Your home is likely the most expensive asset you own. Protecting yourself against catastrophic physical and financial losses is the main reason people buy home insurance. This insurance is based on rebuilding your present home, including debris removal. People sometimes confuse assessed or appraised values with insured values. Home insurance does not insure the land, only the structure. A home insurance policy goes beyond insuring the actual structure.
Your contents are included in your home insurance policy and this is done on a replacement cost basis that means there is no depreciation. Often overlooked but very important are the additional expenses a family incurs when they need to find an alternate place to live while their home is being repaired. This type of expense is offered in all homeowner policies and covers you for usual living expenses that not only include a temporary roof over your head but also food and clothing and other incidental expenses that you need to pay.
Your policy should provide more protection for you than just insuring the structure alone. Many people do not consider the additional expenses involved after a loss and this can be a financial burden on a family when they are already dealing with so much. You may need a temporary home to live in while your home is being repaired, or have incidental purchases that you did not factor in. Your home insurance policy can provide the assurance you need in times of crisis.
Take stock of your home with this Home Inventory Sheet:
If you have further questions about Home Insurance, you may find answers in this downloadable brochure:
Liability coverage is included in homeowner policies to protect the homeowner, and household members, from legal action brought about by another party. This protection also extends to legal defense costs and is worldwide in coverage.
There are other optional coverages available including Earthquake, scheduled property (often jewellery) and home-based business extensions. Additional seasonal, rented or secondary homes may also be included in the main policy.
Contact Fraser Heights Insurance Services in Surrey, BC for a home insurance quote.
This information is for reference only and is not intended to be a complete list of exposures or recommended coverages.