Undeniably, global warming is amidst us now- we can feel it in the change of weather, our environment. Floods have frequent the country, unbearable snow amounts. After disasters, a homeowner’s worst nightmare is filing a claim and realizing that the property is not covered by the underlying insurance policy. I’ve seen a few Calgary home insurance quotes and most of the time, clients choose to sign just the standard coverage policy instead of the ones with higher premium but with promising return of protection and investment in case of disasters or emergency. Maybe we’re just buying insurance for the sake of being able to buy the house or as it is required by lending companies, but that mindset is wrong. Home insurance should give you protection, it should be painstakingly paid and not compromised because of its cost.
To be sure that you are protected with your existing policy, here are some information to aid you in studying your existing home insurance.
- Flood insurance is a different policy from standard homeowner insurance
If you think that purchasing insurance protects you from everything, then you didn’t read the fine print well enough. Damages caused by floods are usually not included in the coverage of standard policies. With the recent flooding, many have been crushed to know that their policies did not cover costs for such damage, so be vigilant and proactive. Take your days off to study your existing policy and avail flood insurance. Water is damaging to any property, and you must be prepared for the worst.
- Your sewage and mold damages are also not covered by the company
I use to think that since it is within the house, and that molds are natural occurrences then it should be covered by the policy- wrong. Sewage backup or repair is an additional policy in itself and this is one of the limits of a homeowner insurance policy. If you feel like you haven’t checked your sewage system for years then try to have it assessed or purchase the policy. Molds on the other hand, form only in humid areas and so they’re not usually within the term coverage. If the location of your property is in a humid vicinity then consider buying a mold insurance- it should be much cheaper than having it removed every year.
- Go for value over expense
Most homeowners forget that the true essence of an insurance policy is to provide protection for the property- it is not merely a needed document for mortgage but a safety net. Review your existing policy and see if your house is underinsured. Instead of filing for its current value, assess your property and determine how much it would cost if you are to rebuild it because of a disaster. There are cost estimators you can hire to create a detailed study of how much you should expect for rebuilding. After getting the estimate, talk with your insurance agent and ask what alternatives or updating of policy can you get that will insure the cost of rebuilding your house. Bear in mind that the value of your property depreciates as time pass, so do not be underinsured.
Be a wise consumer and call or visit Rogers Insurance for your home insurance policies today. If you have extra funds, then allot that to your safety deposit- your insurance money.