Home owners: do you have the home insurance you need?

As a home owner, you want to ensure your home is properly protected in the event of a loss. Your home insurance should cover:

• The replacement value of your home. The replacement value is how much it would cost to replace the entire building with one of similar style and quality. Be sure your home insurance policy has coverage for this amount, as it often differs from the market value of your home. Remember: The total cost to replace your home can be affected by any changes you made to your property including renovations, installations and upgrades. It is important to keep your broker updated on any changes you are making to your home throughout the year, not just at your renewal. View more factors that may affect your home insurance.
• The replacement value of your possessions. If you need to replace your home, you will need to replace all the contents in it as well. Not sure if you have enough contents coverage? Fill out our downloadable home inventory checklist and ask yourself: how much would it cost to replace everything I owned?

Additional risks

There are limits and exclusions that apply to your home insurance. Some additional things to consider:

• Consider additional coverage to protect your home from risks such as sewage back-up, earthquakes, wildfires and overland flooding. Talk to your BrokerLink broker to see if additional coverage is recommended for these type of perils.

Big ticket or high value items

• Have you recently purchased any big ticket items (i.e. artwork, jewellery, electronics, appliances, furniture or sports equipment)? Your home insurance policy should be updated with your BrokerLink broker to provide additional coverage for your items.

Displacement

• In the event of a loss, you need to consider where you will live while your home is rebuilt. Coverage for additional living expenses could include the cost of staying in a hotel or temporary home, as well as meals and other costs associated with living elsewhere.

Tenant and condo owners: note that tenant insurance and condo insurance have their unique insurance needs. Call your BrokerLink broker for details.

Your BrokerLink broker can help you determine what amount of coverage you need and make sure you are not left under-insured. A quick call with your broker can let you can rest easy knowing you are covered.