Calgary Home Insurance
Before you sign on the dotted line for your new home, you will want to take just a moment to consider the way that you are going to protect this major investment. With Home Insurance from Del Fisher Insurance you can rest assured that should disaster strike, be it in the form of a fire, theft or storm, you will be prepared with adequate coverage. The right policy will protect your home, the contents of your home and some of your other assets as well.
Primary Coverage Included In Your Policy
Not only is your home most likely your most valuable asset, but also your greatest financial risk. If something happens to your home, you need to know how you are going to pay for the repairs or replacement.
Unfortunately, Homeowners Insurance for many people is a major mystery. They understand that they need this type of insurance, but are not exactly sure what protection their policy provides. Even more importantly, they are not sure what is and what is not covered by their policy.
Not all insurance policies are created equal. In fact, there are a lot of different coverage options out there. You have dozens of decisions that you have to make when you purchase your policy, including exactly how much coverage you actually need to protect your home. That is the reason that your insurance broker will take the time to explain all the details to you, so you get a policy that is tailored to meet all of your personals needs and desires.
Coverage For Your Dwelling
The term dwelling refers to your actual home itself. This also includes any structures that are attached to your home, such as a garage. The dwelling limit in your policy is the most amount of money that you can be awarded to replace your home if it is destroyed by a covered loss.
Many people make the mistake of thinking that they are fully covered just because they have a Home Owners Insurance policy. In all actuality, you need to make certain that the dwelling limit of your policy will be enough to rebuild your home to the original structure if disaster strikes.
Your Del Fisher Insurance broker can run a replacement cost estimate in order to calculate how much it would cost to rebuild you home. The amount of coverage for your dwelling will be adjusted accordingly. Otherwise, you may not have sufficient coverage to replace your home if necessary.
Coverage For Additional Structures
The most common additional structures that you will need to include on your Home Insurance policy are sheds, barns, detached garages and pool houses. These buildings are not attached to your home directly and will not be included in your dwelling coverage.
The coverage for additional structures will also have a protection limit, which will determine the amount you will be provided to rebuild these structures. The limit for additional structures is generally much lower than it is for the actual dwelling.
Coverage for Personal Property
Your personal property is all of the stuff that you keep inside your home, such as clothing, furniture, appliances, electronics, etc. There will also be a protection limit for these things included in your Homeowners Insurance policy.
This limit is usually about seventy to seventy-five percent less than your dwelling limit. However, it can be adjusted to meet your specific needs. Your broker will be happy to discuss all of your options with you.
Regardless of the amount of protection that you set for your personal property, you have another very important decision. You need to decide how you want to protect your property. The difference between replacement cost and actual cash value is huge.
To put it in simple terms, if you decide to protect your property for replacement cost, you will be able to replace your damaged or lost property with new items. For instance, if you have had your television for five years and it is lost with replacement coverage, you will be able to get a new television.
On the other hand, if you choose to go with an actual cash value Home Owners Insurance policy in Calgary, a depreciation allowance will be applied to the new purchase based on the age of the destroyed property. The amount of money that will be awarded to you for your lost television will not be enough for you to purchase a new television. You will have to pay the difference for the new television out of your own pocket.
Therefore, it is usually a better idea to insure your property for replacement cost as opposed to actual cash value. Sometimes, you may have to pay more for this option, but that is not always the case. Your Del Fisher Insurance broker will tell you how your policy works, check the price for you both ways and help you make the best possible decision.
With liability coverage, you will be protected if someone decided to take legal action against you for an injury they received due to a covered claim. In most cases, this type of accident will include injuries that are sustained while an individual is on your property, such as a dog bite or slip and fall.
However, your liability coverage may be extended to also include claims that go beyond your property and into your daily life. For instance, you may be protected under your Calgary Homeowners Insurance policy if you run into someone and knock them over with your shopping cart while you are at the grocery store.
The primary intention of liability coverage is to make certain your assets are protected if someone takes legal action against you. You need to acquire as much liability as you need to cover your own financial worth. However, it may be prudent to go beyond that amount. Take a moment to discuss your particular risks and needs with your Del Fisher Insurance broker to make the best liability decisions for your policy.
Do not wait until it is too late to determine if you have proper protection for your beautiful home. Take action now by clicking on the quote request button. The coverage that you need is more affordable than you think.