Home Insurance Options Can Help Tailor Your Insurance To Your Needs

If you're like most people, your home is your biggest asset. That's why it's important to ensure it is protected properly. Do you know if you have the right home insurance – or even enough home insurance – in place?

Standard homeowners' insurance protects the physical structure of your home, your personal belongings and other buildings on your property in the event of damage from fire, smoke, wind, hail, water, vandalism and theft. To determine if you have enough home insurance in place, you will need to know these two things:

• Your home replacement cost.
  This does not mean the market value of your home; it means how much it would take to rebuild it. The amount is calculated by considering things like the year your home was built, the age of your roof, the type of foundation you have, and any renovations you have done. A qualified insurance broker will help you determine the accurate replacement value of your home.
  
  
• What belongings you have inside your home.
  We can all collect a lot of "stuff" over time. The Home Insurance Bureau of Canada has a checklist to help you create an inventory of your belongings. List all your high value jewellery, collections or art, since you may need to purchase an additional rider to ensure these are adequately covered. An insurance broker can guide you accordingly.

There are different kinds of optional insurance coverage to protect you even more.

Once the value of your dwelling is determined, you may want to consider the optional types of insurance available for more complete coverage. For instance, CAA Manitoba Insurance Brokers can discuss the following options with you:

• Home Equipment Breakdown.¹
  Air conditioning systems and furnaces, water heaters, deep well pumps, appliances and entertainment systems can break down. This provides coverage in the event of repairs or replacement due to mechanical or electrical breakdown (see full policy for details of coverage). So if your appliance can't be repaired, it would be replaced. Or if your home becomes uninhabitable due to a furnace breakdown in winter, your hotel stay would be covered while your equipment is repaired or replaced.
  
  
• Service Line Coverage.¹
  As a homeowner, you are responsible for all the service lines that run beneath the street to your home. These lines can be damaged from severe weather, spreading tree roots or general age. With this optional coverage, you are protected against losses experienced from wear and tear, rust, corrosion, freezing and electrical, mechanical or pressure system breakdowns. So, suppose the pipe that connects the public water line from the street to your home freezes and then bursts, or one of your tree roots causes a sewer line to leak, or an underground power line deteriorates over time, you would be protected.
  
  
• Water Coverage.¹
  Only some forms of water damage are covered by standard home insurance. Water damage can happen as a result of many things. This optional coverage protects against loss or damage caused by a flood, the rising of the water table, a mud-flow, and even sewer backup. Plus, if your water damage is so severe you can't live in your home, then this coverage provides you with living expenses while your home is restored.

While optional insurance coverage can be especially beneficial for homeowners, options like Home Equipment Breakdown coverage can also be a useful addition to condo or tenant insurance.

A qualified CAA Manitoba Insurance Broker can give you a complimentary policy review and help you assess whether you would benefit from additional coverage. To arrange for your review call 1-855-779-0677.

CAA Members can save up to 10% on premiums.*