How do I protect my property against loss or damage?

Real Estate Sales Representative with for real estate results in the Tri-Cities.

What insurance do I need for my home?

There are specific insurance packages for homeowners, tenants, and condo owners. Most cover these three things:

1. The building(s) on your property

- Includes your house and other buildings like a separate or detached garage, or workshop.

- If you rent your home, or own a condo, your landlord or the condo company provides insurance for everything from the drywall to the outside.

2. The contents

This is the cost to replace the things you value in your home.

Most policies cover your belongings for up to 70% of the insurance you put on the building.

Example: If you insure your house for $200,000, your policy will cover 70% of that total, or up to $140,000, to replace everything inside it. You can add more if you want.

3. Liability

This covers any claims against you if someone is hurt or killed while on your property.

What extra coverage can I get?

You can:

- Add extra contents insurance. The amount you need to cover your personal possessions depends on their value to you. Here's how to decide how much you need:

- Create a record of everything you own, the date when you bought it, what it cost, and what it may cost to replace the item now. You may also keep some photos or a videotape record. The Insurance Brokers Association of Canada provides a Home Inventory Form that you can use to list what you have in your home and the value.

- Add up the value of everything you want to insure.

Look at how much insurance you can afford. Do you want or need to cover everything you own fully? The more you cover, the more you'll pay.

Cover more dangers. You can get insurance to cover almost any kind of problem you can think of, and many you may never have imagined! There is coverage for everything from sewer backups, to earthquakes, to losing all the food in your freezer during a power outage. However, you will pay more for extra coverage.

Some people choose only theft, fire, lightning, windstorm, hail, and certain types of water damage. If their homes or belongings are damaged for some other reason, they won't get any money for those losses. That's the drawback of getting lower coverage.

Remember: The more coverage you get, the more you'll pay

When you look at different policies, make sure you are comparing apples to apples. To reduce your costs, ask yourself: Do I really need this much insurance? How much am I willing to spend to cover losses myself? Then decide what's right for you.

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Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Congrats on a featured post at Condo Benefits!

Oct 17, 2009 12:46 AM #1
John Grasty
for real estate results in the Tri-Cities. - Port Moody, BC
Your Tri-cities REALTOR, neighbour and volunteer.

I would imagine that just like every insurance company has different coverages, jurisdictions across North America have different regulations. 

Although the information available at the original Investor Education Fund site is Canadian it is fairly generic and gets to the basics in laymans terms making it easy reading for consumers and us in the industry.

"Why should I insure my property?" is another great introductory link.

BTW - Thanks for your comment Will.

Oct 17, 2009 04:51 AM #2
Marcia Hawken
Naples Luxury Specialist

John, And in Naple Fl they have to in many cases have flood insurance.  The lender will require it.  Wind is another big expense.  Good post.

Oct 19, 2009 08:39 PM #3
John Grasty
for real estate results in the Tri-Cities. - Port Moody, BC
Your Tri-cities REALTOR, neighbour and volunteer.

We have many places throughout British Columbia where flood insurance is required because of the proximity to the Fraser River.

Earthquake insurance is also popular here in Metro Vancouver, on the coast of the Pacific North West.

Thanks for commenting Marcia.

Oct 20, 2009 04:47 AM #4
Sean Jordan
One Percent Realty - Coquitlam, BC
One Percent Realty - The Property Finders

yeah it really ads up in cost.... alot of people don't really look into it that much!

Oct 28, 2009 02:30 PM #5
John Grasty
for real estate results in the Tri-Cities. - Port Moody, BC
Your Tri-cities REALTOR, neighbour and volunteer.

Thanks for commenting Sean.

I noticed that you're in the local market so hopefully we'll get to do some business together soon.

Best wishes.

Oct 29, 2009 04:22 AM #6
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John Grasty

Your Tri-cities REALTOR, neighbour and volunteer.
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