When disaster strikes, too many homeowners learn for the first time that they are under-insured. What if a home is destroyed in a forest fire or flood and the homeowner can only get 80% of the current replacement cost to rebuild? Where can they get the additional money? It can be a real problem to be under-insured. home insurance building in British Columbia should be checked every few years to make sure the replacement cost of the home will be covered in case of loss. All insurance companies are not equal. It is important to get the right insurance company policy.
Whether a person needs house insurance or condo insurance, it needs to be complete coverage with no ugly surprises when there is a claim filed. Getting home insurance from a top quality company such as Westland Insurance Group can be the answer. It is important to talk to an insurance company that can show comparisons between their company’s and other companies offering similar insurance. Each company has deductibles and limits that need to be compared for a family to get the best policy for them. Some features and benefits to ask about are:
All risk or Comprehensive policies – This type policy covers the homeowner’s dwelling for all risks, not only specific losses
By-Laws Coverage – This policy covers additional costs to bring a house up to present building standards in case of loss.
Temporary Relocation Costs Protection – This feature covers the costs of temporarily moving out of a home due to damages covered by the policy.
Increased Cost Protection – This feature means that if the cost of repair of the house has gone up during the term of the policy, the policyholder is still protected.
Content Replacement Cost Coverage – The contents of the home are covered at full value without deduction for depreciation.
Off Premises Contents coverage – This feature means the family’s personal property is covered while they are temporarily away from the home.
Student Property Coverage – Students personal property is covered while they are attending school.
It is much better for an insurance company to have a good risk to value assessments for their policyholders and have a slightly higher premium than to undervalue the property and contents. No one wants to find out their smaller insurance premiums were due to undervaluing their property when they have a loss. Homeowners need to be assured that if disaster strikes, they will be able to file a claim and get full value for replacement. For more information, visit the website.