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You might not be as covered as you think.

As tempting as it might be to skim over the fine print, it’s important to read your homeowner’s policy. Most standard policies protect you in the event of fire, hail or even explosions. But floods and earthquakes and certain other natural disasters aren’t part of a typical policy.

For us Canadians, earthquake insurance is almost essential anymore. Around 4,000 earthquakes are recorded each year in our country, and the densely populated regions of British Columbia and Ontario/Quebec are located in active seismic zones.

What's Excluded 

Understanding your insurance policy to ensure you are covered before it happens. Your insurance broker are in your best interest to provide you with explanation on your coverage. In most cases of home owner insurance, there are options such as 

Optional Water coverage

Sewer backup

Overland flooding

Ground water

However, be cautious that home insurance is not maintenance plan, and therefore, any poor maintenance such as crack, leak on the wall due to age, will not be cover regardless. It is the homeowner's responsibility and best interest to ensure their property is properly maintain.

Other including earthquake, moving of earth insurance coverage is optional and may or may not be offered by insurance company. Always refer to your insurance broker if such coverage is needed.

Depending on package, having a broad or comprehensive coverage on home insurance does make a difference on the premium and the coverage on the property. Other options including the guaranty replacement cost based on the valuation of rebuilding cost, amount of personal content, co-insurance if under insured. All of these will contribute to lesser payout on claims. 

Refer to this article on how you should insure or estimating your house replacement cost and do a proper assessment on your property.

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