Performing a Home Insurance Review

Posted by Bryce Hansen on Thursday, January 16th, 2020 at 4:08pm.

New year, new mindset; it’s no surprise that January is the most popular month for homeowners to review their monthly costs, making conscious efforts to conserve spending and increase their savings contributions. Many of us have started the year off with a shift in our financial awareness that has us evaluating whether we’re adequately covered and on budget each month. It’s the season for Courtenay real estate owners to review their cable and utility costs, household budgets as well as insurance policy coverages. What better time than now to review your own property insurance policies with your insurer to confirm the details are up-to-date and accurate. 

Depending on your geographical location and the insurance provider you’re insured with, you may be eligible to purchase additional coverage riders that protect you in the event of specific sudden losses. Additional riders are often optional but extend important coverage to potentially expensive losses. Confirm whether your individual policy has the following included or excluded coverage riders;

  • Sewer or drain water back-up
  • Earthquake
  • Identity Theft
  • Personal Property Rider
  • Increased Liability Coverage
  • Coverage for your condo corporation’s common spaces

A scheduled personal property rider increases coverage for certain listed valuables. This type of rider also helps protect your valuables against additional risks that a standard homeowner’s policy does not cover, for example; losing or misplacing an item. Review your recent life milestones that may prompt an increase in your scheduled coverage;

  • New jewelry from gifts, engagements, weddings
  • Acquired antiques, artwork or heirlooms
  • Purchase of cameras and other technology
  • Start-up or growth of a business that’s based in the home

Document upgrades and renovations you’ve made to your property as building replacement costs need to be reviewed after any substantial change. Your Comox Valley insurance professional will guide you through a detailed replacement cost analysis that takes into consideration;

  • The age of your home, it’s exterior building material and it’s postal code location
  • The finished square footage of your property – advise your insurer if you’ve recently finished your basement or created rental space within your home
  • The style and use of your home; solely residential use, property includes a tenant suite, business is conducted from the home
  • Recent kitchen upgrades or bathroom space renovations
  • The age of your windows, furnace, roof, water tank, etc.
  • The number of people that reside in your home, and the value of their personal belongings

Many companies offer discounts on your real estate insurance policies to reward long-standing customers and those without claims. Ensure you’re maximizing your savings in 2020 with these potential discounts;

  • Claims Free
  • Anti-Theft and Security Program
  • New Home
  • Good Credit
  • Mortgage Free
  • Mature/Retired Customer
  • Proximity to Fire Department 

Each property is unique and requires its own tailored coverage. When it comes to insuring your property, avoid cutting corners or coverages that could cost you largely in the long-run. To complete your fire and casualty insurance review, call your trusted Comox Valley home insurance professional and review your unique property coverage together.

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