People are forever making changes to their homes such as updating their electrical appliances or adding a swimming pool, however, most of them don’t think to notify their insurance broker, which could cause serious problem in future.
It’s really essential that you let your Ontario insurance broker know anytime you finish a basement or make any structural modifications on your property because most customizations are very important to write down on your home insurance policy since they could change the worth of your house.
Changes You Must Tell Your Insurance Broker:
Your house is vacant:
If you are planning to leave your house vacant for a long period of time, you must consult your broker so they can guide how you can maintain your home insurance in Markham Ontario even when you aren’t there.
Reconstruction:
If you have lived in your house for a prolonged period or if you bought an older house, odds are you’ve made some renovations or plan to in the coming days. Many major renovation works will add value to your home so your present insurance plan may no more offer sufficient coverage. If you’ve made any modifications, notify your insurance broker so that your plan is updated accordingly.
Operating a home based business:
If you’ve started running a home-based business, notifying your insurance broker is important. He or she will ensure that you’ve the appropriate insurance protection on your policy for any business stock in your house such as computers. You’ll also have to incorporate liability protection if you’ve clients or personnel coming to your house. Some business mayn’t be eligible for the Home Base business & may require alternate coverage.
Adding a pool:
Any improvement to your home will affect your insurance, for example, adding a pool or getting a trampoline! These modifications are supplementary risks that your insurance broker must be made alert of so that your insurance plan can be changed & remain updated and valid.
Withholding information regarding any modifications to your house could be reckoned a material change risk. To make sure you’re completely protected, please inform your broker regarding any changes. It truly is better to be safe than sorry – and surely in your best interest to ensure you’re completely protected by your policy in the incident of a loss or claim. If you’re ever uncertain if a modification your made will have an effect on your home insurance in Markham Ontario, feel free to call Marathon Insurance Group. We’d be happy to assist you!
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