With a home insurance policy in place, the lender will not be at a significant financial risk if the home is destroyed in a fire or washed away in a flood.
As with home insurance, be sure to review your coverage limits every three to five years to ensure that you have sufficient coverage to handle a total loss.
Between picking out tile and choosing paint colours, speaking
with your home insurance broker doesn't usually come up when planning renovations to your home.
Remember that all properties are unique when
dealing with home insurance in BC — get your free home insurance quote and find out how much you can save in insurance premiums.
I don't want you to confuse the types of home insurance coverage discussed
above with the home insurance policies I want to talk about in this section.
A typical example is that an RV may only be permitted as a three season dwelling, not a permanent residence; this can cause some
restraints with home insurance too!
Whether it's a baseball that flies through the window or a tree that falls through your roof, property damage is major area of coverage you'll
gain with a home insurance policy.
Once the home's yours and you've made your final payment, you can do whatever you
want with your home insurance, including canceling the coverage.
Homeowners insurance claims are generally paid if the damage you are claiming is covered under your policy, and you are in good
standing with your home insurance payments.