The right fit
Everyone has different lifestyles, circumstances and situations. This means that the type of coverage required will differ for every family. At Brokerlink, we will take all aspects of your life into consideration when thinking of your policy. Once we have all the details and information about you, one of our brokers will do all the shopping and comparisons for you. Your only job will be to select which quote best suits you and your needs.
What Home Insurance does for you
If an accidental loss were to occur to your home, including an explosion, fire damage or theft, your home insurance will cover the costs of the losses that result from that situation. Your policy will also protect you from any lawsuits that you may face as a result of your personal actions or the ownership of your property.
You are not required by law to have insurance if you are the owner of a home. In some cases, home insurance is required, for example, if you have a mortgage. Most financial institutions will require you to show them proof of your policy before providing you with their services.
Understanding your policy
It’s extremely common to feel stressed out or confused when looking into purchasing home insurance. However, it is so important for you to understand what coverage you are about to invest in. What exactly is covered in your policy? What isn’t covered? Are there any limitations? Who do I file a claim to, and how do I do it?
That’s what BrokerLink is here for; when you work with one of our brokers, we will be able to answer all these questions. We make sure that you are educated on the ins and outs of your policy.
Comprehensive home coverage
Comprehensive homeowner’s insurance will give you peace of mind knowing that your home and belongings are protected. This coverage covers not just the home itself, but your belongings as well. When you talk to a broker, we can explain all the details of what this coverage includes. You’ll be able to walk away knowing your most valuable asset is safe.
What a Home Insurance policy covers
There are 4 main areas of your home insurance policy:
Personal liability
This part of your policy is in place to protect you in the event of an accident on your property that you would be held legally responsible for. The most common example is if someone were to slip and fall on your front porch and decides to sue you. Personal liability coverage would cover your legal costs should this happen. It would also cover the medical expenses of the injured person.
Building and detached structures
This area of coverage will protect your actual building (the structure of your house) and any detached structures that you may own (sheds, garages, etc.). Depending on where you live, coverage may vary, but generally all different types of structures will be covered.
Personal property
This area of your policy includes any of your belongings that you keep in your house. This can include, but is not limited to, things such as electronics, appliances, clothing, jewellery and furniture.
Additional living expenses
If you were ever to be in the unfortunate situation where your house is deemed unlivable, such as after a fire, this part of your policy will kick in to protect you. Coverages under this policy generally include any additional living expenses that you may face as result of this event, including hotel prices, travel costs and meals.
Named perils vs all risks
Many people tend to confuse these two aspects of coverage. Named Perils protects you against specifically listed situations, while All Risks insurance will cover you for a wider list of risks. A broker can explain all the different things these two categories cover. If you have valuables in your home of exceptional value, such as antiques or jewellery, be sure to tell your broker. You might require additional coverage to keep these items protected.
The list of risks covered under a home insurance policy can be quite lengthy, so make sure to speak to your broker about specifics. However, here are some of the most common risks covered in your policy:
- Fire or explosions
- Water Damage
- Theft and Vandalism
- Smoke Damage
- Lightning
Optional coverage
Additional coverage options are always available for you to add your policy if you feel they are necessary. While there are lots of different coverages available, here are a few of the most common:
Earthquakes
As our country’s weather becomes less predictable, many homeowners are deciding to include earthquake coverage on their policy. Remember to read your policy carefully, as there can sometimes be certain restrictions and limitations. Some companies will cover any damages that are directly caused by the earthquake, but will not cover any losses that occur after the earthquake.
Enhanced Water Damage
Did you know that water damage is the most common cause of all home insurance claims in the country? This addition to your policy will provide you with more enhanced coverage and protection in the case of any water-related loss. There are four different aspects of this optional coverage: sewer back-up, overland water, ground water, and water & sewer lines.
Home Warranty
The breakdown of equipment and systems within your home actually isn’t covered on a standard home insurance policy. With this additional coverage, you will be protected against any repair or replacement costs for things such as your water heater, air conditioning, plumbing and any electrical systems or appliances.
Talk to a broker today
Buying a home is probably the biggest investment you will make in your life. It’s overwhelming enough as it is. Add insurance into the mix and it becomes even more stressful. Talking to a broker can make it easier. We know our stuff, and we can help you get the coverage you need. Nothing more nothing less. Give us a call, visit us online or stop by a branch! We’re always available to help you out.
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