Protect the home, belongings and liability around them
A homeowners policy can bring together coverage for the dwelling, detached structures, personal belongings, additional living expenses after a covered loss and personal liability. The limits, exclusions and settlement terms depend on the policy selected.
An accurate review starts with the home itself and how the household uses it—not only the market value or the premium from last year.
Rebuilding cost is not the resale price
The amount needed to rebuild can differ from the amount a buyer would pay for the property. Construction type, square footage, finishes, renovations, demolition, debris removal and current labour and material costs can all matter. Insurers may use a replacement-cost estimator and ask for updated details at renewal.
Tell your advisor about additions, finished basements, upgraded kitchens, pools, detached buildings, older wiring or plumbing and other material changes. Undisclosed changes can leave the policy based on outdated information.
Review the causes of loss and the limits
Ask which perils the policy covers and which are excluded or require optional protection. Depending on the insurer and property, the discussion may include:
- Fire, theft, wind and other insured perils
- Water damage, sewer backup and overland-water options
- Deductibles, including any separate water or wind deductible
- Additional living expenses if a covered loss makes the home unfit to occupy
- Personal liability at home and away from the premises
- Limits for jewellery, fine art, bicycles, business property or other special items
Coverage names can sound similar while exclusions and limits differ. Read the quote and policy wording before deciding.
Household activities can change the risk
Advise the broker about home-based business, renovations, short-term rentals, tenants or boarders, extended absences, wood-burning appliances, pools, trampolines and higher-value belongings. Some situations require an endorsement or a different policy form.
If the property is not your principal year-round home, review secondary-home insurance or seasonal-cottage insurance instead. Condo owners should start with condo insurance.
Prepare for an accurate comparison
Gather the current policy, mortgage details, construction and renovation information, claims history, security and protective-device details and an estimate or inventory of important belongings. Contact Westoak to compare available options and discuss where the policy may need closer attention.