Planning a Renovation or a Change in Occupancy?

October 5, 2021

Recently, we’ve experienced several situations where clients have not notified us about renovations to their home or a change in the occupancy of their property. If your broker isn’t kept up-to-date, you may be putting your home at risk. 

Our job is to make sure that all of our clients have the proper coverage in the event that something unexpected happens during a renovation or to their property. It’s imperative that you alert your Personal Account Manager about any changes.

Planning a Renovation? Please call us. 

It can’t be stressed enough that you need to call your broker if you are going ahead with a renovation project. As your insurance broker, we want to know the details about your renovation. It is generally understood that very minor renovations are not a problem from a coverage point of view. However, once your renovation exceeds roughly $10,000, things change — there are conditions in your policy that affect your coverage.  

Whether it’s finishing your basement, adding a deck, or a major addition/renovation to your home, we need to know. Insurance is about peace of mind. Once you let your broker know what your plans are, we can make sure your coverage will be there when you need it. 

Change in Occupancy?  Please call us. 

If there is any change in the occupancy of your property, your insurance company requires notification of this change. Examples of a change in occupancy are:

  • You now rent part, or all of, the property.
  • Your property is no longer your primary residence.
  • Your property is now vacant**.
    • **Property is vacant if, regardless of furnishings, all occupants have moved out and there is no intent to return.

Changes to the occupancy of your property is a material change in risk, and your insurance company will likely deny a claim if they have not been informed. However, your policy can be amended to allow for a change of occupancy, so it is very important that you advise your broker as soon as possible. 

If you need assistance or have questions about renovations or changes in occupancy, don’t hesitate to contact us by phone or email.

*These reminders were written by Larry Day, President of Dawson & Keenan Insurance.

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