Yes, but it's not complicated and it's relatively inexpensive at about $30 extra per month. If you're renovating, you need to inform your insurance provider both before and after renovations. If you'll be out of the house for more than 30 days, it could complicate matters. However, if you check the mail, mow the lawn or shovel the snow – you should be fine.
Home insurance companies are trying to manage their risk against a claim. While your contractor has insurance for their work and their labourers, you don't want to find yourself in a situation arguing over who's responsible for what if you need to make a claim.
Also, once you're done with your renovations, your insurance company needs to reassess. If you've added value to your home – put on an extension, added a home theatre, or a state-of-the-art kitchen, your insurance could go up, but everything is protected. If something happens, you don't want to be denied coverage, or given a smaller claims payout because they didn't know about all the upgrades. Your insurance could also go down if you've improved safety with alarm systems and stronger deadbolts on the doors.