Complete Your Home Insurance Review

Many of us have been shifting our financial awareness; reviewing income sources, long-term savings plans and monthly expenses. Spring is also the season for many renters and homeowners alike to review their cable and utility costs, household budgets as well as insurance policy coverages. Schedule a call with your favourite Shuswap insurance broker to review your own property insurance policies to confirm the details are up-to-date and accurate. 

Depending on your geographical location and the insurance provider you’re with, you may be eligible to purchase additional coverage riders that protect you in the event of specific sudden losses. Additional riders are often optional but extend important coverage to potentially expensive losses. Confirm whether your individual policy has the following included or excluded coverage riders;

• Sewer or drain water back-up
• Wildfire
• Earthquake
• Identity Theft
• Personal Property Rider
• Increased Liability Coverage
• Coverage for your condo corporation’s common spaces

A scheduled personal property rider increases coverage for certain listed valuables. This type of rider also helps protect your valuables against additional risks that a standard homeowner’s policy does not cover, for example; losing or misplacing an item. Review your recent life milestones that may prompt an increase in your scheduled coverage;

• New jewelry from gifts, engagements, weddings
• Acquired antiques, artwork or heirlooms
• Purchase of cameras and other technology
• Start-up or growth of a business that’s based in the home

Document upgrades and renovations you’ve made to your property as building replacement costs need to be reviewed after any substantial change. Your insurance professional will guide you through a detailed replacement cost analysis that takes into consideration;

• The age of your home, it’s exterior building material and it’s postal code location
• The finished square footage of your property – advise your insurer if you’ve recently finished your basement or created rental space within your home
• The style and use of your home; solely residential use, property includes a tenant suite, business is conducted from the home
• Recent kitchen upgrades or bathroom space renovations
• The age of your windows, furnace, roof, water tank, etc.
• The number of people that reside in your home, and the value of their personal belongings

Many companies also offer discounts on your real estate insurance policies to reward long-standing customers and those without claims. Ensure you’re maximizing your savings in 2020 with these potential discounts;

• Claims Free
• Anti-Theft and Security Program
• New Home
• Good Credit
• Mortgage Free
• Mature/Retired Customer
• Proximity to Fire Department 

Each property is unique and requires its own tailored coverage. When it comes to insuring your property, you want to maximize your savings while being sure to avoid cutting corners or coverages that could cost you largely in the long-run.