Renewing Home Insurance in 2012
Home insurance is a sensitive subject to broach to homeowners in a time when the real estate industry is in shambles, especially in the USA, UK and elsewhere where the Recession had bit off more than just a chunk. However, unless you are a homeowner who already is covered by a sustainable policy or are contemplating taking one from an insurance broker in Canada or Ontario, you need to sit down and review your home insurance cover immediately.
For those of you who have had home insurance policy coverage, you would know the procedure, but for newer homeowners who have not had the chance to review or analyze their policy plans, this article will try and break it down for you in layman’s terms!
Emergency Disaster Zones – If you have recently moved to New Orleans (remember Hurricane Katrina?) or Florida or elsewhere in North America, or for that matter anywhere in the world that is prone to natural disasters or emergencies, ensure that you have proper insurance coverage. Leaving it to luck won’t help you. Remember, floods, earthquakes or tornadoes cannot differentiate between people who have their homes insured and people who don’t have that luxury. Read the terms, your contract and have the policy renewed to add the natural disaster clauses into your cover.
New Furniture or Electronic Investments? – Did you buy a new home theater system? Did you upgrade your furniture in the living room? Got a new sofa set or brand new hosiery? It is time to get them all listed and insured for replacement or purchase value. This is important because unless you have them under the home insurance cover, you might be dealt the price of the old furniture when calamity strikes.
The Subject of Valuables – If you have valuable or antique jewelry in the house, or important documents or property bills etc, you should have an umbrella policy to get these under the cover too. In the absence of a proper home insurance cover that also takes into account jewelry (some Asian families store huge amounts of gold/silver jewelry in their homes as a family tradition/lineage property), theft or arson or a simple disaster may cost you much more than what you would have been willing to bargain for.
Liability Coverage for Local Problems – Local issues are often considered as riders or exceptions. If you have moved to a new place, make sure you have the local problems covered under your home insurance policy. This includes places that are riot-prone, prone to attacks from wild animals, fires, sinkholes or mudslides, strong winds etc. A simple rider added to the average home insurance policy would do the trick for you, but only you are responsible for carrying out that task.
Remember, the insurance broker in Canada or USA or the home insurance firm is not obliged to provide you with frequent updates about changes to their policies or exceptions added to the terms and contract conditions.
If you are not careful enough, you might be rendered in hot soup – which will be dire in a real estate scenario as bad as now.
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