This is your primary residence building itself. But your home isn’t just four walls and a roof. Any permanently installed outdoor equipment on your property, including swimming pools, is protected under your Dwelling limit.

Stay safe and protected from thieves and other potential damage. Unless otherwise shown on the cover page, the settlement basis is the Actual Cash Value for loss or damage to mobile homes or their outbuildings. When determining the value of your home, don’t forget to consider the cost of debris removal services.

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Contents or belongings insurance is a specific amount to replace your clothes, furniture, TV, appliances, etc. Our personal belongings might cost tens of thousands of dollars to replace.

If the building is damaged by fire, it could all be gone instantly. The dilemma arises when your adjuster asks you to provide a list of lost or damaged items when filing a claim. Do what you can to keep a record of your belongings by taking a picture of your closet or a video of you walking through each room. For special items that can’t easily be replaced, ensure you have a more specific record of it for your adjuster, as they will likely offer a cash settlement if no replacement can be acquired. Pictures and receipts of purchases are the ideal way to ensure you are adequately compensated in the event of a loss. Click here to see our downloaded checklist to help determine where to start.

What are Increased Limits? Lastly, it’s important to note that there are limits for particular items for how much your insurance policy will pay in the event of a loss. Review your wording booklet or ask your broker to review the list of unique items that may be limited for coverage. This can include jewellery, bicycles, books, firearms, fine arts, etc. You may be able to purchase additional coverage with Increased Limits if you find it necessary.

To be liable mean simply that you are found to be legally responsible. If you are liable for injury to someone or found responsible for damage to another’s property, you can be sued for damages. No one likes to imagine being sued. But accidents happen, and if one does occur and you’re deemed negligent, you could find yourself with a hefty settlement. This type of insurance is essential for homeowners because it helps protect them from financial losses that may occur due to a lawsuit. Liability automatically comes with your home insurance, but reviewing your coverage with an advisor to ensure you’re appropriately protected is essential.

While Canada may not be known for outrageous personal liability settlements, the cost of these claims is rising. Ten years ago, a five-million-dollar case may have been rare, but not so much anymore. With inflation on the rise, the compensatory awards awarded to plaintiffs are also increasing. Keep in mind no lawsuit is a quick fix. Some take years for the court to settle, adding to the bottom line.

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Ever ponder the consequences of being unable to remain in your dwelling during or after a claim? Additional Living Expenses (ALE), commonly overlooked, may become a go-to if you understand its benefits. Simply, it compensates you for costs due to an insurable incident making your home uninhabitable, forcing you to move out temporarily. Suppose your home becomes unlivable due to a loss covered by your policy (i.e. Fire). In that case, your insurance company will help you maintain your current standard of living by compensating you for any additional expenses you incur. Additional Living Expense coverage helps to keep you from crashing on your friend’s couch while your home is being repaired.

What is covered? The key word here is additional. This coverage is not intended to send you on a mini vacation to the Moose Jaw Spa for a week while your home is being fixed. Your insurance policy is designed to help you maintain the same living standard you experienced before the loss occurred. For example, suppose you must rent an apartment across town after a loss and hire a moving company. In that case, your insurance policy will compensate you for those additional moving expenses. Other expenses that your insurance company might cover include additional rent, restaurant meals, kenneling for your pet, and storage fees.

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Unlike typical houses, mobile homes include a few additional questions for a quote:

• It must be factory-built and CSA Z240 labelled. The label must be permanently affixed to the mobile home.
• Park Model trailer must be factory built and CSA Z241 labelled. The label must be permanently affixed to the trailer.
• Skirted and tied down. The manufacturer must approve tie-downs or;
• On a permanent foundation meaning a full or partial basement, concrete pad, concrete pilings or foundation

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Our Loan Protection coverage is not a one-size-fits-all style policy. Our personalized policies translate to better coverage and premiums that are, on average, 30-50% lower than traditional Creditor Insurance. We can offer you the following:

• Non-commission dedicated advisor with industry experience.
• Regular touchpoints with your advisor to ensure that your plan is working for you.
• Access various services, including habitational, auto, travel, business and farm insurance solutions.

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