A house without home insurance might as well be a house without a roof.
A home is where you make your memories, host family dinners, play street hockey with the neighbours and catch your beauty sleep at the end of the day. Commonly considered one of your biggest and most valuable assets, it’s wise to protect your home.
At Gifford Carr, we research the best possible home insurance options and help you decide which one is best for you and your family.
We want you to rest easy knowing the equity of your home is on solid ground.
FACTORS CONSIDERED IN YOUR HOME INSURANCE PREMIUM:
- Location (including proximity to water, nearest fire station and city limits, all based on your postal code)
- Updates to the home (electrical wiring, heating, plumbing materials, age and type of roof)
- Mortgage or financing terms on the home
- Claims and prior insurance history
Thinking about home renovations?
Connect with your broker when making significant changes to your home.
This video from our friends at Travelers helps explain why:
What is the difference in Types of Property coverage?
Understanding the difference between the type of property coverage you need for a Home, Condo, Tenant, and Seasonal properties to Secondary Homes (a second residence where you split your time or your owned dwelling for your extended family) or a Rented Dwelling (an individual rental property, which can become a commercial property depending on how many rental units you acquire).
Talk to your local broker to understand what coverage needs to be in place for your most valuable assets.
Home Insurance Solutions
Does home insurance cover roof repair?
The answer depends on what caused the roof damage. Home insurance does not cover damage due to normal wear and tear. Homeowners bear the financial responsibility to maintain the property, which means replacing old items when they wear out.
However, if a peril covered by the home insurance policy damaged the roof, then the insurance company would pay for the repair, minus depreciation and the deductible. Damage from hail, snow and ice, fallen trees and lightning would be covered, for instance.
Shop carefully for roofers—make sure they have insurance! Ask for recommendations from neighbours and friends. Get at least two written estimates. Make sure the contractor is licensed and the contract spells out all the pertinent details, including the scope of work, cost, guarantees, schedule and other expectations, before you hire a roofer. Don’t pay for the job in full or sign a completion statement until the work is finished.
What is Guaranteed Replacement Cost?
Guaranteed Replacement Cost coverage means that if anything happens to your home (the actual residential building) the full cost to replace it (including construction cost) will be covered but must be an Insured Peril. For example, if your home is insured for $350,000.00 and there is a fire that destroys your entire home and the cost is $370,000.00 to rebuild, you will not have to pay the difference out of pocket.
While on vacation, will my home still be covered?
Yes, but there is a clause in your policy which states if you are away more than 4 consecutive days connect with your local broker. We can help you understand the terms of your policy so you know how often you need to arrange for someone to. check in on your property.
This is important in heating season due to the risk of frozen pipes resulting in water damage or if the water supply has been shut off, and water drained from all systems and appliances. But overall, insurer companies want to make sure the home still looks like it’s lived in while you are away; is the grass mowed, snow plowed and the mail collected? These are things to consider before heading on vacation.
I’m doing renovations, why do I need to tell my insurance broker?
Yes. It’s important to let us know before you begin renovations, because when working on the bones of the home we may need to revise the value of your property to ensure your home is properly protected for its upgrades. When you start working on the structure of the home, we may need to add what is called a “renovation endorsement”. Major projects on things like electrical, plumbing, heating, foundation and systems upgrades are important for your local broker to know as they can impact your premium.
We will need to ensure you have enough insurance coverage to cover the value of your home, and the cost to rebuild it, in the event of a loss. You may also need extra coverage for the materials you use and for your own liability when performing renovations.
Does my home insurance cover overland water and flood damage?
Home insurance for overland water and flood (ie. flooding and water damage) are relatively new coverage options in Canada. As an optional coverage it is not typically included in standard home packages, so connect with your local broker to ensure it is added.
Overland water (This type of coverage) protects homeowners from water that damages your property by way of heavy rains, spring thaw, sudden snow melt or if the city infrastructure cannot keep up. (or more commonly,) Flood, however protects resulting damage from the overflowing of rivers and lakes.
Most standard policies (insurance companies) exclude water damage on your policy, but it can be added if requested. It is best that you contact your broker to review your current policy to see if you have the coverage. If not, a quote can be provided for consideration on adding the coverage to your policy.
Find additional information from our friends at Intact with their diagram to explain the differences in types of water coverage.