Be prepared for anything: basic insurance and options for more coverage
Be prepared for anything: basic insurance and options for more coverage
Home insurance is a form of protection we buy for life’s ‘just-in-cases’. Basic home coverage typically protects you against a variety of incidents. They could include lightning, fire-, smoke-, wind- or water-damage, falling objects, and an unexpected vehicle impact. Your basic coverage may also include theft, vandalism, and even explosions!
Should you temporarily need to relocate, living expenses are likely covered in your policy. Plus, much of the personal property that you store at home is likely covered too. Basic home coverage protects you other ways, too, likely including some personal liability. It pays for damage you or someone on your policy do to others or their property.
Because — hey — sometimes things we don’t want to happen, do happen. So, you’re prepared. But what about unforeseen events that may not be covered?
Are you prepared for natural disasters? Let’s talk about optional coverage.
Have you noticed? ‘Storms of the century’ sure seem to occur with greater frequency now than once every 100 years. In fact, damage from natural disasters everywhere is becoming more common. Sudden heavy downpours on overly dry lands can overwhelm sewers, cause unexpected flooding, devastate stressed trees, and worse. You can add protection for your home against such overland water including any damage caused by melting snow and overflowing rivers.
Then there’s the unwelcome havoc caused by sewer backup. Consider the mess and subsequent expenses a ruptured pipe could cause. And what about leaking wastewater from a sewer, sump pump or septic tank? It could seep onto your property and into your home.
Depending on where you live — near a river or concrete streetscape — such coverage may be more important than the word ‘optional’ suggests. According to a 2021 Western University study, around “four million Canadians now live in flood-affected areas – and they and others will be at increased risk in coming decades.” You can be covered against these dangers too.
Another optional insurance product protects in case of earthquake. About 40% of Canadians live in a seismic zone but Canada still has no early warning system. Yet even a tremor could cause significant direct or indirect damage to your home.
And what about coverage for personal disasters?
Do you ever rent your home out or use one of those increasingly popular rental networks? Have a look at home-sharing insurance. If renters damage your space, you can be protected by more than scoring their stay zero stars. You can also protect against the potential loss of income.
In 2021, nearly 19 of every 100,000 Canadians experienced identity theft. It’s something previous generations never imagined. Yet it keeps many of us up at night. After all, you can spend months recovering and restoring your stolen identity. Optional protection reimburses you for those costs, putting those late-night worries to rest.
Unpleasant as they are, you need to think about all these risks.
Again, you can’t be sure you’ll ever need any of this optional coverage. But you can know the peace-of-mind such protection brings. For most of us, our home is our greatest financial investment. Are you protecting yours adequately? If you have any questions about basic home insurance and optional coverage, talk to us today.
Or get a quote now.
General information not about PC® Insurance home and auto coverage is provided for your reference and interest only. The above content is intended only to provide a summary and general overview on matters of interest and is not a substitute for and should not be construed as the advice of an experienced professional. PC® Insurance does not guarantee the currency, accuracy, applicability or completeness of this content.
