A house is more than the place where you live. It is your home. It represents security for those who live in it. It is probably the biggest investment you'll ever make; it is independence for first-time homebuyers, and so much more. Something as valuable as your home needs a lot of care.
This is why you need insurance. Insurance is vital to protecting yourself from unexpected losses. Your homeowner's insurance policy covers your house and personal property, and protects you from liability claims. As a renter, you also need to protect yourself against property loss and claims against you, even though someone else insures your building.
Every good policy will cover:
Policies differ with respect to coverage and claims settlement. For example, most policies will cover the dwelling(s) on a Replacement or Rebuilding Cost basis. This is why the limit of insurance provided for your house can be higher than the purchase price of the house.
In order to assist us in arriving at an accurate amount for insurance purposes, you should provide as much information as possible about your home including square footage, building materials, heating type, electrical upgrades, etc.
It is also important to periodically review your policy with your broker to make sure that the limits of insurance accurately reflect your home improvements.
While an insurance policy may not be the best way to pay for a small repair, a policy with an up-to-date home audit of your possessions will be invaluable if for any reason these are lost, stolen, or damaged. It's better to save your insurance for the big claims; it helps to keep your premiums down over the long run.
As insurance brokers, we know that every individual is different, and it is our job to make sure you have the best coverage possible to fit your specific needs.
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