Renovating? Remember to update your insurance

With so many homeowners, myself included, having taken advantage of the Home Renovation Tax Credit, I've been thinking a lot about the projects and less about actually living in them.

So, a recent release from TD Insurance was a great reminder to take a second look at your home insurance to confirm your new upgrades are covered.

For example, if you've finished your basement but haven't notified your insurance company of the change, in the case of a floor or other issue, you may only be covered for damage based on your basement's original state.

Your upgrades may even save you money. For example, installing a home security system may lower your insurance premiums.

And, the TD release adds, if you're still renovating and have contractors working in your home, your home insurance can help protect you from liability if anyone injures themselves on the job.