Bylaw/upgrade coverage pays to bring your home up to code after an insurance loss, beyond your typical coverage. Make sure your claims are not overlooked
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You buy home insurance and pay the premiums so that if anything happens, your family has the money to repair the damage and rebuild. You contracted for the right to make a claim on that coverage if a fire or flood damage your home, but the insurance claim process can be overwhelming.
When you make a home insurance claim after a fire or flood, the insurer will send an insurance claims adjuster to evaluate the details. Their main job is to evaluate and verify the extent of the loss. This involves:
When it comes to home insurance, we’ve learned that there are many elements in a standard policy of insurance that homeowners don’t understand, or may not even know exist.
Wind storms can happen just about anywhere. Although some of the most devastating damage comes from tornadoes and hurricanes, high winds can also be the result of low-pressure weather systems, thunderstorms, or air moving over the mountains.
Summer in Canada often means intense rainfall. As the humidity climbs higher, so does the likelihood of thunderstorms that can bring heavy rain in a short period of time. The increased waters dumped into the ground brings with it an increased risk of sewage backups.
Reading your home insurance policy can feel like a real challenge. Policies are loaded with terms and jargon that the average homeowner should not be expected to know. With that in mind, we have put together a list of some of the key insurance terms you are likely to come across while reviewing your policy.
Your mortgagee will often be included as a co-payable on the portion of your insurance claim that covers structural damage. Most mortgages include clauses that make the mortgagee a co-payable on your home insurance policy because the bank or lender relies on the house itself as collateral.
In the wake of loss or damage to your property from a disaster like a house fire, you may consider reducing or changing your insurance coverages. It is a move that might seem to make sense and save money. After all: why would you need to insure contents or structures that no longer exist? Repairs can be time-consuming and paying lower premiums until they are complete seems to make good financial sense.
House fires can start from countless, seemingly minor, acts or issues; and not all of those sources come from within the home itself. If you are having work done on your home, contractors bring many new and unanticipated fire-risks with them, from new electrical equipment to discarded cigarette butts.