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Updating old and outdated plumbing and wiring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.
If you haven’t already heard, Dalrymple – Burns Insurance has been rebranded as dbi Brokers Ltd. We still have the same small town values that Mr. Dalrymple and the Burns Family instilled in their brokerages years ago, but times have changed a little bit, and we needed to as well.
We made this video to help reintroduce ourselves, check it out, and learn what we are all about.
Out with the old and in with the new seems to be the trend more and more frequently these days. Although we still have the same values, we’re now able to offer you a new/better experience:
We’re on social media, sharing valuable content.
Our website has been updated and is more user friendly than ever.
We can work with you and complete applications via email and e-signatures.
You can e-transfer payments to us instead of bringing in funds or supplying your credit information.
We encourage you to explore our website, and better yet, contact us to truly experience the dbi difference!
It doesn’t matter if it’s a mild winter day, a spring thaw, or a sewer back up issue, water can find ways to places we don’t want it to be. Much of the time we don’t even think about the ways water damage can affect our homes until it’s too late. And that usually leads to frustrating fixes, and costly cleanups.
Following these simple water damage prevention tips could save you from the headache, and some expensive scenarios!
We all know that water flows down into the ground. So, if your foundation has cracks, these could be possible inlets for water. Seal cracks in the foundation walls and floor.
Part of your seasonal house maintenance should be making sure all water ways are clear. Clean eavestroughs, connecting downspouts, and sewer grates to ensure water can flow without obstruction.
If water issues occur regularly in your house, consider installing a sump pump with a battery backup. A sump pump will move water out of flooded low points, and the battery backup will kick in during power outages. You may even qualify for a discount if a sump pump and battery back up is installed.
Have you ever poured grease down the kitchen sink? Or put paper towel or kitty litter into a toilet? These are habits to stop immediately if you’re wanting to avoid a sewer back up situation. Make sure your household disposes of waste properly!
Even taking these steps doesn’t ensure that you won’t be the victim of water damage, but it is a good start.
Your property insurance policy should also be set up to protect you against water damage. If you’re unsure if you’re covered, look for words like sewer back up, and overland water. If you can’t find those words, or if you’re still not sure what you’re covered for, get in touch with us and we’ll lend our expertise.
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.