Not Doing Major Repairs
Your insurance policy may be cancelled if you neglect your house by omitting to complete necessary repairs or maintenance work, for example. These include replacing a damaged roof through which water is leaking in and weakening the building’s structure, or not treating a widespread mould issue. For your peace of mind, contact your insurer and find out what work must be carried out to ensure your policy remains valid.
Leaving the Home Unattended for an Extended Period
Are you outside the country or living at your cottage six months out of the year? Your residence is more vulnerable without you there to keep a close eye on things. A water infiltration problem could become catastrophic if not promptly repaired. The same is true for a gas leak that isn’t detected in time. The list of potential issues is a long one!
If you do submit a claim and your insurance provider comes to understand that you had been absent for some time, they may decide to end your coverage according to your contract’s terms and conditions. Consider asking one or more friends or family members to check in on your property while you are away. You can then inform your insurer that you had taken steps to protect your home in the event of a claim.
Conducting Illegal Activities
Obviously, if you grow cannabis in your home or do other illegal activities, your insurance policy could be revoked.
Submitting a Fraudulent Claim
Should a fire occur or a pipe burst (for example), you will have to inform your insurance company which of your belongings were damaged. It will then be able to determine what amount to pay you. But be aware that inflating these objects’ value or submitting a fraudulent claim can invalidate your coverage.
You should keep a proof of purchase for high-value items, ideally in an electronic format (in case the paper receipt is unreadable because of the damage to your property). Likewise, make sure your insurance provider knows the value of what your residence holds. Call them when you make big purchases, such as jewelry or fine art.
Renting Your Residence
Airbnb-type apartment and house rental websites have become undeniably popular. While you are the residence’s owner and therefore have the right to list it on these platforms, this may violate your insurance policy’s terms. Read your contract thoroughly to see if it contains restrictions regarding home-sharing services.