If you’re planning to make some home improvements, it’s a good idea to talk to your insurance broker or provider before you get started. Some home insurance policies require you to notify your insurance company before conducting any renovations, and you also need to keep in mind that most renovation projects result in an increased home resale value. While that’s definitely good news for you, it may also have implications for your insurance that you should know about.
Also, you may qualify for insurance discounts by making specific home improvements. Here’s a closer look at projects that may help you secure reduced home insurance rates because they lower your chances of having to file a claim.
Reduce Your Risk by Updating Home Systems
Depending on your insurance provider’s coverage policies, you might be able to qualify for lower home insurance rates when you:
- Switch over to safer copper wiring
- Change to an energy-saving tankless water heater
- Install fire-resistant rubber roofing
- Use sump pumps and backflow valves to reduce your chances of suffering water damage
- Install automatic sprinkler systems that will turn on if a fire breaks out
You may also qualify for upgrades if you install a home security system, especially if your choose a package from a reputable provider that includes 24/7/365 home monitoring. These packages typically come with monthly service fees, but your potential insurance savings could provide a nice subsidy.
When planning your renovations, remember to choose quality materials and hire reputable contractors known for providing good workmanship. These extra investments ensure that your upgrades will last for the long term, helping you enjoy continued financial and lifestyle benefits.
Insurance for Renovations in Calgary: Do You Need Construction Coverage?
If you’re undertaking extensive renovations or building a new home, chances are you’ve hired a contractor. In cases where major work is being done, you may need to purchase a specialized type of insurance product known as a course of construction policy.
Also known as builder’s risk insurance, course of construction policies protect you from fire, vandalism, theft and lightning while work is being done. You will also need to notify your home insurance provider if your home will be vacant for 30 days or more during the renovation project, as your home will technically be considered unoccupied after 30 days. You will need to take steps to ensure your coverage continues without interruption.
Are You Covered in Case of a Flood?
If you live in a flood-prone region of Alberta’s lowlands, you may want to consider adding the relatively new flood protection coverage that the province’s insurers created after the devastating events of 2013. It’s also good to be proactive about preventing flood damage. For detailed tips, please consult our previously published article covering ways to prevent water damage.
Saving Energy with Solar Panels
Alberta’s new carbon tax has left many homeowners looking for ways to reduce their energy bills, and a growing number of people are opting to add solar panels. Solar panels work by converting sunlight into electricity using photovoltaic (PV) cells. If you’re thinking about switching to solar power, you should definitely talk to your insurance company as there may be some installation-related insurance issues for you to address.
Remember, too, that Alberta’s provincial government recently introduced a rebate program for homeowners who add solar panels. More details are forthcoming in 2017, and in addition to these, you may also benefit financially from returning surplus electricity to the grid for others to consume.
Home Insurance in Calgary: Get the Lane’s Team Working for You
Lane’s Insurance is a leading Alberta-based brokerage. Choosing a broker is a wise move for consumers looking to protect their interests when dealing with insurance providers. Brokers work for you, not the insurance companies, so they always look out for your best interests and they never recommend products that don’t fit your need just for the sake of making a sale.
In addition to home insurance, Lane’s Insurance offers a complete range of policies and coverage options for just about every imaginable situation. You can count on Lane’s for great rates on auto, business, travel and health insurance, and more.
Lane’s Insurance is pleased to serve homeowners and residents throughout Alberta. Use the following regional links to contact us at: