Protect Your Home with the Right Insurance

October 31, 2022

Your home is your castle. It’s likely the biggest investment you’ll ever make.

Not having home insurance leaves you open to a high level of risk, and payment of all related expenses out of your pocket should uninsured damage occur. Protect your investment with home insurance that’s right for you.

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Home insurance protects the walls, roof, windows, and everything inside your home as well as any detached structures like a shed or garage in the event of fire, theft, vandalism, or weather-related damage.

Your Western Coast home insurance expert will go over the details of a home insurance policy to make sure you get the right coverages for your situation.

What does home insurance cover?

It covers damage to the exterior and interior of your house from heft, vandalism, fire, lightening, or other circumstances outlined in the policy you choose.

Items stolen from your car or truck are covered under your home insurance policy.

If a fire were to start in your home and spread to a neighbor’s house, the damage to their house would be covered by your home insurance.

Your home insurance also includes liability insurance in case of an accident inside your home or on your property.

Your Western Coast home insurance policy starts at $2 million in liability protection if you’re ever found liable for damages to another person/property — options exist to increase this to $3 million.

Who is covered under a home insurance policy?

Home insurance provides personal property and liability coverage for you, your partner, and your children.

Do I have to get home insurance?

In Canada, home insurance is not legally required if your house doesn’t have a mortgage, meaning it’s fully paid. Note that your bank will ask you to buy home insurance in order to get a mortgage.

Remember that not having insurance on your home means that you will be responsible for any costs to repair your home, or to replace stolen or damaged goods.

Home insurance is about protecting your investment. Your Western Coast insurance expert can help you get home insurance as a current homeowner, or if you are in the process of buying your home.

What is replacement cost coverage?

Western Coast’s home insurance coverage works on a replacement cost basis for contents, “new for old.” In the event of a loss, your 10-year-old sofa will be replaced with a brand new one of similar make and quality.

Your home should be insured to 100 per cent of its replacement value.

It’s important to know the different between market value and replacement value. The market value of your home is the price you would get for your home on the real estate market and includes the land it’s on. Replacement cost covers the cost to rebuild and does not include land. For example, you may be able to sell your home for $650,000, but it might cost $500,000 to rebuild.

What is not covered by home insurance?

Predictable events and maintenance issues are not covered by your home insurance policy.

If damage could have been prevented by proper maintenance of your home, it will not be covered. Anything that is not specifically listed in your policy will not be covered, so make sure you add any coverage you think you will need.

What is a deductible?

It’s important to know your deductible amount and how much money you are responsible for paying in the event of a claim. Remember, a deductible is the amount of money you pay first when you file a claim. Your insurance provider pays the balance for the loss or damage to your home, up to your policy's limit.

What extra coverages can I add?

Earthquake coverage for your region? At Western Coast, we have our own solution to a market-wide issue of substantial deductibles — often 10 per cent of the building value. With our buydown and a small premium increase, that number can drop to 5 or 2 per cent.

Western Coast also offers equipment breakdown coverage on household appliances, including washing machines, dryers, fridges, freezers, and dishwashers.

Buying up your additional living expense coverage can be useful in the event you're displaced from your home after an insured loss. Following these unforeseen events, costs rise (hotel stays, eating in restaurants). With Western Coast, you can buy your additional living expense coverage to cover these extra costs for a longer period of time.

What is overland water coverage?

Western Coast offers additional insurance protection against overland water. When overland water enters your home through windows, doors, or other ground-level points of entry, it can cause a lot of damage to your home and possessions.

Claims that involve overland water are not included in a standard home insurance policy. When you add overland water coverage to your policy, it would pay to repair damage to your home and contents from overland water, minus the deductible you select on your policy.

Overland water does not include saltwater flooding such as coastal water, tsunamis, waves, and tidal waves.

What discounts could I get?

Western Coast’s insurance experts provide home insurance discounts if you have a monitored alarm.

If you’re a mature citizen (starting at 45) or you are mortgage and/or claims free opportunities exist for you to save.

Additionally, if your home is new (up to 10 years old) or is between 11 and 20 years, ask us about discounts.

How much is home insurance?

The cost of home insurance depends on where you live. Rates vary from province to province and from city to city and city versus country. They can also reflect the crime rate in your area.

Premiums often increase to keep up with inflation and the age of your home.

Protect your home

Fill out our FAST Path Form in one minute and one of Western Coast’s home insurance experts will contact you shortly. Western Coast’s home insurance experts are also available now in branch or on the phone to help you navigate the home insurance journey that will give you the right policy for your situation.