AMA Insider Spring 2018 / Over 55 - Page 50

ent RE gu N id O e Basem AFTER Protect Your Reno communicating with your insurance agent is always a good idea before, during and after any type of home renovation. “together, you can review your coverage to ensure you’re protected,” says Karen McDougall, insurance agency manager at ama’s calgary crowfoot centre. follow her advice to reno the right way BEFORE If you’re doing a DIY reno, you should also check that you have disability insurance in place in case you get injured “on the job.” 50 Spring 2018 AMA inSider Consider water damage. Coverage can differ depending on your provider and the specifics of your home, so it’s a good idea to check with your advisor to find out what coverage you need and what you qualify for. Be sure to discuss options for covering these types of water damage: • Overland: Damage caused by water that enters into your home through windows and doors (as opposed to through the foundation). Talk to your insurance agent to see if there is anything your provider requires prior to starting a project. Complete details of a renovation will help determine insurance needs that will be required for the work. Check out your contractor. Poor workmanship is not covered under a home insurance policy, so you need to make sure the contractors you choose will do quality work. Contractors should have their own insurance, but it’s up to the homeowner to request proof of insurance to ensure they’re covered in the event of a loss while working on your home. Reevaluate your policy with your insurance agent. Find out what you are—and are not—covered for. • Water back-up: Water flows into your home from your municipal sewer system, private septic system or through sump pump failure. It can occur during periods of heavy rainfall, when sewers can’t handle excess water. DURING During renovations, insurance needs and coverage could change. If you adjust your reno plans while work is in progress, always consult your insurance advisor. Your required coverage could change, depending on the extent of the renovation. Increased square footage, additional bathrooms or updated finishes might impact the rebuilding cost of your home. Consult your insurance advisor. Building materials: Are they covered in your current policy? Ask your insurance advisor. To contact an AMA Insurance advisor: 1-800-615-5897 or visit BanksPhotos/istock Step 4: