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
AMAInsurance.ca/Home
BanksPhotos/istock
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