Is your house insurance renewing soon? The world has changed, and it’s important to ensure that you have the house insurance your need, while understanding coverage limitations. Here are some points to consider before your policy automatically renews.
Be confident you have the coverage you need.
- With a trending increase in lawsuit settlements, many are opting to protect their assets with higher liability insurance, with a recommended minimum of $1,000,000.
- Property Insurance policies have special limits for items such as jewellery, artwork, collections, sporting equipment and specialized electronics. If you have any valuable items, be sure to review your limits and advise your insurance professional to ensure you have the necessary coverage.
- Water damage continues to be a constant source of claims for Canadian home, condo, tenants and seasonal dwelling owners. Many standard property insurance policies do not cover sewer backup or overland flooding. Policies contain a wording which excludes coverage if damage occurs when you are away from the location for more than 4 consecutive days during the heating season. If you will be away, be certain to discuss your options with your insurance professional to ensure you meet the policy requirements and maintain full coverage.
- Service lines that connect from the street to your home are not covered in standard property policies. Some insurers offer a Service Line Endorsement which may cover the cost to repair or replace the failure of these lines.
- Your insurance company may offer claims protection coverage and/or a deductible waiver. These coverages must be in place before a loss occurs.
- Are you now working from home? Ensure that your electronics are covered in your standard policy.
- With so many Canadians spending more time at home, have you made improvements that affect your home's value? Have you improved your home’s security? A conversation with your insurance professional will help ensure you have the coverage you need at a fair price.
- Could you save by lowering your mortgage insurance?
We may have money saving options for you.
The best time to be confident in your house insurance coverage is before you need to make a claim! If your house insurance is renewing soon, gather your documents and please reach out to us 1-800-679-2640 or email:
info@easyinsure.ca.