Buying your first home comes with a wave of emotions, from excitement to.. “WOW! I made one of the biggest investments of my life, what now?”
The whole process can be a bit overwhelming, especially for someone who has not experienced it before. Certainly, home insurance comes lower on the list of considerations after picking the perfect realtor, deciding what features are on your wish list, figuring out the best location for you and your family, and so much more… And that’s just on purchasing the house. What about the insurance for your new home, where should we look?
Choosing a Licensed Insurance Broker to help with your insurance needs is a great start because Insurance Brokers represent a group of insurance companies offering hundreds of different products and services at the right price for their client. Here at McFarlan Rowlands, we take the guesswork out of insurance.
It is our job to understand your personal insurance needs, inside and out. We also want to help you understand your options when purchasing a home insurance policy. There are multiple options involved with basic and additional coverages available to you that are important to consider when protecting one of your most valuable assets.
Insurance has come a long way from just fire coverage. Now, we have to think of other environmental factors such as water, wind and hail damage. Below, we take you through the various coverages an Insurance Broker will offer you.
Understanding your policy
Dwelling – This coverage protects the physical building against full or partial loss
Personal Property – This is your personal contents. Most tangible items can be included in this such as clothes, shoes, appliances, furniture, sports equipment and everything in between. To make things easier for you, we have developed a fillable worksheet to help you keep track of your belongings.
Detached Structures – whether you have a 10×10 utility shed to store gardening tools or a 40×50 workshop that is heated and houses your summer vehicle, this will cover it. Limits for your buildings are predetermined by the value of your home. Detached structures are usually a percentage of your home value. With that said, if you have a brand new work shop that you have put a lot of time and money into building, we can evaluate it separately and increase those predetermined limits to make sure your building is insured to the proper value.
Liability – Every insurance policy, whether it is home, auto, business, trailer, boat has liability coverage. This protects you in the event you were to be sued due to negligence.
Water Protection – With the increase in catastrophic weather events in Southwestern Ontario, we really want to make sure you are properly protected. Sewer backup and overland water are the two main components that make up an insurance water protection package.
Sewer backup occurs when wastewater from a sewer, sump pump or septic system gets backed up due to a blockage when trying to drain.
Overland water covers a loss that is sudden and accidental from water that accumulates above ground and seeps into your home through the foundation, basement, floors and walls. Sewer backup and overland water coverage usually go hand in hand on a policy because if there were to be a water loss in your home, it is most likely caused by one or the other, if not both. This coverage is offered in limits depending where you are located.
We know what it takes to purchase your first home. That is why talking to a Broker is to your advantage. We are here to explain everything in detail and make sure you understand exactly what you are purchasing for your new home.