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Home Renovations
Canadians go underground with home renovations
RSA encourages consumers to contact their insurance broker for valuable
advice
TORONTO - A considerable number of Canadian homeowners are going underground and investing in renovations and valuable home contents, according to a survey commissioned by leading home, car and business insurer Royal & SunAlliance (RSA).
Of the people surveyed, almost 40 per cent of Canadians have renovated
their homes in the past year, 67 per cent of this group did not consult their
insurance broker or company prior to investing in the upgrades. Additionally,
almost one in five home renovators were either unaware that they should report
their upgrades to their insurance company, or had forgotten to do so. The main
reason that respondents chose not to notify their insurance company was that
they felt the work was minor, according to the survey.
The survey also found that Canadians are increasingly going
"underground," with the majority of homeowners using their basements as living
spaces. One-third of respondents who live in a home with a basement that they
have access to reported having a home office in their basement, while one in
four used the space as a work-out room. As well, the survey revealed that 21
per cent of basements contain a home theatre system.
"Many people don't realize that it is necessary to report any renovations
to your insurance broker or company to make sure that they have enough
coverage should they experience a large loss, such as a fire," said Irene
Bianchi, Vice President of Claims and Corporate Services at RSA. "Your
insurance broker or company can provide valuable advice and recommendations
when you undertake home renovations, including making sure that your policy is
up to date, in case you ever need it."
Renovations include everything from backyard decks and hot tubs to
finished basements and redesigned kitchens and bathrooms. Costs for home
upgrades ranged from less than $5,000 to more than $20,000.
Bianchi added that people don't always think about the potential for
water damage when considering renovations such as backyard decks and hot tubs
or about taking pictures of stereo home theatre equipment in the unfortunate
event of theft.
"On select policies, Royal & SunAlliance offers a free phone-in service
where clients can acquire contact information for recommended vendors in their
area," said Bianchi. "This takes away some of the homework time while
providing home renovators with peace of mind required when embarking on a home
renovation."
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- Below are tips to ensure consumers make sure their investment is
protected. The number one tip: Contact your insurance broker or
company to report the completion of any renovations to ensure you are
properly insured.
Tips for Home Renovators
- Consider hiring a home inspector to identify any structural
challenges in advance of a renovation. A trained eye can help save
money in the long run.
- Remember to look at the house as a system in which everything is
interconnected. For example, if putting in a larger bathtub, consider
whether the current ventilation system can accommodate increased
humidity.
- Accurately estimate home renovation costs. Always round up when
calculating expenses and add 25 per cent to the final budget for
unexpected costs.
- Be sure to set a realistic timeline. Unachievable timelines can lead
to frustration and rushed jobs that could be costly or hazardous.
- Talk to your insurance broker or company to make sure that you have
adequate coverage for sewer back-up.
Tips for basement living
- Be sure windows and other emergency exits are in accordance with
local size, quantity and location building codes.
- Ensure furnace, hot water tank and piping are properly installed,
secured and enclosed. Doing so will prevent damage to basement
property in the event of a leak or malfunction.
- Take steps to properly waterproof the basement to avoid build-up of
mould, mildew, and other water damage.
- Be mindful of temperature. Getting a dehumidifier or cool mister to
regulate temperature and moisture can prevent future structural
repairs.
- Basement dryers should have their outside filter changed regularly,
as build up can lead to overheating and possible fire.
- Be sure to have working smoke detectors, and check the batteries
regularly.
>>
The survey was conducted between July 18 and 22, 2007, and surveyed 1,504
adults across Canada. It is considered accurate within +/- 2.5 percentage
points, 19 times out of 20.
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