Renovating your home is exciting. Whether it’s a brand-new kitchen, a finished basement, or an extension to make room for your growing family, upgrades can improve both your quality of life and your property value. But here’s something many homeowners in Montreal don’t realize: if you don’t tell your insurance broker about those major changes, your Montreal house insurance might not cover you when it matters most.
What Types of Renovations Must Be Reported?
Not every change requires a call to your insurance broker. A new coat of paint in the bathroom? No problem. But if your renovations change the structure, value, or use of your property, they likely need to be reported.
Here are examples of renovations that should be disclosed:
- Home extensions or additions
- Major kitchen or bathroom remodels
- Finishing a basement
- Installing new plumbing, heating, or electrical systems
- Adding an income suite or rental unit
These updates can significantly alter the replacement value of your home and may even change your risk profile.
What Happens If You Don’t Update Your Policy?
If you file a claim after a renovation and your insurer wasn’t made aware of the changes, you might face some unpleasant surprises. This could include:
- Denied or reduced claims
- Insufficient coverage to rebuild or repair
- Voided policy due to non-disclosure
Essentially, failing to update your Montreal home insurance is like driving with outdated registration. It may not be a problem… until it’s a big one.
Benefits of Informing Your Broker
Telling your broker about renovations isn’t just about avoiding problems; it can actually benefit you in many ways!
- You may qualify for a discount (especially if your renovation improves safety or energy efficiency)
- Your policy will reflect the true value of your home
- You’ll have peace of mind knowing your coverage is complete and accurate
At Assurances Simon et Associés, we can assess the impact of your renovations and make any necessary updates to your Montreal house insurance quickly and easily. If you’re investing in your home, make sure your insurance keeps up. A quick phone call can protect the value of your renovations and ensure your peace of mind.
Have renovation plans? Contact Assurances Simon et Associés today for a fast, free policy review.
