The terrible flooding in Southern Alberta this year struck an emotional chord with Canadians across the country.  For most families, their home is their largest asset but even more important, it’s their home.

Natural disasters are vivid reminders that putting the right insurance in place is essential.  You are not just protecting your investment, you are protecting the financial and emotional wellbeing of your family.

Most lenders require proof of insurance before closing a home purchase but it’s important to begin by understanding the different things that homeowner policies can cover.

  1. The building – which include the home and any additional structuring such as a garage, fence and shed
  2. The contents – such as furniture, electronic devices and other personal belongings
  3. Liability coverage – provides financial protection to cover liability arising from accidents, such as a child breaking a neighbour’s window, you surfboard injuring another tourist during a beach vacation or a pizza delivery person slipping on your steps
  4. Additional living expenses that may be incurred if your home is damaged and needs repair
A common error is underestimating the value of personal goods, such as jewelry, artwork, so that any value over and above the limit of the policy can be scheduled with the insurance company for additional premium and protection.
 
Talking through your deductibles and limits on your coverage with an insurance broker can help ensure there are no unpleasant surprises should the worst happen.
 
It is also important to keep up with an preventative maintenance required by your policy and protect against occurrences that may not be covered.  This may include sealing cracks in basement walls, ensuring your plumbing is up to date, maintaining your fire alarm and having your roof inspected regularly.
 
If you are looking for a good insurance broker to help work through your policy with you, please contact me – I’ve had an opportunity to work with the best in Alberta.