cent more this year on their renovations, a steady increase year over year according to the RBC 2008 Renovation Study.
Home renovations can increase the value of your home, so it's important to protect that investment by updating your property insurance coverage to reflect the actual value.
A 2010 RBC Insurance/Ipsos Reid survey shows that 38 per cent of Canadians renovated their homes, but only 56 per cent of them updated their home insurance policy.
If you've spent $30,000 on refinishing your basement and then experience a flood, you could lose that investment if you're not adequately insured.
Before beginning any renovations, call your home insurer to discuss possible changes to your premiums and what you need to do to prepare for the upgrades. Make sure your builder has proper liability insurance in case of a personal injury during the construction - and get confirmation in writing.
- News Canada