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Richmond Home Insurance

It's more than likely that your house is the largest and most valuable investment you have made in your life. It provides shelter for you and your family and, were it to be lost, could only be replaced at enormous and perhaps prohibitive cost. This makes the right homeowners insurance vital. With this coverage in place, you can have peace of mind that your biggest investment is fully protected.

Just as each home is unique so is each home insurance policy, there are four main components that you must include in your coverage plan; Coverage for the actual structure of your house; The contents of your home;  Liability coverage, and the coverage for additional living expenses. Our team at Nesika Insurance Services, located in Richmond, BC are the experts to ensure you have the coverage you need at a price that you can afford.

Structural Coverage

Without the structure, your house would not stand. This makes structural coverage the single most important element of any homeowners insurance policy. With the proper insurance in place, this coverage will protect your home from weather and fire damage as well as other types of disaster.

If your house were to burn to the ground, you would need to completely rebuild. For this reason, it is vital that you carry enough home insurance coverage to allow you to rebuild your home entirely should an event such as this occur. Nesika Insurance Services friendly team will work with you to discern the exact amount of coverage you need to ensure that your home is properly protected.

The most basic homeowners insurance policy will provide coverage against most major disasters as well as any damage your home or other structures on your property, such as a detached garage or workshop may incur . However, this does not typically include coverage for any major disasters such as earthquake or flood.

Contents Coverage

The majority of home insurance policies provide coverage for the contents of your home within their standard policy, typically to a limit of about half the value of the homes structure. For many individuals, this is sufficient to cover the cost of replacing personal belongings that may be lost or stolen within the limits and conditions of your policy. But what if you suffered a devastating fire and had to replace every single item from scratch?

Although it may seem unlikely, in the event of such a loss you need to ensure that you have adequate coverage so that your family can get back on its feet quickly and with minimum financial impact. For this reason, we highly recommend taking a detailed inventory of your home. This involves making a list of EVERYTHING, from clothing and furniture to appliances and tools. It's also always a good idea to take pictures of your valuables so that if they are not appraised and scheduled on your insurance policy, you have a record of their existence. All of these documents should be kept in a fireproof safe or, if possible, in a safety deposit box at your bank. Then, should the unthinkable happen, you will be fully prepared to file your claim.

What if your camera is stolen while you're on vacation? Most would think that their home insurance surely would not cover this loss. However, if you obtain off-premises coverage for your belongings recouping the cost of that expensive DSLR can be worry-free. The standard limit for this coverage is generally around ten percent of the limit of coverage you have for your contents.

Liability Coverage

Liability insurance is also vital for your protection, especially when speaking from the point of view of homeowners insurance. Basically, liability insurance provides you with coverage in three different ways:

First, you are covered against damage to another person’s property. The most common example is your child breaking a neighbor’s window with a baseball. Your policy will pay the cost to repair or replace the damaged property.

Next, your liability coverage will protect you if someone decides to sue you or if you are found to be legally responsible for damage or injuries. The cost of your defence as well as the cost of any court awards will be covered up to the limits of your insurance policy.

Finally, liability coverage will provide you with protection against any medical expenses for injuries that someone may suffer while on your property. For instance, imagine you are hosting an outdoor party and a guest steps back too far, falling off the porch and breaking an ankle. All they have to do is submit their bills and your policy will pay their medical bills regardless of fault.

Additional Living Expense Coverage

If your home becomes unliveable due to fire or another disaster, you will likely have to find shelter elsewhere. Hotel rooms can be expensive -- often in excess of $100 per night -- and the costs of eating out and replacing necessities add up quickly. With additional living expense coverage included in your home insurance policy, you will have the money to pay for your hotel stays, restaurant bills, rental cars, or temporary apartments. 

Of course, the greatest benefit of homeowners insurance coverage is the peace of mind that comes with knowing that, in the event the unthinkable happens, you and your family will be taken care of. Of course, it is everyone’s hope that you will never have to file a claim. However, accidents and natural disasters do happen, so it is better to be prepared. Click on the quote request button now to find out how Nesika Insurance can protect your home and your family.