Do you know what's covered? Learn more about home policy exclusions

Home Insurance with Lindsey Graham

The recent wildfires in Fort McMurray may have lead you to wonder about your home insurance, and if you would be covered if you found yourself in a similar situation.

"As long as you have fire insurance, you'd be covered!" Assures Lindsey Graham, account executive with Caldwell Roach's Truro office, "But you need to keep in mind that there are some exclusions to the policy, as well as different types of coverage."

Outbuildings, such as sheds and garages, are included in your homeowners insurance policy, but not everything you keep in them may be covered.

"The rule of thumb is, if something can be insured under its own policy it is not covered by your home insurance," she goes on, "Personal tools and household items stored in a shed would be covered, but automobiles, recreational vehicles and boats wouldn't be. They should be covered under their own policies."

When it comes to different types of coverage, it's important to regularly take a few minutes to review your policy with your broker and know what your policy includes.

"If you have replacement cost coverage, your house will be rebuilt. If you opt for a cash settlement, you will receive the depreciated actual cash value of your home."

Lindsey also advises that the most commonly used homeowner insurance policies today include additional living expenses which can certainly help to alleviate some stress in a situation where additional living arrangements may be needed.

"As we've seen in Fort Mac, people had to leave their homes, and may not be able to return to them until they are repaired or rebuilt," she explains, "The living expenses line on your policy will cover the costs of putting a roof over your head and caring for your family until we can get you home."

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