We know Canadians are passionate about the things they own, and that they want the best possible protection for their belongings. But when it comes to insurance, understanding your options and coverage can be challenging when you’re not an insurance expert! That’s why we looked at how insurance comes into play based on different personalities (are one of these you?) and launched the How to Protect Your Most Valuable Possessions video series.
Before you can figure out if you have the right insurance to protect your stuff, you need to know the basics of how it all works. So let’s take it from the top!
What’s Your Home Insurance Made Of?
Home insurance is a broad term with a lot of variables, but it generally refers to policies that protect your home, detached structures on your property (like a shed or garage), your personal belongings, and a certain amount of liability coverage in the event that an accident occurs on your property.
The thing is, because not every home or homeowner is the same, not all home insurance policies should be the same either.
Home Is Where the Heart Is
How your home and your insurance should grow together
Home is a special place where we make memories and spend quality time with the people we love most, so it’s no surprise that home ranks highest on Canadians’ list of MVPs. But what we also learned in our national MVP survey was that two thirds of Canadians have made an upgrade to their home in the last five years. Did you know home improvements can impact your insurance premiums?
Major renovations or improvements to your home may mean that it should be revaluated, especially if the value of your home, after the improvements, has increased. Whether you’re going the DIY route or hiring contractors, you’ll also want to check on your liability coverage during the renovation process, just in case there are any accidents. But it’s not just about adding more coverage: if you make certain safety upgrades to your home (like adding a home security system), you may be eligible for discounts or other offers on your policy premium. Remember, your home insurance isn’t set in stone; it can and should change as your home changes, and grow with you and your family.
Valuing “Priceless” Possessions
How appraisals help protect your heirlooms and keepsakes
Another reason our homes are so important to us is that they house our most treasured possessions, including family keepsakes and heirlooms, which came up as the second most valuable thing Canadians own in our survey. It can be a challenge to know how to protect those valuable possessions that we see as “priceless”, whether it’s your grandmother’s wedding ring or a set of vintage baseball cards.
This is where a good home inventory and appraisals can come in. Appraisers are experts at assigning a dollar value to those unique items, like vintage collectibles or antiques. Armed with their estimates, you can then have a conversation with your insurance agent to determine whether these items are fully protected against loss or damage. While insurance can never replace the sentimental value of items, it can help replace the monetary value if you have the right coverage.
Insuring Your Gadgets
How home insurance can protect your personal technology
Personal technology came in as a strong third on the list of things Canadians value most, making the protection of those delicate and often pricey pieces of tech a priority. While many of the gizmos we rely on in our day-to-day lives, such as our smartphones, tablets, and laptops, can include a warranty from the manufacturer, for big ticket items, like a high-end camera or piece of video equipment, their value can sometimes exceed the limits of your standard home insurance policy. For these above standard items, you will want to ask your agent about getting a Personal Article Floater, which offers additional protection for your extra-valuable stuff.
When Home Insurance Hits The Road
How your policy can make your next adventure safer
Even if Canadians place a great deal of importance on their homes and belongings, it doesn’t mean they want to stay cooped up. A quarter of Canadians are currently saving up for a trip of some kind, and many say they want to start investing more in experiences. That means travel and adventure.
The great news is that your home insurance can cover the valuables you take with you when you go on a trip or vacation. Remember those Personal Article Floaters we talked about? They can be used to cover your expensive sports and travel gear as well!
What’s The Next Step?
Speak to your insurance agent!
Home insurance covers a lot more than four walls and a roof. It can offer flexible and versatile coverage to help protect you and your possessions. Talking to your insurance agent about what you want out of your policy is the best way to ensure you get the right fit. They’re knowledgeable professionals who will help keep you up to speed about your coverage and your options for potentially expanding it. Taking that initiative can help you stay informed and, ultimately, find a home insurance policy that feels right for you.