Does Your Home Insurance Cover Everything?

June 28, 2022

June 30, 2022


Does Your Home Insurance Cover Everything?


When you suffer damage to your home or its contents, you expect your insurance company to help you out. And most do a good job of doing just that.


Still, it’s a good idea to review your policy with your insurance advisor and find out what’s covered and what isn’t. For example, you don’t want to discover that your policy will not cover the cost of repairing the damage caused by a flood in your laundry room.


Pay particular attention to coverage in the case of water damage. Some insurance policies don’t cover floods and sewer backup unless an additional rider is purchased.


Also, check liability limits. Ask your advisor to recommend an appropriate level. Finally, make sure you know exactly how much your home is insured for. Are you covered for the full replacement cost? Are you comfortable with that coverage or would you rather only insure for the actual cash value?


All insurance is definitely not created equal. The least costly homeowner’s insurance will likely give you the least amount of coverage, and vice versa.


While homeowner’s insurance covers most scenarios where a loss could occur, some events are typically excluded from policies, such as natural disasters or other “acts of God,” and acts of war.


What if you live in a flood or hurricane area? Or an area with a history of earthquakes? You’ll want to purchase an extra policy for earthquake insurance or flood insurance.


There are so many things to consider when purchasing a home insurance and the best way to find the right one for you and to see different price options is to go directly to the insurance companies or speak to an independent agent who deals with multiple companies. Bear in mind that, a broker licensed to sell for multiple companies often attaches their own fees to policies and policy renewals, which can add up to the cost.


Having the right insurance policy gives you peace-of-mind and is an important part of enjoying your home.



Ecko Jay Realty Ltd.

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