Home renovations can increase comfort, functionality, and resale value – and likely affect your insurance coverage.

After completing renovations, it’s important to review your policy to ensure your home is properly protected. Failing to update coverage could leave you underinsured if something unexpected happens.

Situations that typically require a policy review include:

• Kitchen or bathroom remodels
• Finished basements
• Home office additions
• Installing high-end appliances or fixtures
• Building decks, additions, or secondary suites

Major upgrades can significantly increase the replacement value of a home. If your policy reflects the old value, the coverage limit may no longer be sufficient.

Keep documentation of your renovations – including receipts, permits, and contractor information. This makes it much easier to update your insurance policy and support any future claims.

The Insurance Bureau of Canada provides guidance on when and how to update your coverage after renovations: www.ibc.ca.

Taking a few minutes to review your policy now will help prevent expensive surprises later.