Home ownership is one of the largest financial investment decisions Canadians make. Your home may be your biggest source of equity. No matter how well built, your home is vulnerable to fire, vandalism and other types of damage and destruction.
Your Insurance Representative Insurance brokers work with a number of companies, while agents represent a single insurer. These insurance professionals can help you determine applicable coverage, premiums and discounts as well as your personal property insurance requirements. Learn how to buy insurance. If your home is not properly insured, you may not have enough insurance to replace it or your contents in the event of serious damage. Most homeowner’s policies cover contents up to a specified percentage of the total insured value of the home. Learn how home insurance premiums are calculated.
Coverage can vary from one insurer to the next, so it’s important to select a policy that suits your specific needs. Home insurance covers the dwelling, contents and personal liability of you (the policyholder), your spouse or partner, and your children. The policy also covers: Dependents under the age of 18 Dependents who are students enrolled and actually attending a school, college or university and living in the household or temporarily living away from the insured principal residence If you share your home with a friend or relative, or rent out part of your residence, you must notify your insurance representative. Home insurance also includes coverage for additional living expenses in the event that you are temporarily unable to live in your home due to an insured loss in certain circumstances.
If you can’t afford to replace absolutely everything you own after an unforeseen event, you need home insurance. Consider these tips.
Even a partial loss – such as from a break-in, theft of multiple possessions and related damage – can potentially cause financial hardship. Home insurance protects you from having to pay all at once to replace what was lost at what is often an emotionally difficult time.