“Renovations don’t affect my insurance coverage.”
Many Ontario homeowners don’t know which renovations can decrease premiums, but are willing to find savings: 84% said they would be likely to make certain upgrades to their home if they could save money on insurance premiums in the longer term. “Simple renovations like installing security devices, such as alarm systems and deadbolts, or fixing your weathered roof may decrease your premiums,” says Dave Minor, a vice president at TD Insurance.
On the other hand, many homeowners in Ontario don’t know the types of renovations that can impact their premiums: 55% don’t know that installing granite countertops or expensive appliances could increase their premiums, and one-in-five are unaware that upgrading your electrical system or replacing a weathered roof could lower your premiums.
“Remember, anything that may impact the value of your home or probability of a claim will also affect what and how much insurance coverage you need,” says Minor. “Although water proofing your basement may not be as exciting as new stainless steel kitchen appliances, these types of renovations can help protect your home and belongings. It’s always a good idea to talk to your insurance provider to understand more about your coverage.”
*Visit the TD Insurance Learning Centre for more information.