Knowing exactly what type of home insurance coverage you need for your home is something that is overlooked especially upon renewal of your insurance policy. Always work with your home insurance broker to review these items throughout the year and not just when you renew.
- Replacement Value: Knowing how much it would cost to replace your home if there was a loss is very different from what your residential tax report indicates your house is worth. Addition considerations such as upgrades to your home, interior and exterior renovations can have a significant impact on the replacement value from an insurance claim.
- Additional Content or Possessions: If you were to lose personal items and contents within your home, a good question is to ask yourself, how much would it cost to replace these items? Also do you you have any items that are of high value? Throughout the year, you may have purchased some expensive items, to replace these items may be over and above your current insurance plan. Review the value of your contents and personal belongings to ensure you have enough coverage. It’s a great idea to create a list of all of your items from clothing, furniture etc. Discuss additional high value items with your broker such as art, jewelery etc.
- Home Based Business: Home based businesses are on the rise and if you have a home based business it is important to declare and discuss this with your insurance broker. Protect additional equipment and supplies of your home-based business by either adding an endorsement or adding a specific policy for your business. This can be minimal increase to your policy premium while protecting items in your home. Also discuss additional liability with your broker.
- Specialty items: Consider hot tubs, pools, spas, woodburning stoves in your policy. These are nice to have items however these can affect your premiums and are important to add to your home insurance policy. Insurance on these items will protect you from any claims large or small that could potentially arise.
- Liability: Always review your level of liability insurance on your policy. Liability protects you, family members or pets that are at fault (liable) against bodily injury or property damage. Knowing what is an acceptable amount is to protect all family members in the household is a good conversation to have with your broker. Your broker will be able to assess a viable amount to ensure everyone is protected.
These are just a few factors that need to be considered or implemented into your home insurance policy. Discuss your policy with one of our insurance brokers to ensure your are fully protected.