According to Insurance Bureau of Canada (IBC), half of Canadians want to better understand home insurance. Further to that, 90% of Canadians think it’s important that their children learn about home insurance as well.
Could you possibly afford to replace absolutely everything you own? Recovering from even a partial loss, like having your home broken into and many possessions stolen, would cost more than most people could manage on their own. Home insurance protects you from having to pay out a huge amount at once, often at the very worst time emotionally.
Although not mandated by law, insuring your house can give you peace of mind. With severe weather on the rise, confirming accurate replacement value and keeping a current home inventory are important steps. For high-value jewellery, furniture or art, separate endorsements are also available. Understand the limitations in your policy. Typically, additional living expenses are included if you are temporarily unable to live in your home due to an insured loss. Your Homeowners policy also generally provides your personal liability in case someone trips and falls on your property or in your home, or you damage a third party’s property or accidently injure someone else. [Insurance Bureau of Canada]
If you’re looking for more information on home insurance and how to better educate yourself on it, you can visit the IBC website here. If you have financial questions about homebuying or home insurance, I’d be happy to share my knowledge and resources with you, so feel free to contact me. Alternatively, you can always reach me on Twitter as well.
