Common activities that can affect your home insurance
Your home insurance policy is designed for you based on information you provide about your home, contents and activities. Most standard policies list policy conditions which you must fulfill to maintain coverage, and if you break the conditions, your actions can affect your coverage. This could mean your insurer refuses your claim or your home insurance policy becomes void. If you engage in the following activities, your insurer may deem this as increased risk to your home:
- Renovations: adding square footage, additions, upgrades or swimming pools can substantially change the value and risk of your house. Inform your insurance company of any renovations to ensure that you have adequate coverage.
- Being away for long periods of time without someone checking on your house: if you’re away for an extended amount of time (check the specific time frame in your policy), make sure someone is checking on your house. If you’re away in the winter, you should also drain your pipes to make sure they don’t burst while you’re gone.
- Not maintaining your house: if you don’t maintain your house and complete repairs as needed, any resulting damages may not be covered by your insurer. For example, if you don’t replace missing roof shingles, and as a result, get water damage in your walls, that damage may not be covered.
- Starting or running a home business: home insurance is not business insurance. Losses that result from business activities, as well as losses to the business itself (damaged stock, inability to use the work space) will not be covered under your home insurance policy. Disclose all home business activities, no matter how small the business is, and make sure you have coverage for those activities.
At DPM Insurance group, our licensed brokers and CSRs can provide you the guidance to ensure you’re not caught off guard when it comes time to make a claim. Click here to contact one of our six offices in Chatham-Kent and Windsor-Essex.
Source: Financial Services Commission of Ontario