Homeowners Insurance- Why?
“Home insurance is critical to ensuring that all your hard work, time and investment is secured in the event of some danger or negative event occurring and effecting you. Insurance may not be flashy or seem sexy, but it will give you the comfort to sleep soundly at night and know that you are covered and have a support team behind you to ensure your dream home and investment is safe. Following are some great tips from one of my BNI colleagues. Allison is an amazing Insurance Broker who specializes in hard to place insurance and is an amazing industry sounding board as well as an industry educator. Please do not hesitate to call her for any questions regarding insurance or for a second opinion at 604-345-6346. Thank you, Roland – Right Priced Realty Company Leader”
A few tips on what to look for when buying homeowners insurance along with markets to go to for those hard to insure properties.
Whether you live in Single family Dwelling or Condominium, here are a few basic tips for BC homeowners when buying insurance for your home:
Know your Coverage: You should know which perils are covered under your policy and what the exclusions are. There are two basic types of policies; named perils and all risk. Named perils, as the title indicates, means the only perils covered are those named on the policy. All risk, on the other hand, covers all perils except for those specifically excluded from the policy. All risk, being the broader and more favorable of the two types does cost more, but is worth the additional cost. I can also provide you with an enhanced comprehensive wording which protects even more things.
Know your valuation: There are two types of valuations, Replacement Cost and Actual Cash Value. Replacement cost is the cost to replace or repair your home with materials of similar kind and/or quality. Actual Cash Value valuation takes the replacement cost and applies depreciation. Replacement cost valuation is more favorable and the chance of you being out of pocket after a loss is less likely. In some cases, we can even get you a policy which has a cash option settlement enabling you to not have to replace after a loss.
Difficulty Obtaining Coverage: In some cases it may be difficult to obtain homeowners insurance. If you are having a hard time insuring your property, I have experience in being able to help.
Source: http://www.allisonbergen.ca/news_item.php?id=5&lang=en
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