Parade of Homes featuring the best of new homes in Manitoba, Canada
Issue link: http://publications.winnipegfreepress.com/i/1342981
IT'S IMPORTANT TO TALK TO YOUR INSURANCE BROKER ABOUT A POSSIBLE EXTENSION TO YOUR POLICY, WHICH WOULD COVER ANY UNFORTUNATE INCIDENTS THAT OCCUR WHILE YOU WORK FROM HOME… If a courier slips and falls on your steps while delivering business goods, you could be held liable for any injuries and may not have coverage under your home insurance policy. Damage to work equipment or products for sale could also be ineligible. That's why it's important to talk to your insurance broker about a possible extension to your policy, which would cover any unfortunate incidents that occur while you work from home — or to set you up with proper insurance if you have a home business. It's also important to know the exclusions to your policy. With COVID-19 a recent concern, you could be deemed at fault if someone enters your home against public health orders and contracts the illness. Your home insurance would likely not cover the charges you might incur, says Tkachyk. "The third-party liability coverage included with your residential insurance would deny any legal defence cost, judgment or settlement, as there is an exclusion for communicable disease," she says. Another thing to look into, especially for Manitobans, is coverage for water damage. Snowfall through a long winter and heavy rain during a spring thaw can lead to rising water levels, overwhelming our rivers and sewage system. "Water is the number one cause of damage that we see," says Tkachyk. Most standard home insurance policies cover water damage that occurs inside your home, such as a burst pipe, but they don't often cover water damage that comes from outside the home. The fairly recent offering of overland flood coverage gives some peace of mind to those concerned about flooding, but it has its limitations. Cont'd on page 124 Parade of Homes SPRING 2021 123