It’s spring! For many of us the inspiration to “move this” or “update that” has been nagging at us all winter and the warm days have put your motivation into overdrive. Before you get “too inspired” and run out to your closest Home Depot make sure you read the fine print of your home insurance policy…..

Homeowners need to regularly check and update their home-insurance policies or risk having insufficient coverage when disaster strikes, insurance experts say.

The need to review and update a policy is especially important for those who have done renovations because changes to the property could render the policy void if the insurer hasn’t been informed.

Craig Richardson, vice-president of claims operations at TD Insurance, says the insurance company should be contacted even before a contractor starts work.

He noted that renovations also provide an opportunity to make other improvements that might help save a few dollars on your home insurance at the same time.

Things such as a sewer backup valve or an alarm system can be more easily installed if other major work is already being done.

“If you’re already in the process of doing renovations, it may be cheaper to do it while work is ongoing,” Mr. Richardson said.

But even without major changes to the property, policies should be reviewed annually just to be sure they match the homeowner’s needs.

Continue reading here……. story via Globe & Mail