5 Things You Should Tell Your Broker About Your Home

People are forever making changes to their home such as updating the electrical or adding a pool, however, most don’t think to tell their insurance broker, which could be an issue.

It is very important that you let your insurance broker know anytime you finish a basement or make any structural changes on your home because most changes are very important to note on your insurance policy since they could alter the value of your home.

Changes you should tell your broker

#1 Your Home is Vacant

If you plan on leaving your home vacant for an extended period of time, you should call your broker so they can advise how you can maintain your home insurance even when you’re not there

#2 Renovations

If you’ve lived in your home for a long time or if you purchased an older home, chances are you have made some improvements or plan to in the near future. Many major renovations will add value to your home so your current insurance policy may no longer provide adequate coverage. If you have made any changes, let your insurance broker know so that your policy is updated accordingly.

#3 Operating a Business From Home

If you have started operating a business from your home, informing your broker is essential. Your broker will make sure that you have the right insurance protection on your policy for any business inventory in your home such as computers. You will also need to add liability protection if you have clients or employees coming to your home. Some business may not qualify for the Home Base business and may need alternate coverage.

#4 Having Tenants

Often times people supplement their income by renting a room or the basement in their home. If you have tenants living in your home, you will want to speak to your broker to ensure you and your tenants have the proper coverage in place.

#5 Adding a Swimming Pool

Any improvements to your home or property will also affect your insurance. Examples are adding a swimming pool or getting a trampoline. These changes are added risks that your broker should be made aware of so that your insurance policy can be changed and remain up-to-date and valid.

Withholding information about any changes to your home could be considered a material change in risk. In order to ensure you are fully protected, please notify your broker of any changes. It really is better to be safe than sorry – and certainly in your best interest to make sure you are fully protected by your policy in the event of a loss or claim. If you are ever unsure if a change you made will affect your insurance, please call to speak to your broker and we would be happy to help you.

This article was written by Jacqueline Bujold, R.I.B.O - Bilingual Account Service Executive / Compte Éxecutif Bilingue - (905) 735-7212 x2143

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