Your home is where you relax, recuperate, make life-long memories and start your day. With so much riding on the line, HUB International wants to help you protect the investment you made in your home. We offer affordable and high-quality home insurance in Edmonton that provides you with both protection and peace of mind. Never had home insurance before? Not to worry, we’re here to educate you and make sure you understand every aspect of your policy.

The Essentials of Home Insurance in Edmonton

There are several parts to your home insurance policy:

• Liability protection
• Coverage for your home’s structure
• Protection for your personal belongings
• Additional living expenses

With liability protection, if anyone suffers a physical injury on your property and hits you with a lawsuit, your home insurance policy will take care of the legal costs. This is also good to have on your policy if you have a pet that may bite or otherwise injure a guest, which can happen even for pets that don’t have a history of biting.

Lightning, hail, fire, hurricanes and other natural disasters can damage or even outright destroy your home. With home structure coverage, you don’t have to pay for the cost of repair or rebuilding out of your own pocket. That said, it’s important to bear in mind that regular wear and tear, flooding and earthquakes are not covered. If you have another structure on your property such as a gazebo, garage or tool shed, that will be included on your policy’s protection, as well.

In addition to your home being damaged or destroyed by the natural disasters mentioned above, items and personal belongings inside your home could be damaged, too. Personal belongings coverage will reimburse you a specific percentage for the replacement costs.

Say that you have to look into alternate lodging while your Edmonton home is being repaired or rebuilt. Your home insurance policy can include coverage for restaurant meals, hotel costs and any other living expenses you have to pay while waiting to move back into your home.

Understand Your Levels of Coverage

Something else it’s vital to comprehend about your policy is the different levels of coverage. With actual cash value coverage, your policy will pay out the cost to replace your belongings or home, keeping the depreciation of your home’s value in mind.

There’s also replacement cost coverage. With it, you’ll be paid the cost of repairing or rebuilding your residential property, without the need to worry about a deduction for depreciation. This type of coverage also takes care of the price of replacing lost possessions.

Finally, there’s also extended/guaranteed replacement cost. With it, you’ll receive whatever amount is necessary to restore your home to the state it was in before it was damaged, and that’s even if that amount is more than your current policy limit. This is one of the best levels of coverage to have, mainly because construction costs and the price of materials may have gone up since your home was first built. With that in mind, it’s important to point out that the cost of upgrades is not covered, and you may need upgrades to remain compliant with the most current building codes.