Insurance
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.
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.
‘Not only does home insurance protect the dwelling, it also includes coverage for your personal belongings.’
“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
“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
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.
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.
Cont’d on page 40
38 Parade of Homes FALL 2016
Powered by FlippingBook