Your home is your castle. It provides a warm, safe place to escape from the busy world outside. Unfortunately, some people experience traumatic events that cause severe damage to their home. Things like fires, floods, burglary and other such things. It’s not a fun experience. Sometimes too, basic home insurance will not cover all of the repairs for your home.
Here are some little known coverages you can add to your homeowner’s insurance policy:
By-Law Coverage: The Ontario building code doesn’t usually apply to homes that are already built. The issue arises when a home is damaged, due to a wind storm or fire or some other insured peril, in order to rebuild you must rebuild to current standards. Ontario building code is changed and updated constantly. Municipal by-laws are changed and updated constantly. Most of our clients have this on their homeowners insurance. Be sure you check your policy that you have this coverage.
Flood Coverage: Now there are more options than ever to protect your home from water damage. Sewer backup and sudden escape of water from burst pipes or from a water appliance are the basic water coverage. Now there’s overland water, ground water and watermain breaks offered by Ontario Insurance companies. A sudden downpour of rain means anywhere could experience a flood.
Related Read: What you need to know about home flood insurance
Identity Theft Coverage: More and more Canadians are falling victim to identity fraud. A fraudster has opened a new credit card in your name and now you’re left with the debt. It will cost you money, court fees, lawyer costs, missed time off work, and more to set your record straight. Having Identity Theft coverage on your homeowner’s policy means you will have funds to pay for these legal costs.
Related Read: Think You're Safe From Fraud?
Collectibles: Many people have collections. Some have coins and stamps others have sports cards and paintings. To ensure these are properly covered they should be added as special floaters. Otherwise you could find yourself out of luck in case of theft or another peril. Adding a special endorsement to protect your collection is easy. In the case of a painting an appraisal is needed to authenticate value, then that painting is added for that value. That way if something does happen, it’s covered as you’ve already proven you owned the piece.
Insurance is Evolving
Insurance companies are designing new products or services everyday to meet the changing needs of a modern Ontario.
Want a second opinion on your home insurance? Please visit us here. Thanks for reading.
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