Depending on your particular needs, there are different types and levels of insurance policies available to you. Some of them are mandatory; a car must be insured before it can be legally driven so that if an accident does occur, the means to pay for damages and injuries is guaranteed. Home insurance on the other hand is not legally required but is highly recommended in the interest of personal security against major and minor disasters. Also, if you’re looking to buy a home, you’ll very likely have a difficult or even impossible time getting a mortgage if your home is uninsured. To a creditor, financing a house without insurance is like walking a tight rope without a safety net. Over lava. Creditors love to exaggerate, but you’ll still need coverage before you get their cooperation.
Insurance brokers usually have varying degrees of coverage. Basic coverage will generally include damage from unforeseeable events such as fires, burst pipes, intense hailstorms, and break-ins. Generally anything that is beyond your control. To some insurance brokers, there’s a fine line between ‘beyond your control’ and negligence. If there’s been obvious evidence of water damage for months before the guilty pipe finally bursts and floods your house, there is potential for your claim to be disputed. Read your coverage agreement thoroughly to understand your insurer-specific obligations as a homeowner so that you don’t get burned when it comes time to make a claim.
For tenants in rental units, you might one day be happy to have renters insurance that not only covers your belongings, but protects you from possible liability if someone hurts themselves on the property, or if there is any damage done to the property as a result of negligent action, if a lamp that keeps short circuiting starts a fire for example.
There are lots of options and add-ons offered by various insurers including:
– stable insurance rates or an increase in the number of allowed claims before a hike in rates
– lower deductibles so that you have to pay less out of pocket before your insurance company will step in on your claim
– coverage for all your possessions: furniture, appliances, electronics, jewelry, all can be replaced with items of equivalent value. If a fire somehow breaks out remember that it’s sentimental value that isn’t covered by regular home insurance, not money value.
Home insurance is an investment in risk protection. If you’re away on vacation and, as an extreme but not unheard of example, there’s a gas leak and your house blows up, not only will your insurance cover the cost of rebuilding, but may also pay (depending on the type of coverage you’ve got) for any expenses incurred due to the fact that your home is uninhabitable, such as the cost of an extended stay in a hotel. Home insurance can also cover replacement of any belongings that have been damaged in an incident that is covered by your policy. You might feel unenthusiastic about making monthly payments for something that you’re hoping you’ll never need, but in the event that something does happen and your house comes into serious (or not so serious) need of repair, you’ll be immensely grateful for your foresight when an insurance agent tells you not to worry because you’re covered.
SeaFirst Insurance is a locally-owned and operated Insurance Brokerage, serving Greater Victoria and BC for over 40 years. They take the hassle out of shopping for insurance, and have a team of specialists that will find you the best rates and coverage available, including 24/7 claims service and an in-house claims department. Whatever type of insurance you need, SeaFirst Insurance Brokers will build a product that suits your needs.