This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Renovating Your Home? Square One Insurance Advises You To Tell Your Insurance Provider Or You May Not Be Covered

VANCOUVER, Feb. 1, 2013 /CNW/ - If you're like most Canadians, you buy insurance to protect your home. After all, your home is likely your biggest asset. With home show season upon us and spring just around the corner, you might be thinking about renovating your home. Vancouver-based home insurance provider, Square One Insurance, warns that even the smallest renovation could affect the coverage provided by your home insurance policy.

"Insurance protects homeowners against a wide range of losses," states Daniel Mirkovic, President of Square One Insurance. "But all policies have provisions that may limit the coverage you receive. To ensure you are properly protected, you should notify your insurance provider of even the smallest renovation to your home."

Square One Insurance advises homeowners contemplating renovations that most policies require that you notify your home insurance provider immediately of any renovation costing more than $5,000. If you fail to do so, you will no longer qualify for the "guaranteed building replacement cost" coverage included in most policies. This critical coverage guarantees that your home will be rebuilt even if it costs more than the limit of insurance on your policy.

Owners of condos should be aware that while condo corporations are responsible for buying insurance on the condo building, unit owners are responsible to insure the cost of any improvements that have been made to their units. According to Square One Insurance, it's relatively easy and inexpensive to insure any improvements. Condo owners can contact their insurance providers to add "building improvements" coverage to their condo insurance policies.

Wondering what happens if you're not satisfied with the work completed by the contractor you hired? Worse yet, what if the contractor accidentally puts a screw in a pipe that causes water damage to your home or belongings? While your policy won't cover costs to correct faulty design, material or workmanship, it may cover the water damage caused by the contractor. To be as protected as possible, make sure the contractor has proper licenses, solid references and both workers' compensation and commercial general liability insurance coverage.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,982.59 +22.02 0.13%
S&P 500 1,978.91 +0.57 0.03%
NASDAQ 4,444.9090 -4.6550 -0.10%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs