Will my homeowner policy pick up the extra cost of having to conform to current building codes (e.g., bringing the electrical wiring up to current regulations)?
A. It depends. Some insurance companies do include this coverage, however, most do not. Nonetheless, even if an insurance company does not include this coverage in their basic policy, additional coverage can be purchased to meet this possibility. In addition to meeting building codes, you should also be aware of how this issue could possibly impact on your other properties, such as rental or seasonal properties. For example, if you own a cottage that suffers major damage that requires you to rebuild it, local bylaws may require that your replacement cottage be moved further back from the lake, which could involve significant extra expense. Please contact us for additional details on this topic.
Related Questions
- Will my homeowner policy pick up the extra cost of having to conform to current building codes (e.g., bringing the electrical wiring up to current regulations)?
- If a wind storm damages or uproots a tree in my yard, will my Homeowners Policy cover the cost of the tree and the debris removal?
- Do working buttonholes or pick stiching cost extra?
