Your Home is Your
Castle – Guard it!
If your home is truly your castle, then house insurance is the moat
that protects you. As your biggest investment – and biggest purchase you'll
ever make – your home requires insurance coverage that is both affordable and
responsive to your particular needs.
House insurance in Ontario
can protect you in a variety of ways.
Foremost is the financial coverage it provides against the welter of incidents
that can cause damage to your property – everything from fire and explosions to
vandalism and theft.
A policy can also have add-ons that protect you from situations that
might be unique to your property. For example, you may have other structures,
such as a detached garage, guest cabin or fence that you want to protect. In
the event that your home is damaged, you'll need insurance that can pay for out-of-pocket
expenses like hotel accommodation and food. You may own objects of particular value
that require specific recognition in the policy, like jewelry, a coin
collection or antiques.
Accidents occur. It is possible to be held liable for events that
happen to people while on your property or you may yourself cause damage to
other people's property while it's on your property – or even off.
Also, at a time when increasing numbers of Ontario residents are
working from home, it is important to have your home business recognized in the
policy. A standard residential policy will provide limited coverage on a
business property or may not cover it at all. You need to ensure that the added
value of your business equipment is covered and that your liability insurance
reflects the possible increase in activity in your home. More people visiting
your home business means more third party risk.
The extent of house insurance coverage is your first consideration,
but you should also consider the amount of Deductible that you want to pay. The
Deductible is what you pay out-of-pocket should you file a claim. A lower
Deductible generally means you must pay a higher premium.
Finally, insurance providers will provide discounts on your house
insurance if you have deterrents to damage – from theft alarm systems to
sophisticated smoke alarms.
Not Everything is Covered!
We've all heard the rather scary expression, "Acts of God.” They are
unavoidable natural disasters that are not automatically covered in a policy.
Flooding is one example that seems to be much in the news; sometimes protection
can be purchased for an increased premium, but there are regions where flood
coverage simply cannot be obtained due to the size or risk.
Exclusions – including avoidable damage from termites or rodents or
high value items, for example – can be listed in a policy. An insurer will want
to be informed about any change in the occupation status of your home. If you are absent for an extended period of
time this will affect your policy. At the very least you will be required to
arrange for suitable maintenance checks.
Choosing a Suitable
Broker is Vital
House insurance is a complex and vital component to maintaining the
integrity of your "castle.” Free online insurance quotes
are available, but there are also advantages to
choosing an independent broker
from your area.