Property Insurance | services

By: Deeks Insurance  09-12-2011
Keywords: home insurance, property insurance, Insurance Policy

Why do you need home insurance? Your house is your most cherished possesion and your largest asset. Your home insurance safeguards your most cherished belongings: your home, your personal effects and even your financial future.

What is home insurance?

The home insurance policy is usually a term policy—a policy that is in effect for a fixed period of time. The home insurance payment the insured makes to the insurer is called a premium.
Your home insurance usually safeguards you in two ways: financial loss and personal liability.
Financial Loss: Your home insurance will refund you if your home or personal effects are stolen or if an unforeseen situation that is specified under your property insurance policy occurs. If an unforeseen situation, like a fire, does arise, your home and garage will likely need to be restored. You will be reimbursed for the value of items, such as furniture, cameras and computers—or the items themselves will be replaced. If you cannot live in your home while it is being restored after a loss, your house insurance will pay for some of your extra living expenses, such as accommodations, restaurant meals and storage.
Personal Liability: If someone is injured while visiting your home, they could sue you for damages. If they win and a court awards them a significant settlement, you could be financially ruined. Your wages could be garnished and you could have a hard time getting back on solid ground. Property insurance safeguards against this kind of liability. Your home insurance will also protect you against liability for accidental damage to someone else’s property. For example, if you live in an apartment building and your bathtub overflows, resulting in damage to your neighbour’s apartment, your home insurance will pay for repairs or replacement. If you rent your home or own a condo unit, you might feel that investing in a home insurance quote is pointless. If you are just starting out and renting your first place, you might believe that you have nothing of real value that needs replacing should something like a fire occur. If you own a condo unit, you might believe that your condo corporation’s home insurance policy has you covered. Here is why whether you rent or own a condo, purchasing a home insurance policy is a good move.

Tenant Insurance If you rent your home, you may think you don’t need to bother with property insurance. Unless your landlord is directly responsible for the damage to your belongings or unit improvements such as a new carpet or built-in shelving in the closets that you paid for, his insurance likely won't reimburse you. It also won't protect you if you are sued for negligence.

Condo Insurance If your condo corporation has insurance, you may wonder why you need to purchase your own coverage. Here’s why:

Your condo’s corporation policy only covers items that are part of the building. You need your own home insurance to protect any upgrades you have made to the unit, such as carpets or an upgraded bathroom or kitchen. You need to insure your personal effects like furniture, computers, and other electronics. You need to protect yourself against personal liability for injuries to visitors to your home, or for damage you accidentally cause to your neighbour’s property.

Whether you make your home in a house, a condo, or a rental unit, the best way to protect it, your effects and your liability is to purchase property insurance.

Keywords: home insurance, Insurance Policy, property insurance

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