Did you do a home reno during the pandemic or are thinking of doing one now? It seems Canadians have been re-evaluating their homes as renovations are up across Canada. Whether you’re doing a renovation to increase your home value or to your Pinterest fantasy, did you inform your insurance broker?
When do I need to talk to my insurance broker?
Last year, Canadian homeowners spent on average $13,000 on home renovations, an increase of $4,700 from the previous year. But did you know that your typical home insurance policy states any renovation exceeding $5,000, needs to be notified to your broker to maintain coverage provisions? Don’t skip this step as it can be a costly mistake in the future. Your broker can guide you to ensure you’re protected during and after your renovation.
What do I need to tell my broker?
From upgrading to a finished basement, home office, or outdoor space, your broker will inform you if additional coverage is needed. Coverage may be needed in case of bodily injury or accident, and if the renovations will leave you underinsured. You also need to inform your broker because if a claim is made during the renovation, it may not be covered if you failed to notify. Protect your investment and make sure to tell your broker:
- What you plan to do, are doing or did to your property
- An inventory of new items and areas (such as appliances, furniture, art, custom kitchen, bathroom updates, new plumbing, heating, and cooling, etc.) to help assist in the settlement of a loss or claim
- Who your licensed contractor is and if they’re insured. You should also find out who their insurer is, their coverage limits, and policy terms (including any trades and sub-trades that are being used)
- Inform your broker if any building permits were required
Can a home renovation lower my insurance costs?
Yes! Not all renovations are made equal, and your reno may actually decrease your insurance costs. Below is a list of home renovations that can lower your home insurance premium:
- Installing a new roof, or new heating and cooling systems
- Updating old and outdated plumbing and wiring
- Installing an alarm/ security system or other loss mitigation items
A lot can happen, and it only benefits you to talk to your broker before and after your home renovation. Talk to a dbi broker today to have all your home renovation questions answered.
We want to give you a look at some of the people working for you on your insurance. The difference of working with dbi is the experience and customer service of our brokers. Maria is one of our fine brokers who even after one conversation you feel she will take care of you and do her absolute best.
Maria Ford, Insurance Broker
With over 40 years of insurance experience, Maria is an exceptional insurance broker and member of the dbi Brokers Ltd. team. She is honest and hardworking, “I sincerely care about people and work very hard to make things right for my clients”
Her promise to her insurance clients is clear “I will always provide them with the best service and price possible”. To say the least, if Maria is your broker you are in good hands. She takes the time to get to know and understand her clients. When she isn’t working hard for her clients you can find her reading, swimming and listening to music.
“Maria has always responded immediately to any and all of our questions and concerns regarding all insurance matters. She has been honest and has offered us many options with our coverage for home and auto, with a full explanation of the benefits vs.cost. We have dealt with her for many years and will continue to do so. The strength of a good company comes down to the quality of the people who work there. She represents the best of the best.”
At dbi we provide Auto, Home, Business, Farm and Life Insurance for clients across Southwestern Ontario. We strive to provide insurance that works for YOU. Call us today to talk with Maria who works to save your time, money and provide peace of mind.
The sound of wind, the beauty of the horizon and the joy of time spent on the boat. It is the time of year to begin dusting off the cobwebs and preparing for summer. At dbi Brokers Ltd we want you to enjoy your time boating and have the peace of mind knowing that your boat insurance will protect you.
With the excitement of the season it is easy to forget the responsibility of owning and protecting your boat, and unfortunately mistakes and accidents do happen. So make sure you are protected.
6 Tips to protect you and your boat this summer:
Your canoe, kayak or any watercraft without a motor can potentially get rolled into your home or seasonal home insurance policy. Speak with a dbi Broker to find out more about your liability limits.
The onus is on you to prevent damage or loss but those damages or losses out of your control will most likely be covered by your insurance policy
A boat worth very little could cost you a lot. Even if your boat is not worth insuring for theft or damage. Without liability protection if you boat causes harm to someone or something, you’ll be on the hook for the damages, losses, or injuries
For larger boats liability and damage insurance is highly recommended and often policies will cover the boat and additional equipment.
Similar to car insurance there are a wide range of factors that will affect your boating insurance policy. Which can include the size of the boat, size of the motor, its value, the location that you use it, and more. Make sure you speak with a broker to make sure your policy fits your needs.
You need to hold a Pleasure Craft Operator Card (sometimes referred to as a boating license) in order to operate a boat in Canada. Without this, not only do you risk a $250 fine but it also may void your policy.
Additional questions for your broker:
What are the navigational limits for my boat?
Navigational limits, ask your broker where you can operate your boat and still be covered under your policy.
What is my lay-up period?
Lay-up period refers to a specific time frame when your boat is out of the water. If your boat is in the water during this time, you will not be covered by your policy.
Is my boat covered while is it being stored in the off-season?
Winter storage for boats in Canada creates a risk of snow load, this is something to ask your broker if your boat will be covered during the off-season.
Are there age restrictions on policies?
Current age / horsepower restrictions:
Under 12 years of age with no direct supervision, a person may operate a boat with up to 7.5 kW (10 hp);
Ages 12 to under 16 with no direct supervision, a person may operate a boat with up to 30 kW (40 hp);
Under 16 years of age, regardless of supervision may not operate a PWC;
16 years of age or older: no horsepower restrictions
Speak with a broker today so that you can sail into the beautiful days of Ontario summer when they get here!