Have you made, or are you about to make any of these common home improvements:
If so, be sure to contact your broker immediately so that your house insurance policy accurately reflects the new value you've put into your home.
If your home insurance broker doesn't know about your new improvements, he can't ensure that you will be entitled to the true Guaranteed Replacement Cost of your home. Any damage to unreported home improvements may have to be borne by the policy holder alone, who, as a result, doesn't receive the full value of an accurate home insurance policy.
Advise your home insurance broker before you begin any renovation or addition and be sure to update him as the project is finished. That way, you can rest assured that your house insurance policy is working hard to protect all the new features of your home.
While no one can stop acts of nature, such as those that resulted in the recent floods in Toronto, there are steps that everyone can take to reduce flood water damage. If we all work to reduce potential water damage in our homes, we can all benefit from lower home insurance premiums and lower home insurance quotes.
Spring thaw run-off, heavy rain or municipal sewer back-ups can result in a basement full of dirty water. As you might imagine, flooded basements not only destroy important keepsakes, they usually also severely compromise walls, floors carpets, electronics and create nothing but grief and stress for any homeowner.
You can help prevent such a tragedy by:
Following these relatively inexpensive tips will help save you from all the hardship and turmoil that comes with a flooded basement.
Should a catastrophe happen to your home, the last thing you'll want to have to do is sit down and try and figure out the value of everything that may have been lost and which things you have an immediate need for. Instead, take the time now to create an inventory of everything you own and its value. Although this may seem like a big task, follow these steps to streamline the procedure:
We are starting to see rates increase especially in the sewer back up section of your insurance. Something you need to be very careful of is the sewer back up limit some insurance companies are providing. We are seeing $10,000 limits in some cases. This is a very low limit if you take into consideration the clean up costs alone. Then you also have to factor in repair cost especially for those with finished basements. Rather than using basements as storage, many homeowners are now using it as valuable living space—an extension of their home and their lifestyle. That means that the average sewer backup claim jumped from $5,000 to $55,000 (CDN) in past 15 years.