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Do You Have the Home Insurance You Need?

April 21, 2016

As a home owner, it is important to ensure that your home is properly protected in the event of a loss.  The following is what your home insurance should cover:

  • The replacement value of your home. The replacement value is simply how much it would cost for you to replace the entire building with one which is similar in style as well as quality.  Be sure your home insurance policy has  adequate coverage for this amount, which will differ from the market value of your home.

Tip: In relation to replacement value, the total cost of your home can be affected by any changes you made to your property including upgrades, installations, and any renovations.  This is why it is important to keep your broker updated with any changes you make to your home throughout the year, not just at your renewal.  This will keep your replacement value accurate at all times.

  • The replacement value of your possessions.  In the event that you need to replace your home, you will need to replace all of the contents as well,.  Ensure this value is accurate.

Some limits and exclusions apply to your home insurance.  Here are some additional things for you to consider:

1.       Additional Risks

There are some additional risks that you may want to consider to protect your home against, such as sewage back-up, wildfires, earthquakes, and overland flooding. Talk to your MIG broker to see if additional coverage is recommended and available for these types of perils.

2.       Big Ticket or High Value Items

Are there any high value, big ticket items that you have recently purchased (i.e. artwork, jewelry, sports equipment)?  You should update your home insurance policy with your MIG broker.

3.       Displacement

If the event arises that there is a major loss, you need to think about where you will live while your home is rebuilt.  The coverage for additional living expenses could include the cost of staying in a hotel or temporary home, as well as meals any other costs that will arise from being displaced and living elsewhere.

Your MIG Insurance broker can work with you and help you determine what amount of coverage you need and give you the peace of mind that you are not left underinsured.

 your broker today!

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