It is certainly a wise choice to insure your house. What kind of coverage do you need to demand, though? Home insurance can be extremely comprehensive or very specific. The kind you purchase really depends on your circumstances. If you have the money, obtaining wide coverage is the best option you have for providing some financial stability should your home be damaged by fire, broken into, or suffer the effects of a natural disaster. Here is a quick guide to some of the types of coverage you should seek.
Theft
Although burglary rates have been going down in Canada, they are still roughly on par with the United States. Even if you live in a low-crime neighbourhood, you’ll still want to insure the contents of your home against theft. Being able to claim money back for items that are stolen can take some of the heartbreak and stress out of the unfortunate situation you can find yourself in when somebody steals from you.
Fire
House fires can be devastating in so many ways. Financially, they can completely ruin a family. Make sure that your home insurance covers you against financial losses incurred during fires. Both your dwelling and contents insurance should cover loss or damage by fire. Nobody wants to have to abandon their home, but it is far better to do so with a little financial security.
Natural Disaster
Depending on where you live, you might want to take out coverage protecting you against the financial cost of natural disasters. In Canada, most claims on natural disaster insurance are related to inclement weather. In other parts of the world, earthquake insurance and even volcano insurance are seen as very smart purchases.
Structural Failure
When looking to purchase your house insurance, it is important that you don’t forget the most fundamental feature of the home: the structure. Structural damage can be extremely expensive to fix. It can be caused by all sorts of things, from poor construction materials to extensive water damage or extreme snow.
Fixing structural damage usually involves the employment of a structural surveyor, an engineer, and a construction team. Make sure that the dwelling coverage in your home insurance will payout for these substantial expenses. You might also need to move out of your home for some time whilst structural work takes place. Some insurers cover any rented accommodation you might need during times like this.
Frozen and Burst Pipes
Frozen and burst pipes can be extremely disruptive and expensive problems, as Texas’s people, unfortunately, found out earlier this year. As the climate changes due to pollution, more and more extreme weather will befall the globe, no matter where you live on it. The more extreme the fluctuations in temperature and groundwater are, the more likely it will be that pipes will burst. Make sure that your home insurance covers burst and frozen pipes. If it doesn’t, you could find yourself with a rather hefty plumbing bill.