You must call you insurer when…

You must call you insurer when…

Your situation has changed since you first purchased your home insurance?
The value of your insured property increases?
You move into a new home or renovate your home from top to bottom?

These are just a few reasons to call your insurance company.

Typical Situations

Moving? Call your insurance company as soon as possible so that they can calculate your new premium based on the risk associated with your new address. Take advantage of this call to make sure your belongings are also covered during your move.

Tell your insurer when you change jobs or profession to make sure your file is up-to-date.

At renewal, ask your insurer if they signed a partnership agreement with a group that you may have just joined. Who knows, it could save you money…

Home insurance is based on the value of your property

To calculate your premium, your insurer considers the value of your property.

Talk to your insurer to make sure your coverage is adequate in the following situations:

  • You revise your property inventory and the value has decreased or increased
  • You purchase items that significantly increase the overall value of your property
  • You purchase items whose value is worth more than the amount indicated in your contract (e.g., jewelry, bike, etc.)

This also applies when you install a pool, spa or sauna, because they are not necessarily covered by your home insurance…. unless you notify your insurer.

He who says reno, says increase in value

When requesting a quote, the characteristics of your home are used to calculate the premium.

If renovations increase the value of your home, inform your insurer so they can provide adequate coverage.

Upgrades that can increase the value of your home:

  • Renovated kitchen and bathroom
  • Expansions (additional rooms)
  • Finished basement

Worthwhile renovations

If you think renovations automatically add value to your home then think again!

Some reno work may reduce the risk of fire or water damage which will also reduce your premium.

The most worthwhile renovations include:

  • Replacing your water heater
  • Installing an alarm system with water leakage detection
  • Fixing the roof
  • Correcting the negative slope of your lot
  • Replacing a wood-burning furnace by an electric one

How do you use your home?

Be sure to inform your insurer when a change in situation increases the risk of damage to your home and belongings. For example:

  • Home office for a self-employed worker or business manager
  • Professional equipment kept in the home (e.g., tools, computer, etc.)
  • House left vacant for more than one week
  • New person living with you
  • Smoke-free home (more than one year)
  • Short- or long-term home rental, whether it be with Airbnb or a student living in the basement

Your child is studying abroad?

Talk to your insurance company to make sure their property is fully covered and the amount of liability insurance is sufficient.

When in doubt

If your situation changes along the way and you think that it might have an impact on your home insurance, call your insurer to find out.