What is Home Owner’s Insurance?
Your home is most likely the largest purchase you will make in your life and it usually contains your most prized possessions. It's no wonder you would want to protect your home and its contents through home owner’s insurance.
House insurance is a type of insurance that helps protect your private residence from situations that can affect you financially. For example, depending on the type of house insurance you choose, you can protect the physical structure of the home itself, your personal belongings, plus liability for any accidents that may take place in your home.
Below is an overview of some key coverage areas that you can get with a home insurance policy:
Homeowners insurance can help protect against incidents – including falling objects, fire, lightning, the wind, or vandalism - that can damage your home. Depending on your particular insurance coverage, it may also protect other standalone structures, such as a fence or garage, which are on your property.
In addition to protecting your physical home, your homeowner's insurance can also protect against the financial loss or damage to your personal items. These can include televisions, mobile devices, clothes, jewelry – anything that is inside your home.
Some of your personal items, such as jewelry or artwork, may need additional coverage to ensure sufficient financial protection for their value.
It is recommended that you take pictures of your items, record any serial numbers, and store precious documents in a safe place.
What happens if a guest falls while walking in your kitchen, or if a tree in your property falls onto your neighbour’s car? Liability coverage, as part of your home owner’s insurance, will protect you financially if you unintentional cause bodily injury or property damage to someone while on your property, and in some cases, anywhere in the world. If someone does sue you to recoup costs, your policy may even cover some of the expenses related to your defense.
Additional Living Expenses
If for example, a windstorm destroys the roof of your home and that damage is covered by your policy, some of the additional living expenses you incur because you had to live elsewhere temporarily may also be covered. This can include hotel costs, meals, storing your items, and more.
How Much Insurance Do You Need?
Not everyone needs the same type or amount of coverage. An insurance broker can help you determine the right amount for your specific needs to allow you to replace items or repair damages. Be sure to take the time to understand your homeowner's insurance policy carefully so you know exactly what is, and is not protected and how much protection you actually have.