Home insurance is the most common consideration when you are purchasing a home. If your home has a mortgage you will find it is mandatory for you to have your home insured. So how many of us then do our due diligence and review our insurance policy on an annual basis? If you are unfortunate enough to be one of the statistics that suffers a serious loss and your home is not properly insured香蕉视频直播� you may very well wish you had done your annual insurance review.
It is most important that you are familiar with your property and all insurance is done in good faith. It is your responsibility to provide the necessary information to your broker so they can calculate the proper amount of insurance. This is referred to as the rebuild value.
To begin your insurance broker will need to know the square footage and the year your home was built. Is it a single detached home or a multi-family semi-detached? What kind of foundation do you have and is your home a bungalow, bi-level perhaps a two story home? The type of foundation and the exterior finishing are important as well. Do you have a single, double or even triple car garage? Attached or detached? How many bathrooms does your home have? What type of materials are used in the finishing of your home香蕉视频直播he quality of the finishing is key in determining a value for rebuild and if your insurance broker does not have the correct information in the event of a loss your home may not be rebuilt to the specs it was. Mechanical components are also key in determining your insurance coverage. What are the roof materials and what is the age of your roof? The electrical ampage and type of electrical in your home. Is your plumbing cast, copper PVC 香蕉视频直播� all important information for your insurance broker.
It is so important to provide the correct information to your insurance broker and update the information with them annually. There are new rating systems that are rewarding insured clients that update their insurance company with changes. As an example if you proactively install a new roof before the life expectancy香蕉视频直播攖he fact that your new roof will withstand a wind and hail storm makes you less of a risk and could benefit you with a premium decrease.
If you have completed renovations on your home you have increased the value of your home. Always remember to contact your insurance broker and update your policy with any changes. This will not only speed up your claim but most important confirm your insurance is adequate in the event of a loss.
Of Prime interest is a collaboration of mortgage professionals. Trish Balaberde 250.470.8324 trishb@creativemortgage.ca; Darwyn Sloat 250.718.4117 dsloat@creativemortgage.ca; Christine Hawkins 250.826.2001 christine@creativemortgage.ca
