pROTECT yOUR
iNVESTMENT
Make sure your insurance has you covered
By nancy Boomer
>> In the afterglow of buying a new home, you may not want
to even think about what perils could befall your precious prop-
erty, but experts say there's no time like the present to consider
your insurance needs.
"A home is normally one of the most valu-
able assets you own," says Tara Chammar-
tin, president of the Insurance Brokers
Association of Manitoba. "not only does
home insurance protect the dwelling, it
also includes coverage for your personal
belongings."
Chammartin says if your home is being
built by a professional, the home builder usually, but not always,
provides the insurance coverage before you take possession.
But if you are acting as your own contractor, she recommends
that you get insurance before you start digging the foundation.
I n S u r A n c e
Mortgage lenders require proof of property insurance, and
you should have insurance well in advance of taking posses-
sion of a new home, says steve kee, director of digital and me-
dia communications for the Insurance
Bureau of Canada.
The process is straightforward.
"Insurers are going to ask you how
far you are from a fire station, what
kind of heating and electrical systems
you have, type of construction (brick,
wood, etc.) and the age of your roof."
rather than insure based on the price
of your home, kee says it's best to insure based on what it
would cost to rebuild or replace the home and its contents.
And you should update your policy annually.
38 Parade of Homes FALL 2016
'Not only does he
insurance protect the dwelling,
it also includes coverage for
your personal belongings.'
Cont'd on page 40
