OIP News - Renovating Your Home This Year?

Here's some valuable information you need to know

Your home is your castle, and what better way to treat yourself than to renovate/improve! Particularly with the 2009 Home Renovation Tax Credit (HRTC) - a federal non refundable tax credit for eligible home improvements completed between January 27, 2009 and February 1, 2010.

As your single largest investment, your home must be properly insured. Before embarking on any home improvement, here are some insurance related tips:

Contact your insurance broker before starting a renovation to ensure that your policy covers construction-related risks. Certain restrictions of coverage may apply. Begin your renovation with peace of mind.
If you are hiring trades people, ensure they are fully insured. Ask them for a Certificate of Insurance.
When the renovation is complete, contact your insurance broker to update your policy limit to ensure adequate coverage along with the removal of any coverage restrictions.

For more information on this and other aspects of the OVMA Insurance Program, contact the program administrators toll free, 1.888.681.2862.