Your home is one of the biggest investments you will ever make. Replacing it would be difficult, if not devastating. This is why many homeowners insure their homes against damage from fire, flooding, theft and other perils. We sat down with Morison Insurance, to provide the essentials of home insurance and safe home ownership that you may require. Today, we examine three Frequently Asked Questions a lot of homeowners have when deciding on insurance.
1. Is jewellery covered by home insurance?
Every home insurance policy has specific limits and wordings for jewellery that may be lost or stolen. Usually the coverage that is included is anywhere from $5,000 to $10,000. Keep in mind that you must also pay your policy deductible. If you have an appraisal for a specific jewellery item(s) that exceeds this amount, it can be scheduled – also known as a rider on your policy – for additional coverage at an additional charge. In this case, if a jewellery item goes missing, is lost or stolen you would not be subject to paying your deductible. Professional appraisals are usually required every 3 to 5 years. Don’t wait until it’s too late and you find yourself underinsured.
2. Will my insurance be affected if we install a backyard pool?
A backyard pool is a great way to cool off in the summer. Summer, sun and swimming: A terrific trio for warm-weather fun. At the same time, it is very important to make sure that the fun is safe fun. Make safety a priority and be sure to comply with the requirements of your local municipality. A few obvious things to do are to install a secure fence, lock all entries to the pool area, have a life-saving flotation device available and make sure swimmers are supervised. Enforce safety rules and be careful regarding alcohol use when using the pool or when these activities are in the area of the pool.
In terms of insurance, it is important to tell your insurance broker about your pool to ensure you have the proper liability coverage to protect you in case of a claim. Your insurance costs may increase with a pool because of increased risk of a claim. If there is an accident, you may be found liable and could face legal proceedings. The right liability coverage could protect you from the financial outcomes of a lawsuit. At Morison Insurance we recommend you contact your broker to discuss your current liability limit.
3. Is my insurance affected if I have a backyard fence?
Do good fences make for better neighbours? Many of us prefer to install a fence in our backyard to increase our privacy and to clearly define our backyard area from the property of our neighbours. However, while a fence will last for years and may make for better neighbour relations, it can also be expensive to build. To make sure you only have to build a fence once, check with your area’s municipality to make sure you are complying with local bylaws.
In terms of insurance, your homeowner’s policy typically covers a fence if it is damaged by a fallen tree or high winds. If this damage occurs, your policy’s insurance deductible will apply so be sure to get a couple of estimates for the repair before submitting the claim to your broker or insurance company.