Home insurance is the best way to manage your risks and to protect your assets.
Although home insurance is not mandatory in Canada, it doesn’t mean that you shouldn’t get it. It is highly recommended by lenders and other experts in the field to get home insurance. The fees that you pay to your insurance company, also known as the premium, covers the cost of a potential loss. If something was to happen to your property, you want to make sure that you and your family are best protected.
You are able to choose the best insurance plan for your wallet and home, as most insurers offer coverage in the following areas:
- Water damage
This will be needed if you encounter plumbing problems or an appliance breaks down causing flooding, clogging or other types of damage. Every year many homeowners deal with water damage issues in their homes, water damage coverage makes sure you have all things water related under control.
- Fire
Fires can damage or completely wreck your house in minutes. You want to insure that you are covered for fire and smoke damage.
- Weather
Extreme weather conditions can happen at any time, especially when living in Canada. Harsh winters can cause a multitude of damages including caved roofs, broken windows, and damaged home exteriors. Make sure you are covered for all of the weather uncertainties.
- Contents
Your personal property is of great value to you. What is on the inside of your house likely has both monetary and sentimental value to you and your family – in the case of theft or damages, you can get some of the costs back.
- Liability
If accidents happen to your property or to someone else’s property, or if things happen when you are out of town, you want to be covered.
Things happen; be prepared. With the many different levels of coverage ask questions and get the answers: Should I get basic or comprehensive coverage? What exactly do these plans include? What’s an all-perils policy? How much will I be covered for? How much is this going to cost me? Speak with a home insurance specialist, and get estimates based on the services you would like to have covered.
Find a good plan and the best price point – even if you are never faced with any of these damages, you know how the saying goes: it is better to be safe than sorry.