Topic: Taking a personal home insurance

Hi all,
I have a few queries regarding insuring my home. I recently bought my own condo in Ontario city. But the building is an old one and will be doing some renovation works. But since I do not have enough funds at the moment, I will do the renovation works only after a few months. We will be shifting in a few days.
I am thinking of taking a personal home insurance. And I would like to know about it.
Can I pay my insurance on a monthly pay plan? And when I renovate my home, do I need to update my insurance? Please help me. I am looking forward to expert suggestions on this.
Thanks in advance.