Congratulations, you finally have a home of your own! It is most likely the largest purchase you will ever make.
As with all belongings, you need to protect it. How do you protect your home? Alarm systems or a guard dog, these might be useful, but nothing protects your home like a solid insurance policy, regular maintenance, and a sound loss prevention strategy. Who can you turn to for advice? The personal lines experts at Upper Canada Commercial Insurance Group will guide you to make an informed choice regarding the insurance coverage that you require at a cost you can afford. The final decision is always yours but we are here to assist you with that important decision.
What is Home Insurance?
Most home policies are called Comprehensive Homeowners policies. What does that mean? It means that you are insured against all forms of loss except those losses that are specifically excluded. The exclusions are very straight forward and easily understood.
In addition to covering the physical building, your home insurance policy also insures your personal property against loss, detached private structures, additional living expenses, and personal comprehensive liability.
Home Insurance Coverage
If at all possible, the physical home should have a Guaranteed Rebuilding Clause. This means that even if the states limit of insurance on your home proves to be inadequate in the event of a major or total loss, the insurance company guarantees to rebuild your home, regardless of the cost. Your obligation is to ensure that to the best of your knowledge you have insured your home to 100% of the estimated rebuilding cost. This is either determined by your broker of by an appraiser hired by the insurance company. You should also make sure that the basis of settlement is on a Replacement Value basis rather than an Actual Cash Value basis.
You Need an Insurance Professional
At Upper Canada Commercial Insurance Group we are committed to providing you with exceptional service and advice when it comes to protecting your home.
Are you ready for a quote? Give us a call!