What is Home Insurance? Just like every other insurance, home insurance too makes sense in this world of uncertainty. Especially in countries like Canada where the harsh winters can play havoc with the plumbing and the threat of forest fires in summer is ever present. The Insurance Bureau of Canada suggests that home owners take the time and trouble to make their home strong enough to withstand high winds, storms, floods, etc. especially when going away on vacation or for holidays.
This, along with a decent insurance coverage, should shield you from unpleasant surprises and bills arising from damage. It would also be prudent and eco – friendly to install rain water harvesting in your home and be prepared for black-outs.
The various events to be considered while buying a home insurance package are fires, floods, electrical appliances, burglary, earthquakes, and other acts of nature. It is better to do a thorough search and find the best possible comprehensive and competitive package than to settle for something and then be sorry at a later date. It is essential to buy climate insurance too in places like Canada where the weather can be extreme.
The IBC advises that heavy build up of snow and the thaw can result in overland flooding causing untold damage to the unwary home owners. It also urges citizens to check that the snow is shoveled away from your house, especially the basement windows and the catch basins. This becomes very important as overland flooding is not covered by home insurance, while sewage back up is. However better keep your basements empty during the thaw. During winter if you are going away, it is important to drain all pipes and shut off water and power or get someone to come in everyday and check that the heating system is on to prevent the pipes from freezing and bursting.
Else your insurance policy will not be valid and any damages will not be eligible for claims as it will be seen as negligence. Most home owners’ policies cover damages from burst pipes in a heated part of the house, but only if these precautionary steps are taken. These are some of the basics for a home owner to ensure his home insurance package is valid and will be honored.
Due to the sever weather conditions in Canada, most home owners’ policies cover roof damages arising out of a roof collapse due to heavy snow build up. However the IBC recommends that the owners do not try to remove the snow themselves, as any resultant damage to the roof will not be covered by the insurance policy, unless a professional does the removing of the excess snow.
In recent years, given that we, as a society have become litigious, it is prudent on the part of the home owner to take a liability insurance added to the home insurance package. This will protect you from paying off huge damages in case someone hurts themselves in your property and holds you personally responsible. This is in fact imperative if you have a pool. A person can voluntarily enter your pool, without knowing how to swim, get hurt, then sue you for negligence. What is Home Insurance?