Spring has arrived! Perhaps you are planning a home renovation project or even building a new home.
Regardless of the size of the job you are planning, anytime you hire a contractor to work for you, asking for confirmation of liability insurance is a must. What could happen, you ask? Well, if you hire a contractor that does not carry liability insurance, you could be held liable for any bodily injury or property damage that results from the work, not to mention any fines imposed for unlicenced trade work or WSIB violations. It is advisable to ask for a certificate of insurance and a WSIB clearance certificate. Although minor renovations are generally acceptable to your insurer, there are circumstances where a larger job will require additional property coverage. It is best to talk to your broker before you start the job.
If you are planning on building a new home, and acting as your own general contractor, talk to your broker before you start the job. It is important to get all the facts ahead of time. For instance, what if you wait until the home is half built before you decide to put insurance coverage in place? Most insurers will not offer coverage at this point, and if coverage can be obtained, it will be considerably more expensive. Also, if you have purchased vacant land, your home insurance policy automatically extends liability coverage to this location. However, the moment you start to build on it, the conditions of the policy change.
Intact Insurance has created a ‘Spring Checklist’ to help you prevent any spring related losses. To learn more, click here.