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Get reliable renovation coverage tailored for you by BrokerLink.
Statistics Canada reports that residential renovation prices rose 0.5% in Q4 2024, following years of sharp cost increases. In fact, since 2017, the Residential Renovation Price Index (RRPI) has increased by 66.5% nationally, with the largest rise in Ontario (91.8%). With Canadians spending an average of $19,000 per renovation and nearly half planning or completing home improvements in the past year, according to CMP (a Canadian mortgage broker website), it's safe to say that the stakes are high when projects encounter delays or damage.
Whether you’re a renovation contractor specializing in kitchen upgrades or managing large‑scale commercial remodels, accidents, property damage, or costly mistakes can derail a project and eat into profits. Renovation business insurance is designed for businesses like yours, protecting against customer injuries, on‑site property damage, contractor errors, and even theft or loss of tools and equipment.
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Renovation business insurance is a specialized type of contractor insurance designed for businesses in the renovation and remodelling trade. Standard business insurance or commercial property insurance policies often don’t account for the unique risks that come with tearing out walls, handling client property, and managing multiple trades on a busy job site.
This coverage is built with renovation professionals in mind. Whether you’re remodelling a kitchen, converting a basement into a rental suite, or restoring an older home, you’re working with tools, trades, and timelines that leave plenty of room for accidents.
From accidental property damage to a client's property, to theft of building materials, to injuries on-site, renovations insurance helps cover the costs so one mistake doesn’t derail your entire project.
From small renovation firms updating a single-family home to full-service contractors managing large commercial remodels, BrokerLink helps protect your projects, your team, and your bottom line with renovations insurance tailored to the realities of the construction and home improvement industry.
Renovations insurance is essential for businesses that plan, manage, or perform major upgrades to residential or commercial properties. Common businesses and professionals that benefit from coverage include:
House‑flipping companies renovating properties for resale
Design‑build firms that manage both planning and construction
Property management companies coordinating tenant improvements
Real estate investors who fund and oversee multi‑unit remodels
Independent tradespeople working as subcontractors on renovation sites
General contractors overseeing residential or commercial renovation projects
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Protect your renovation business by speaking with an insurance advisor today.
Renovation projects can transform a property, but they also come with risks that can bring work to a standstill and eat into your profits. That's why renovation insurance covers things like:
Third‑party injuries or accidental property damage
Theft of tools, materials, or equipment
Property damage due to fire, theft, vandalism, and weather
Project delays from accidents, equipment breakdown, or weather
Imagine you’re in the middle of a kitchen remodel when a crew member accidentally punctures a water pipe. The resulting leak damages cabinets, flooring, and the ceiling below. Without the right coverage, your business could be left footing the repair bill, replacing damaged materials, and absorbing the cost of project delays.
Plus, some provinces even require insurance coverage for contractors by law. In Ontario, for example, the Workplace Safety and Insurance Act requires every independent operator or sole proprietor in construction to carry coverage. And even when it’s not legally required, many clients and project owners will expect to see a certificate of insurance (COI) before awarding you the job.
Renovation work is more than just transforming spaces. It’s also about managing the risks that come with construction dust, power tools, and unpredictable job sites. Here’s a look at the types of coverage that renovation businesses often need:
Commercial general liability insurance
Commercial auto insurance
Builder's risk insurance
Tools and equipment insurance
Professional liability insurance
Installation floater insurance
Pollution liability insurance
Commercial property insurance
Business interruption insurance
Cyber insurance
This covers you if a third party is injured or their property is damaged during your renovation project, and in many cases, even after the work is done. It's often required by provincial regulatory bodies.
If you use a work van, pickup, or any commercial vehicle to haul tools, equipment, or materials, you’ll need this by law. You'll also need this even if you use your personal vehicle for work. It covers accidents, damage, and liability when your business vehicles are on the road.
While not legally mandated, it’s often required by lenders, project owners, or contracts before work begins. It protects the structure, materials, and equipment on-site against fire, theft, vandalism, and certain weather-related damages while the renovation is in progress.
Your tools are the backbone of your work. This coverage helps replace or repair them if they’re stolen, lost, or damaged, whether they’re on-site, in storage, or in transit.
Also called errors and omissions insurance, this protects you if a client claims you made a mistake, missed a deadline, or didn’t meet project specifications.
If you’re installing custom cabinets, countertops, or other client-owned materials that are under your care until the project is complete, this coverage protects them from loss or damage before they’re permanently in place.
Renovations can stir up dust, mould, or other contaminants, and certain materials or chemicals may pose environmental risks. This helps cover cleanup costs, third-party claims, and regulatory fines.
If you own a workshop, office, or storage space, this protects the building and contents against fire, theft, and other covered perils.
This covers lost income and ongoing expenses if your business operations are halted due to a covered event, like a fire or a major storm.
If you store client contracts, blueprints, or payment information electronically, this protects you in the event of a data breach or cyberattack.
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The cost of your renovation business insurance will depend on a mix of project‑specific and business‑specific factors. Here’s what insurance companies look at when setting your premium:
A $25,000 kitchen facelift with stock cabinets isn’t going to carry the same insurance risk as a $500,000 heritage home restoration. Bigger budgets usually mean more trades on‑site, more materials at risk, and more chances for something to go sideways.
Plus, since renovation costs have surged over 65% in Canada since 2017, according to Statistics Canada, this means higher replacement values for materials and labour, and higher insurance requirements to match.
Working on a century‑old heritage property in downtown Toronto isn’t the same as updating a detached home in a quiet suburb. Insurance companies consider factors like building age, construction type, and local risks (e.g., flood, wildfire, crime rates), and they all play into your premium cost.
They also factor in location alongside the total renovation cost. While the national average increase is over 65% for renovation costs, this varies by province. For instance, Ontario saw a massive 91.8% increase, compared to just 40.1% in New Brunswick, so premiums are likely higher in Ontario than in provinces with more modest cost growth.
If your renovation involves luxury finishes, imported stone, or custom millwork, the price tag to replace them if they’re damaged or stolen can be steep. The same goes for projects with major structural changes or specialized systems like HVAC, electrical, or plumbing. These add complexity, which naturally bumps up your risk (and your premiums).
The longer your project runs, the more time there is for things to go wrong, such as unexpected storms, vandalism, or even theft. A six‑month condo overhaul will almost always cost more to insure than a fast, four‑week office facelift simply because of the greater chance that something unexpected will happen.
Do you lock up tools every night? Have security cameras and alarm systems? Use protective tarps or dust barriers? Have you done safety training for your employees? The more you can show that you’re taking steps to protect your site, the more insurance companies are likely to offer you a better rate.
A contractor with 20 years of proven, claim‑free work often pays less than someone just starting out. Experience reassures insurance providers that you know how to avoid the common (and costly) pitfalls of renovation work.
If you’ve had multiple insurance claims in the past few years, whether for theft, property damage, or liability, you can likely expect higher premiums. A clean record signals lower risk, while a bumpy one means insurers see you as more likely to file again.
To find out how much your renovation insurance premiums would cost, it's best to request and compare quotes from multiple insurance companies or contact a local insurance broker.
Yes. Whether you're adding an addition, turning a basement into a rental suite, or even just remodelling your bathroom, you need some form of insurance. You cannot assume that your standard home insurance automatically has you covered.
In fact, in many cases, major renovations aren’t included in your regular home insurance policy. Instead, you may need a separate home renovation insurance policy or, for smaller home renovation projects, you might be able to add an endorsement (extra coverage) to your existing home insurance coverage.
But either way, no matter what, you must tell your home insurance provider before you start renovating your home. If you begin work without notifying them, you risk having your homeowners' insurance policy reduced, suspended, or even voided during the project. That means if there’s a fire, flood, or theft while work is underway, you could be paying for the damage entirely out of pocket.
To learn more about tailored renovation insurance for homeowners and how it can protect you, your home, and your personal belongings, speak with a BrokerLink insurance advisor today.
If you're looking for affordable renovations insurance in Canada, contact BrokerLink today. Our experienced brokers will guide you through your coverage options and find personalized quotes that match how your renovation business operates. We’ll help you build a tailored, cost‑effective policy that protects every aspect of your business.
You can call, email, or visit us in person at any one of our locations throughout Canada. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool, which can provide you with a competitive renovations insurance quote in minutes.
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No. Renovation business insurance isn’t universally required, but some provinces mandate that contractors in the construction industry carry some form of coverage. On top of that, most clients, lenders, and project owners want to see proof of insurance before giving you the job. So even if it’s not mandatory, you’ll likely need it.
Yes. Failing to notify your insurer can void your policy. Major renovations often increase risks, and your standard coverage may not apply during construction without proper updates or endorsements.
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