We’re often so busy in our day-to-day lives that it’s easy to overlook changes that may affect our home insurance coverage. When it’s time to renew your policy, take a few minutes to properly review your coverage with your broker. This review  will help to assess your home insurance needs. Some questions worth asking include: Have you passed a milestone birthday that would entitle you to a discount? (Some age-based discounts apply as early as age 45.) Has there been a change in who is  living with you in your home? For example, has a child moved out or is s/he living in a boarding school or university residence? Has a parent come to live with you? Are you away from home for long periods? Do you participate in a holiday home exchange? Do you have items such as a boat, trailer or RV, and are they kept at home or in another location? Are you planning on moving? If so, your broker can advise you about coverage should this home or your next home be vacant for a period of time.

Other questions to ask include: Have you bought or sold a recreational property? Do you now employ in-home staff such as a nanny or housekeeper? About your property – are property valuations still appropriate? An insurance appraisal differs from the assessed value and the market value in several respects. The insurance valuation can increase even if you have not made any upgrades, because in the dynamic construction market in B.C. today, the cost to rebuild today may be more than it was a year ago. This is especially important on rental and seasonal dwellings, as insurance companies do not provide guaranteed replacement cost on those dwellings so any shortfall will come directly out of your pocket. Have you recently installed a burglar alarm or fire alarm? Have you installed a solid-fuel heating appliance (i.e. wood or pellet stove)? Have you made any major renovations, upgrades or additions to the home? Have you added a garage, storage shed, gazebo or hot-tub? Has there been a change to municipal zoning, bylaws or fire protection?

About your possessions – is the coverage on your home’s contents adequate? Often it’s based on a percentage of the property value, and may not provide for special high-end items you may own. Have you installed a pool or hot-tub? Have you bought or inherited any major items that need extra coverage, or do you no longer have something for which you had previously arranged separate coverage? This would include items such as: jewelry, furs, collections such as art, antiques, coins, stamps, sports cards, recreational and sporting equipment, gardening equipment/tractors, tools. Do you have property in storage or located elsewhere for some reason?

Business Activities.

Do you need to have specialized tools or equipment for your work that you keep at home or take with you to the job site? Have you started a home-based business or do you work from home for your employment? Do you have additional computer hardware or software used in the business? Do you rent out part of your residence or take in boarders?

Our Commitment to You the Homeowner

At LPI, we’re committed to providing you with the best coverage for your Home Insurance dollar. If you ever have to make a claim, that’s when you learn the true value of having LPI on your side. We’ll be there to guide you through the claims process and, if necessary, help deal with the insurer on your behalf. We will be your advocate – to make sure the insurance company acts fairly and promptly.