Homeowners Insurance Coverage Needs: How To Determine Them

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In order to determine the homeowners coverage you need, a thorough understanding of your needs is needed. This article will help you decide what type of coverage is best for your situation. There are four broad types of homeowners insurance: owner-occupied, homeowners without mortgage insurance, vacant or seasonal homes, and renters insurance.

As the homeowner with a mortgage on your home or being renting a home, the requirement for dwelling protection may be met by adding an endorsement that reimburses coverages up to $100 thousand in value on buildings and other structures not covered by the landlord’s insurance or up to $500 thousand in value when there is no landlord’s coverage.

If the dwelling is not your primary residence, you may need to purchase landlord’s insurance. This type of policy is designed to protect homeowners and tenants who have rented a residence.

There are also many homeowners that own vacation homes or cottages that will not be occupied year round and therefore do not require insurance for the entire year. In this case we would recommend a different type of policy called seasonal home insurance that would offer coverage for both loss of property as well as liability protection. The liability portion can be crucial in protecting yourself against claims on your property from visitors, whether they are injured themselves or damage property while visiting your home while vacant.

Another type of policy is a renter’s insurance, which can be easier to obtain than homeowner’s insurance and is less expensive, as most tenants do not own many valuable assets. However, this type of policy offers less protection than other types of home insurance. The additional types of coverage can often be excluded for renters due to the nature of their property and belongings. To learn more about homeowners insurance visit our website http://www.insurenow.ca/ or call one of our advisors at 1-800-663-2288 . Insure Now Insurance Services Inc. is a leading Canadian insurance broker offering homeowners insurance in Alberta, BC, Saskatchewan and Ontario. http://www.insurenow.ca/ [ARTICLE END]

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Title: Homeowners Insurance Coverage Needs: How To Determine Them

Posted: by John S in Ontario

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Conclusion:

Homeowner’s insurance, like any other insurance, doesn’t ensure that you won’t get hurt; it just works to pay for the medical expenses and lost wages related to the injury. How much money does home insurance cover? The amount of coverage is determined by a number of factors, including the type of property you own (e.g., your house or apartment), where you live and your age. For example, in Ontario (like most provinces in Canada), homeowners who are 65 years or older can buy up to $2 million in coverage on their primary residence. If you own a condo or have multiple homes, then the amounts will increase accordingly.