So, you bought a home, what can your home insurance cover?
So, you’ve just bought your home? Amazing! For most people, buying a home is the biggest investment of their life. It’s important to protect it with insurance, and in this blog, we look at what your home insurance covers.
First and foremost, your home insurance will cover your home and the structure of your home should it receive damage in a natural disaster such as a lightning strike, a hurricane or twister, hail, or wildfires. Often, basic insurance premiums will not cover everything. Damage received from earthquakes and floods, in particular, may not be covered, and it’s important to talk to your broker and add this protection should you feel you’re at risk of damage to your home from these events.
Not only will this coverage protect and cover the cost of your home itself, but it will help you cover and replace personal belongings. Speaking of personal belongings, another thing to consider when you purchase home insurance is insurance from theft. This will often be something that you can have added to your policy, and the broker will consider where you live when quoting the price of theft insurance.
Personal liability insurance – an often-overlooked area of home insurance. Liability coverage will cover you should someone be injured on or around your property. For example, if someone falls down your steps in the icy Canadian winter and injures themselves, liability coverage will be a critical part of the process. Another area of this is property damage. Got kids that play ball games in your backyard? If one kicks their soccer ball and smashes your next-door neighbour’s window, this is where your liability coverage would come into effect.