Are you approaching the renewal of your house insurance soon? The world has changed in the last few years, and it is more important than ever to make sure you have the right coverage for your home.
Here are some points to consider when reviewing your policy before it automatically renews:
- Make sure you have the coverage you need. With the increase in lawsuit settlements, many people are opting for higher liability insurance with a recommended minimum of $1,000,000.
- Your property insurance policy may have limits on special items such as jewellery, artwork, collections, sporting equipment and electronics, so review the limits to make sure they are sufficient.
- Water damage continues to be a common source of claims for Canadian homeowners, so be sure to read your policy carefully to understand if your coverage includes sewer backup or overland flooding.
- Some policies exclude coverage if your home is left unoccupied for more than 4 days during the winter. If you plan to be away from home, discuss your options with your insurance professional.
- Service lines connecting from the street to your home are not typically covered in standard policies. Ask your insurer about adding a Service Line Endorsement, which may cover the cost of repairs or replacements.
- If you are working from home, check to make sure your electronics and office equipment are covered in your policy.
- Additionally, if you have made any renovations, or improvements, or have updated your home’s security, it may be worthwhile to have a quick conversation with your insurance professional to ensure you have the necessary coverage.
- Lastly, consider if you can lower your mortgage insurance to save money and possibly improve your coverage with a term life policy.
Take the time to have a conversation with your insurance professional to get the coverage you need at a reasonable price. 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 at 1-800-679-2640 or email:
info@easyinsure.ca.