Whether you have renewed your home insurance for years, or just purchasing your first home, knowing what insurance you need can be overwhelming. Your most valuable material possessions are probably your home and contents. Can you afford to replace them? Not many of us could. Home insurance is one of the most important purchases you will ever make for the valuable material possessions you care about.
We have access to a number of insurance companies who have insurance products that are competitive within the insurance industry.
Our team will assist you in evaluating your property insurance needs and help customize your policy so that you have the protection that you need. Our Insurance Brokers provide excellent customer service. We want you to understand what you are insured for and help you with the process. Just like clothes, one size fits all doesn’t typically work for everyone. Home insurance policies come with coverages that can be customized to meet your unique needs. Home insurance typically covers your dwelling, detached structures, fences and landscaping, personal property and personal liability.
Unfortunately, insurance claims happen. We are here to help our clients get through the claims process. We want you to have the peace of mind and know that you are looked after when you need us.
Home Insurance Coverages
A home insurance policy is made up of coverage that will help pay to repair or replace your home and its belongings if they are damaged by certain perils or stolen.
The definition of Peril is the exposure to the risk of being injured, destroyed or lost. When it comes to insurance coverage for your home, commonly covered perils would include:
- Fire & Smoke
- Lightning strikes
- Windstorms and hail
- Electrical Current
- Damage from aircraft, car or vehicle
- Falling objects
It may not seem like you have a lot of stuff, but if you sit back and take a look, everyone does!
- Bicycles & sporting equipment
- Fine arts & collectables
- Watches & jewellery
- Electronics & accessories
- Clothing (from day to day wear to coats and shoes)
- Appliances & utensils
- Furniture & textiles (blankets, pillows, etc)
Start looking around your kitchen, bath, bedrooms, storage room, rec room and garage. Your list will likely grow pretty quickly! In the event of a loss or damage, a home inventory video or checklist can be invaluable. Your insurance company will ask you to provide the claims specialist with a complete inventory of the property that was damaged or destroyed. After you have completed your home inventory video or checklist be sure to keep it in a digital format that can be accessed outside your home. If you send it over to your Insurance Broker at Guild/HMS Insurance we can keep it on file for future reference. Click here to download your a home inventory checklist. Or watch this video on 5 Steps to Create a Home Inventory Checklist
Personal Liability Protection
A standard home insurance policy will include $1million of coverage. The Guild/HMS Insurance group recommends a minimum of $2 million or more, and generally, the cost for that increase is minimal. Personal Liability coverage protects you against lawsuits for bodily injury or property damage that you cause to other people. It also pays for damages caused by your pets. Personal Liability protection pays for costs of defending you in court and/or any court awards, up to the limit listed on your policy.
Additional Available Coverage
There are additional coverages that can be added to your policy such as sewer back up, overland water, water damage, service line coverage, additional floaters (for items such as collectables, jewellery and other high-value items), and increased liability limits. Ask your broker about what insurance coverages would ensure you and your family are covered.
How Much Does Home Insurance Cost?
Your premium will reflect on the cost to rebuild your home in the event of a total loss. This includes the cost to rebuild the structure, replace its contents and any out build insurance and additional living expenses. Be sure to tell your insurance broker if you have a burglar alarm/fire and smoke detector system, new home, or are mortgage free. Some insurance companies offer discounts that could be applied to your premium. There are a couple of different factors that play into the cost of your home insurance policy. Generally, the main factors behind the cost are:
How To Start a Guild/HMS Home Policy
Enter in your coverage details
Choose the coverage and the price you want to pay
Submit your quote request and let one of our brokers take care of the rest
Click Get a Quote