Of Prime Interest: Keeping home insurance up to date

Kelowna mortgage columnists go in depth about home insurance

Home insurance is the most common consideration when you are purchasing a home. If your home has a mortgage you will find it is mandatory for you to have your home insured. So how many of us then do our due diligence and review our insurance policy on an annual basis? If you are unfortunate enough to be one of the statistics that suffers a serious loss and your home is not properly insured… you may very well wish you had done your annual insurance review.

It is most important that you are familiar with your property and all insurance is done in good faith. It is your responsibility to provide the necessary information to your broker so they can calculate the proper amount of insurance. This is referred to as the rebuild value.

To begin your insurance broker will need to know the square footage and the year your home was built. Is it a single detached home or a multi-family semi-detached? What kind of foundation do you have and is your home a bungalow, bi-level perhaps a two story home? The type of foundation and the exterior finishing are important as well. Do you have a single, double or even triple car garage? Attached or detached? How many bathrooms does your home have? What type of materials are used in the finishing of your home…the quality of the finishing is key in determining a value for rebuild and if your insurance broker does not have the correct information in the event of a loss your home may not be rebuilt to the specs it was. Mechanical components are also key in determining your insurance coverage. What are the roof materials and what is the age of your roof? The electrical ampage and type of electrical in your home. Is your plumbing cast, copper PVC – all important information for your insurance broker.

It is so important to provide the correct information to your insurance broker and update the information with them annually. There are new rating systems that are rewarding insured clients that update their insurance company with changes. As an example if you proactively install a new roof before the life expectancy—the fact that your new roof will withstand a wind and hail storm makes you less of a risk and could benefit you with a premium decrease.

If you have completed renovations on your home you have increased the value of your home. Always remember to contact your insurance broker and update your policy with any changes. This will not only speed up your claim but most important confirm your insurance is adequate in the event of a loss.

Of Prime interest is a collaboration of mortgage professionals. Trish Balaberde 250.470.8324 trishb@creativemortgage.ca; Darwyn Sloat 250.718.4117 dsloat@creativemortgage.ca; Christine Hawkins 250.826.2001 christine@creativemortgage.ca

Just Posted

Infighting at Kelowna Yacht Club makes it to court

Marc Whittemore, a local lawyer and prominent member of the club, filed a notice of civil claim Feb. 1

Kelowna athletes kick off Canada Winter Games

Saturday is day one of the Games in Red Deer

Princeton pot plant getting ready to hire

Princeton’s newest employer - which promises to be one of its biggest… Continue reading

Family Day fun starts today around the Central Okanagan

You don’t have to wait until Monday to enjoy free family fun

Memorial for popular Lake Country teen to be live streamed

A memorial service for Derek Flowers-Johnson will be held at 1 p.m.

VIDEO: Historic night in Red Deer as 2019 Canada Winter Games kicks off

Star-studded Opening Ceremony features athletes from across Canada

Drive BC warning slippery conditions for Okanagan main highways

The region is forecasted to see flurries and snow for the first half of the weekend

B.C. students win Great Waters Challenge video contest

Video, mural and song about saving the salmon claims the top prize

B.C. couple attacked with acid, slashed with knife in Vietnam

Warning, graphic images: Man has burns on 80 per cent of his body, slashed with knife

Flying squirrels found to glow pink in the dark, including two from B.C.

Squirrels from Hope and Abbotsford were included in the biologists’ database

Man and woman shot in targeted incident in Kamloops

The shooting happened yesterday afternoon

Ontario police field complaints over Amber Alert for missing girl, 11, found dead

Some said the Amber Alert issued late Thursday for Riya Rajkumar disrupted their sleep

Names keep adding to vaccine petition started by B.C. mom

Maple Ridge mom started campaign to make vaccination a condition of attending school

Most Read