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Homeowner’s insurance

A house is often the single largest financial investment you can make. Without insurance, your most valuable asset is vulnerable to fire, theft and other disasters. Home insurance can help you pay for big expenses you couldn’t afford after a disaster – for example, replacing your home and all your possessions after a fire. It also includes additional living expenses in the event you are temporarily unable to live in your home due to an insured loss. Unlike car insurance, home insurance is not mandatory by law. However, most banks or mortgage holders will insist that you purchase home insurance – and show proof – before they’ll lend you money to buy a home

What does home insurance actually cover?

Home insurance will cover damage to your property and to your assets/belongings in the event of certain unpredictable weather, fire, burglary or destruction. Home insurance will also cover you if someone gets hurt on your property and decides to sue (although it is still your responsibility as a homeowner to ensure that walkways, sideways, etc. are as free and clear of hazards as possible). Home insurance will also take care of part-time shelter costs if you are temporarily displaced from your home.

What home insurance may not cover

Business equipment is covered only while at your home, typically up to a $2,000 limit. There is no coverage for samples and merchandise for sale. If you plan to be away from your residence for an extended period, speak to your insurance representative about any actions you need to take during this time, particularly during the winter months when pipes may freeze. Insurance coverage on your home and its contents may cease automatically if your home becomes vacant without prior notification to your insurance representative. Damage to your lawn is not covered although some insurers may offer extended coverage. Property of people who live with you but are not related to you (unless declared legal dependents) is also not automatically covered by your policy. For more information, speak with your insurance representative.