Parade of Homes

40 Parade of Homes FALL 2016 "It is very important to review your policy on a yearly basis because a home, unlike a car, appreciates in value," he says. "Home insurance is really a peace of mind thing because it is more than just guard- ing against theft or fire or bad storms," he adds. "It can also protect you in the event that you are evacuated from your home for some reason." An example of the value of such coverage was evident during the Fort McMurray wildfire crisis. kee says some people had coverage for alternative living expenses while they were forced out of their homes. Homeowners should also consider addi- tional protection on their policy to cover sewer back-up. And Chammartin says cov- erage is now available to protect policy holders from problems resulting from un- derground/outside service lines. "repair or replacement of these lines can be quite costly," she says. "For example, if there was damage to the insured's sewer line due to tree-root growth, this new type of endorsement would provide coverage for the line itself and can include the cost of out-of-pocket living expenses in the event the insured is unable to occupy the home during repairs or replacement." Home insurance coverage needs will also be assessed based on how you intend to use the home. Will you be renting out all or part of it? do you plan to operate a home-based business? These are scenarios you should discuss with your insur- ance broker, in addition to property features such as a swimming pool, which will affect the insurance rating profile of your home. Whether you pay annually, quarterly or monthly, there are certain steps you can take to reduce your insurance premiums: Consider increasing the amount of your deductible, and ensuring you have a monitored home security system and a backup power source for your sump pump. your insurance broker or agent can provide all the de- tails about how to get the best policy for you and your home. While nobody likes to think about a worst-case sce- nario, kee says it's important to know where you would stand if you lost your home and belongings. "It is better to know now and be able to prepare and adjust, than to find out something has gone wrong and you don't the coverage you think you do." 'It is better to know now and be able to prepare and adjust, than to find out sething has gone wrong and you don't the coverage you think you do.' homebuilders.mb.ca Our members are leaders in the home building and renovations industry, and are accountable to you LEADERSHIP Protect Your inVestMent Cont'd from page 38

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