The Truth about Home Insurace
Are you moving into a new home, apartment or condo? Our clients have raised many questions about home insurance. We want to share them with you so you have the truth about home insurance. After more than 50 years in business, we know that each and every insurance situation is unique. Our knowledgeable and experienced staff across Nova Scotia shop Canada’s top insurers to find the best coverage for you. Let our team of dedicated insurance brokers work with you to find the best coverage solution for your situation.
Read the fine print
Make sure that you understand your home insurance policy; what is and isn’t covered. Be sure to review your policy so you are compliant with the guidelines set by the insurance companies.
I have to purchase home insurance.
You aren’t required to have home insurance by law. However, you may be required by the lending bank or credit union to have a home insurance policy if you have a mortgage or lien on your home.
When I go away, my house is covered.
While you may think that if you have a policy that means you are covered when you go out of town, many insurance companies have requirements for homeowners to have their homes checked while they are away. Be sure to check with us for specific guidelines associated with your policy.
All of my valuables will be covered in the event of a loss.
Your insurance policy specifies a limit to cover your house and contents. If you have high value items, like jewellery and art, you can purchase extra coverage for these items to insure they are covered. In addition, most polices cover all buildings, structures and contents as part of a package.
If I have a loss the insurance coverage will provide for the market value of my house.
It’s important to understand that home insurance policies cover the replacement cost for re-building or replacing your home, not the market value of the home. Policy limits also do not include the value of the land, that is part of the market value.
Flooding and water damage is covered.
Your comprehensive home owner’s policy covers loss or water damage due to burst pipes, overflowing sinks, tubs, dishwashers and washing machines. New options have become available for water damage protection.
Sewer back up protection provides coverage for water that comes back up a waterway that normally carries water out of the home. Overland water coverage provides coverage for water that is rushing to an area in and around the home because the area is flooding due to heavy rains or overflowing rivers and lakes. Home owners can add these additional coverage options to their policies.
I live in an apartment or condo, my landlord will cover my losses.
Landlords and condo owners do not provide insurance coverage for their tenants. Tenants are responsible for insurance coverage for their contents and any damage they may cause. Ask us about a tenants insurance package.
My underground service lines are covered.
Underground service lines that bring water, power, data and communications to the home when the damage is on the property can be covered if the homeowner has underground service line coverage. Gas lines are not included.
We know that your home and its contents are your most treasured possessions. Let us provide you with the insurance coverage that gives you peace of mind that you, your family and assets are covered. Call today. 1-888-511-0777.