Understanding Home Insurance

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Homeowner's Insurance for Edmonton and the Surrounding Area

While purchasing homeowner's insurance probably isn't the most exciting thing that you'll do as a homeowner, it may be the most important. Your home is a huge investment and where you spend precious time with your family and friends. Make sure you protect it and everything inside!

When you go to buy homeowner's insurance in Edmonton, you may become overwhelmed with the wide variety of insurance packages and coverages available. Don't worry, we can help clarify the specifics of each policy and provide you with options more suitable to your specific needs. Accordingly, we highly recommend choosing a comprehensive insurance policy as opposed to a broad form. A comprehensive policy offers a greater range of coverage for your home and its contents. It's also considered the best value for your dollar.

Extras to Enhance Your Coverage

Once you've picked a base policy for your home insurance in Edmonton, there are still other important decisions to be made. There are additional coverages you can select to help enhance your policy so you're as protected as possible. Some of these options include:

Sewer Back-Up: This provides protection for losses resulting from the back-up or escape of water from a sewer or drain, sump pump, septic tank, eavestrough or downspout. This coverage is relatively inexpensive and can prove to be invaluable in the event of a loss.

Increased Liability: MBS recommends that all of our customers carry a minimum liability limit of $2,000,000. For higher liability limits, a Personal Umbrella Liability policy is available for additional limits up to $5,000,000.

Overland Water: This provides coverage due to water damage caused by the overflow of a lake or river, heavy rain or rapid snowmelt that occurs at ground level or above. You can't control the weather, but you can be ready with preventative insurance like this.

Identity Theft: You're probably well aware of how identity theft can hurt you, your credit and your finances. There are identity theft protection policies available which cover you and anyone under the age of 21 in your household. As the saying goes, it's better to be safe than sorry!

Guaranteed Replacement Cost Coverage: This type of coverage means the insurance company will pay the full cost of replacing your home even if the amount exceeds your policy limits. It's intended to protect you in the event of a total loss, but please be aware that there are several stipulations to be considered.

Dwelling Limits: How Are They Determined?

When it comes to understanding homeowner's insurance, a common mistake is including the property's market value and tax assessment values in your coverage calculations. These two items shouldn't be factored into how much your home will be insured for. Instead, your rebuild limit need to include coverage for debris removal as well as a high enough limit that would rebuild your home as it stood the day before the loss, replace its contents and provide you with coverage to live elsewhere while the repairs are being completed if necessary.

We recommend reviewing your homeowner's insurance coverage annually, especially if you make any improvements to your home.

Being underinsured is a real problem and will cost you dearly if a significant or total loss occurs. Please talk with an experienced insurance professional before making important decisions about your policy. MBS Insurance Brokers Ltd. works with many of the top insurance companies in the area and will always represent your best interests. Give us a call to set up an appointment!