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.
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 the deductible. Damage from hail, snow and ice, fallen trees and lightning would be covered, for instance.
Shop carefully for roofers. 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, coverage is restricted if you do not have a competent person check the property during the normal heating season. This is important 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.
If I’m doing renovations on my home, do I need to tell my insurance broker?
Yes. It’s important to let us know before you begin renovations because we may need to revise the value of your home. You’ll need to have enough insurance coverage to cover the value of your home, or the cost to rebuild it. 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 flooding and water damage is a relatively new policy addition for Canada. This type of coverage protects homeowners from water that damages your property by way of heavy rains, spring thaw, sudden snow melt or more commonly, the overflowing of rivers and lakes.
Overland water is fresh water from rivers and lakes, or water suddenly accumulating from heavy rainfall or spring thaw (this is covered). “Flood” refers to coastal flooding from salt water, such as from tsunamis and tidal waves (this is not covered).
Most 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.