Are you carrying the right homeowner’s insurance coverage?
Many homeowners are unaware of the coverage they carry or whether or not they are paying a reasonable price. At East Village Insurance our goal is first to provide you with the coverage you need to protect yourself, and second to find the best possible price for that coverage. Talk to us today about either an existing or new homeowner’s policy. We will help you to better understand your current coverage as well as compare existing policies to your true insurance needs.
Here are a few of the coverage options and benefits we are able to provide:
Guaranteed Replacement Cost – While the market value of your home may move up or down, the cost to rebuild your home is steadily increasing. Guaranteed replacement cost ensures that even if it costs more than the limit of your policy to rebuild your home in the event of a total loss, the total cost to rebuild the home would still be covered.
Sewer Backup: Water damage happens, especially in Vancouver and the surrounding area. Homeowners need to take steps to protect their property from sewer backup, as well as making sure proper home insurance is in place. Sewer backup losses are very common and not carrying coverage can be catastrophic and result in thousands or even tens of thousands of dollars lost.
Earthquake Insurance: It is important to note that losses caused by earthquakes are not covered under a regular homeowner’s policy. For an additional premium, you can protect your home in the event of an earthquake.
Scheduled Property: Homeowners have the option of scheduling property for an additional premium. Coverage for jewellery, furs and silverware and other valuable property can be expanded to insure the item for its appraised value. Coverage typically includes loss as well as theft of the item. Coverage is also not subject to a deductible.
Liability Insurance: One lawsuit can wipe out all of the assets that you’ve worked so hard to build. All of our insurance companies come with a $1,000,000 limit of liability built into the policy. For a small premium, higher limits are available and vary from company to company.
If you rent a house or apartment, your landlord’s insurance only covers the cost to repair the building, not the contents inside the building. The landlord’s insurance also does not provide any liability protection to you in the event of a lawsuit. You need your own coverage to financially protect yourself and your personal property.
If you own a Condominium, an insurance policy to protect the building will already be in place. Your personal contents would not be covered under such a policy. Any loss assessed to you as an owner would also not be covered. Be sure to keep a Condominium Owner’s Policy in place to provide protection for yourself.
Rented Dwelling Insurance for Landlords.
Whether it’s a house or condominium, you’ll want to have protection for your building as well as any personal contents that you leave in your rented property. We also offer coverage for the rental income of the property in case it is unable to be rented out for a period of time.
To take advantage of our rented dwelling protection, your investment property must be used for residential purposes only. We also ask that you are the owner of the dwelling being insured and that you are actively involved in the maintenance and upkeep of the dwelling.
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One of our talented brokers would be more then happy to walk you though the best way to get the coverage that you need at the price you want.