What is a renovation? The insurance answer is that renovation is the process of restoring or improving a structure.

Two prominent types of renovations are commercial and residential. If the renovation is an improvement then this will affect the reconstruction cost of the building. You need to amend the declared value to reflect this change.

If it is a restoration then if it is plumbing, wiring, heating or the roof you should provide this updated information to your adviser. To update an older building can improve the rate that you will pay.

If your renovation is strictly maintenance then it is still a good idea to let your insurer know that you are in this process. If there is a pile of lumber or other building materials sitting outside your home this could attract children to explore. This attractive nuisance could result in a claim. It is not uncommon to see an insurer note a person's homeowner policy with a "permission to complete renovations" until the work is done.

If the work you are doing will increase the value of the building then this increase will occur right at the start of the work, not at its completion. This is to give you financial protection for the supplies and labour you invest as you proceed.