Getting to know your Home Insurance Policy

Written by on 2/27/2014 10:14 AM . It has 0 Comments.
It is very important to spend time learning what coverage you do have, what coverage you don’t and the coverage you should! You receive a copy of your home policy, which is a list of the limits, coverages, exclusions and definitions. These depend on the type of home policy (Broad or Comprehensive) and which endorsements you have. 
 
Scene: A sneaky raccoon enters your home and destroys your carpets, wiring and furniture.
Result: There is no coverage for loss or damage caused by birds, vermin, insects, raccoons or rodents.
 
Scene: Your septic backs up.
Result: Do you have the endorsement for Water Damage Extension Endorsement, commonly known as Sewer Back up? This type of claim is only covered under the “Water Damage Extension Endorsement”.
 
Scene: The neighbour calls to tell you a tree fell on your house causing damage to the rood and interior. You had moved to another province for work 35 days ago. No one has been living in your home and with no plans to return, you had put the house for sale. You did not provide your broker with an update on the home’s occupancy.
Result: There is no coverage for loss or damage after your dwelling has been vacant for more than 30 consecutive days.
 
● Not every type of water claim will be covered under your policy. Do you have the right coverage?
● Your jewellry may not be entirely covered. Do you know your policy limit for jewellry, watches, gems, furs, bicycles and money?
● Does your policy cover you if your identity is stolen?
● Are you ever away from your home during the usual heating season for more than 4 consecutive days? Have you completed the required measures in the case of potential loss?
 
Your home policy offers much protection for you, your home and your belongings. Some coverages available include: replacement cost on your contents, additional living expenses if you cannot live in your home because of a claim, home based business, by-law coverage and coverage for risks such as fire, water damage, vandalism and theft for example. Talk to your broker about your insurance needs and ensure you have the right coverage.
 
Michelle Winchester
Personal Lines Broker
m.winchester@fairway.ca
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