Before starting a renovation meet with your insurance agent.
Confirm that you're covered for damage or injury during the renovation. Review your actual Homeowner's Policy to ensure that your liability insurance is sufficient for the number of workers that are on your property during construction.
At the same time, assess any increase in coverage that may be sensible to protect the "new value." The policy should cover the cost of rebuilding using "replacement value." And a "tip" - find out if your policy, or the amount you've insured for, creates a "co-insurance" situation, which can limit coverage.
Renovating a condo? Check with the management to confirm any special requirements before work begins. If the Contractor or their Trades get stopped or slowed down during a renovation because the right approvals aren't in place, it could be a costly delay. And remember to arrange elevator time.
Author:Maurice King Phone: 905-409-6730 Dated: November 16th 2017 Views: 29 About Maurice: ...
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Maurice King has a long standing record as a successful real estate agent. With over 25 years of experience in Architecture, mortgage lending and real estate, Maurice is one of the best in the business.