What coverage does your insurance policy provide?

 Canada, 31st October: As a holder of an insurance policy, do you know how much coverage is provided by your insurance policy?

Canada, 31st October: As a holder of an insurance policy, do you know how much coverage is provided by your insurance policy?

Well, if the answer is ‘no’, then you are among 23 percent of Canadians who don’t have any knowledge about what is the protection offered by their insurance policy and how much claim can they make in case of any unforeseen happening including flooding or similar damages to their home.

Remember, you must have adequate and detailed knowledge about the insurance cover provided by your policy. Only then can you take advantage of its coverage by having detailed records of your various valuables in your home and make sure to have regular updates of your insurance policies.

Regular updates of your home insurance policies is indispensable if you want to avoid risking yourself in case of any unforeseen situation, advices TD Insurance’s chief underwriter and vice-president, Henry Blumenthal.

As per the figures relating to the year 2009, around 37 percent of TD Insurance claims were related to water damages, 14 percent were concerning theft, 17 percent were for damages by hail and wind storms and 2 percent were the result of fire.

If you want to assure yourself of the required coverage extended by your home insurance policy, you must follow the below mentioned tips—-

List your valuable belongings-–You must make a list of all the goods in your home including appliances, furniture (both indoor as well as outdoor), electronic items, kitchen goods, clothing, jewelry, other appliances, silverware and other personal things.

Keep digital records–-Once you have made a comprehensive list of your valuable goods in your home, you must work towards saving these records on your computer. And do not forget to keep a back-up of these records and save it away from your house. Such records can also include video or images/photographs of valuable possessions in your home.

• Make regular updates to your home insurance policy—Remember to update your home insurance policy whenever you make any renovations or repairs in your home. This is important as it will increase the value of your home.

• Know the facts—In case of your home insurance policy, never leave anything to doubt and get clarity about exact coverage provided by it.

With all these essentials in mind, you can look forward to best insurance coverage for your home.


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