Keeping Your Dream Property Project from Becoming a Disaster Nightmare
Renovating your Home or Cottage this summer? Start with your broker.
With the beautiful summer weather well underway, it`s difficult to avoid the `project bug` and start making some long-awaited improvements to your castle. As a home or cottage owner you should be aware that there are certain requirements when remodeling, renovating or enlarging your property. You need to ensure that your property is adequately insured during and after your home improvement.
Remodeling, renovating or enlarging your home is a Material Change in Risk and as a result may affect the amount and/or type of coverage available. Any structural changes must be disclosed to the Insurance Company as stated in most Homeowners policies.
Depending on the duration or extent of renovations – particularly for high-valued properties, Insurance Companies may amend or restrict coverage during the Course of Construction.
Amendments to coverage may include:
• Course of Construction surcharge being applied to the premium in light of increased fire, theft
and vandalism exposure during this period
• Vacancy surcharge if the residence is vacated during construction
• Increased deductible amounts
• Installation of monitored burglar/fire alarm systems
• Installation of motion detection lighting or perimeter fencing to limit access to the property (to
deter vandalism or theft)
It is important to select a contractor who can produce reliable references and a “Certificate of Insurance” indicating sufficient liability insurance to cover the value of the property.
So whatever the scale of your project, make sure to consult with your broker to make sure that all your insurance bases are covered to protect your property dream.
Well known in the Muskoka business community and a Canadian Accredited Insurance Broker with over 15 years of experience, Andy Mattice meets the highest standards of industry performance, continuing education and ethical business practices.
Whether you’re a business owner, purchased a new investment property, or just looking for a second opinion on your insurance portfolio, you deserve smooth, respectful and personable service. Andy will work in your best interest to negotiate and identify the insurance product that suits your needs. His team’s pro-active initiatives and ease of business approach keeps your insurance portfolio up to date and accurate to avoid complications in the event of a claim.
Schedule some time to meet with Andy and review your commercial insurance portfolio. You may be surprised at what you can learn with a fresh, professional perspective.
You probably already know Deane Belfry, or have met him around town. A longtime Huntsville resident and local small business owner, Deane is very passionate about everything he does from supporting our community or providing insurance guidance and protection. He is a successful insurance professional with local brokerage, CCV Insurance, specializing in a broad array of commercial risks from retail to manufacturing to hospitality.
Make a point to meet with Deane a few months before your insurance renews this year and feel confident working with someone locally who is familiar with the Muskoka lifestyle. These days, it’s so important to have a trustworthy advocate you can count on to help you through all stages of your insurance program and provides valuable risk mitigation support.
Additionally, CCV Insurance is a proud member of the Huntsville Lake of Bays Chamber of Commerce and provides a competitive group home and auto insurance product for its members and their employees.