Are your covered wall-to-wall?

As a general rule, all home & property insurance policies cover fire, explosion, smoke and water damage, theft, and vandalism. Despite what most people believe, certain natural disasters (Acts of God) such as tornadoes, windstorms, hurricanes, and hailstorms, are also covered.

• Your policy is designed to protect a specific residence and specific people. To avoid any possible misunderstandings, make sure your personal information is accurate. Your insurer must have your correct address and your policy must list the names of all adults living with you, especially if you are roommates.
• Is your property insured for the right amount? To find out, check the amounts listed in the "Property Insurance" section, which covers the dwelling itself, any outbuildings, and their contents.
• If your home is equipped with an oil heating system, check whether your policy provides coverage you if your oil tank springs a leak.
• Replacement cost coverage is one of the most popular home insurance options. It means that damaged or destroyed items will be replaced with new ones of the same type and quality. To benefit from replacement cost, you have to actually replace the destroyed or stolen item. Otherwise, you will only receive its depreciated value.
• Did you know that sewer backup is not automatically covered? It may be worth considering a rider if you have a finished basement.
• Imagine forgetting to turn off the tap and having your bathtub overflow into your neighbor's apartment. Or leaving a pot on the burner and causing a fire in your apartment building. Fortunately, you are protected by the civil liability coverage included in all home insurance policies.
• If you hire a casual worker who gets hurt working at your home, your policy covers the accident. That means you can provide your employee support without having to assume the financial burden.
• Unlike auto insurance, home & property insurance policies are not automatically renewed. Write the expiry date on your calendar to make sure you renew your policy on time.