Your Home Is Important – Make Sure It’s Protected
You have to ask yourself…
What would you do if your home caught fire tomorrow? Are you confident that you’re properly covered for the damages – or would you be required to pay for some or all of the repairs out of pocket?
These questions needs to be addressed before a disaster strikes because insurance can’t be bought after the fact. Answering these questions means you can rest easy knowing that your broker took the time to make sure you have the right protection and your insurance carrier has your back.
What is Home Insurance for?
Home insurance covers protects you from the hazards that all homeowners face. Fire, theft, and accidents on your property are always a possibility. It also covers your personal property worldwide (as long as it normally resides in your home), jewellery in a safety deposit box, and your child’s personal property while they are away at school.
Homeowner’s insurance also covers your own personal liability worldwide and in your own home. If you were to accidentally cause the bathtub in your hotel to overflow and caused water damage – this is your personal liability insurance. When a dear friend slips and falls on your icy front step, breaking their leg and hitting their head – this is your homeowner’s liability insurance as well.
Some coverages that home insurance offers are:
· Hail and windstorm damage
· Sewer backup and water damage
· Umbrella (extra) liability insurance
· Identity theft coverage
· Cyber expense insurance
· Replacement cost (new for old) coverage for personal property
When a loss occurs, you will file a claim with your insurance carrier and you are paid for the expenses, minus any outstanding deductible amounts.
When you see an independent insurance broker like Nesika Insurance Services, you have the chance to explore all your options for insurance, and protect the things that are most important to you.
Little known facts about Homeowners Insurance
There are many things about insuring a home that most consumers aren’t aware of. We are here to make sure you avoid potential problem areas, including:
Many policies will not cover sewer back-up unless you purchase a special endorsement—it’s not expensive, but you won’t get it if you don’t ask for it
Damages caused by surface water or water that flows below the surface of the ground aren’t usually covered (but some carriers allow you to add back in some coverage for surface water damage)
A standard Homeowners policy typically does not include Flood Insurance. Called ‘Overland Water’ coverage by many carriers, this can be added into most policies unless you live in a very high-risk area.
A standard homeowner policy only covers jewellery up to set limits (as low as $5,000!) if the loss results from theft or mysterious disappearance
Some cheap policies default to Actual Cash Value, which means that you won’t get your property replaced if something happens – instead they’ll determine a useful life and ‘depreciate’ the item. This means if you purchased a widescreen TV and home theatre system for $1,000 it may now only be worth $450, so that’s all you’ll receive on the claim. Replacement Cost insurance pays out the total replacement value (new for old) of your possessions, not their market value, in the event of a claim.
Who Needs to Insure Their Homes?
Unless you don’t have a mortgage and comfortably have enough in the bank to rebuild your house if it were completely destroyed, you should have home insurance.
Even if you’re a renter you should have renter’s insurance in place to protect your personal property and worldwide liability.
The Nesika Insurance Services Inc. Difference
You may think you want the cheapest insurance you can find, but realise you may not be getting everything you bargained for …
… While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you. Minor differences in wording can mean major differences in what’s covered after a loss.
You can be confident that all of the homeowner’s insurance policies offered by Nesika are underwritten by premium markets that have a proven track record of paying their claims.