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The best way to recover from an emergency, is through insurance

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Published: Wednesday, 10 August 2022 13:59

In the case of a house fire, wildfire, car accident, or hurricane, insurance is the best way to recover following unexpected events. 

Whether you are a homeowner, business, tenant, landlord, or recreational owner you can suffer devastating losses due to an emergency. Insurance isn’t meant to cover predictable events like regular home maintenance, it is there to help you cope with the financial burden of unpredictable events that are sudden and accidental.

Some insurance tips:

• Not all policies are equal. Coverage options vary, some may be less expensive however compare the policies to ensure your property is adequately covered.
• If you are evacuated from your home and need to stay at a hotel and get food and clothes, most insurance policies provide Additional Living Expense (ALE) coverage that can assist with these additional costs. Ask your insurance company in advance what they need when you file a claim. Do they need receipts that you must keep throughout the year, a video of your belongings and property, and replacement items purchased for reimbursement? Knowing this in advance helps prepare for a claim.
• Review your insurance at least annually or anytime you make a substantial change to your property, like a renovation. This helps ensure you have appropriate and adequate insurance coverage for your home, business, and family needs.
• Some coverages like sewer backup and overland flood are optional; check your policy or speak with your insurance rep if you want to add these to your policy.
• Keep copies of your policies and insurance company claims contact information in your emergency kit.
• The Insurance Bureau of Canada (IBC) has information on home, auto, and business insurance. Contact IBC at 1-844-227-5422 or visit Insurance Bureau of Canada. 

Definitions of common types of insurance:

Homeowner

Covers the dwelling, outbuildings, contents, and personal liability of your family. Consider the rebuilding costs, replacement value over the years, and coverage for all your belongings.

Businesses

Protects you from losses that may pose a significant threat to your business operations. There are many different factors to consider for businesses such as coverage, deductibles, and policy limits.

Tenants

Covers the cost to replace your belongings due to theft, fire, or water damage after a loss. The landlord insures the building, you insure your belongings. Insurance also protects you if someone gets hurt or someone else’s property is damaged because of your negligence.

Landlords

Landlord insurance can help cover the cost of damage to your property as well as replace rental income.

Recreational Owners

Seasonal or secondary property insurance is different than home insurance. Seasonal properties are primarily used for recreation at certain times of the year. Don’t forget to consider the sheds, boats, and recreational vehicles as well. 

To learn more about insurance go to Review Your Insurance and Know Your Policy.