Greg explains what to look for when evaluating contractors for your home in this episode of Ask The Expert. 800 CHAB radio presents Ask the Expert with Greg Marcyniuk of Heritage Insurance located in Moose Jaw.
Here's a full transcript of the episode.
Rob Carnie: What do you look for? What do you do? What do you have to look after when it comes to homework before you hire a general contractor for renovations on your home or your property? Insurance comes into play. And here to talk about that is Greg Marcyniuk from Heritage Insurance in Moose Jaw.
Greg, for starters, we've got to protect ourselves.
Greg Marcyniuk: That's correct, Rob. And first and foremost, I think it's really important that you get a reputable contractor. And what I recommend to all of my clients is do a little bit of checking. Check for reviews and, as well, talk to other people that have used the contractor before.
And first and foremost is to make sure that the contractor does have general liability. What that does is it covers losses due to negligence, errors, and omissions which result in property damage. And you want to also ask that you're added on as an additional insured.
The other thing that you definitely want to check on, Rob, is builder's risk. And this policy is designed to cover damage to your home and materials - including those that are not installed yet.
And that's very important that you do talk to your broker. Come on down and we can talk to you to see whether you require it or make sure that your contractor has it. Basically, it's based on the renovation project. If you're doing that on your home, as far as for a do-it-yourselfer, and you do, make sure you have an opportunity to come down and talk to one of our people. Review your policy and make sure that you have the proper coverage in place.
As well, if you are hiring any sort of subcontractors, you want to make sure, again, that they provide you with a certificate of insurance. As well, when you do have a homeowner's policy, and if you have a friend or a family member come over and they do hurt themselves, you do have coverage under your home insurance policy.
And it's up to your policy limits. And again, for an extra layer of coverage, it's always great to carry umbrella liability coverage, which kicks in to provide liability coverage above your homeowner's limits. The other thing is experts estimate that one out of four remodeling projects add at least 25 percent of the value of your home, so it's always a great idea to contact us and let us know that you've done these.
And the biggest thing is most policies have replacement cost guarantee. And if you don't inform us that there's been these additions or that you've done the renovations, you may be shorting yourself on coverage. So, very important that you reach out to us from the beginning and as well as at the end.
Rob: Great advice from Greg Marcyniuk from Heritage Insurance. If you're planning some renovations this spring, summer, or fall, we can talk to you about this. We can also find these tips online, sir?
Greg: That's correct, online, or come on down and talk to any one of my fine people here at the corner of Fairford and First Northwest.
(Video transcription by Speechpad)