Owning a home is the biggest investment most people will make. In light of the California fires I thought it would be important to remind all homeowners to review their insurance policy to ensure they are properly covered. It is also a good idea to take photos and videos of your home for documentation purposes should the unimaginable, such as a fire, severe flood, vandalism, or robbery, happen. Photo documentation should be updated annually, or at least after a major renovation or the purchase of significant new furniture items. Even photos of your clothing, kitchen items, and collectibles are a good idea. Contents are a big part of your insurance coverage and documentation will help to simplify things in the long run. Do note that valuable items such as jewelry and art are not covered under basic home insurance policies. Please ensure you discuss those items with your insurance provider and they will add additional coverage for an additional premium. Also ensure you have sufficient liability insurance should an accident take place at your property.
If you live in a condominium, you would require insurance that would cover your specific suite. The Condominium Corp has building insurance that covers common elements as part of your monthly maintenance fees. In recent years, the deductibles that you have to pay have risen in condominiums. So please check your policy to know what your deductible is and plan for that should you have to make an insurance claim. Insurance can become quite tricky with something like a leak as it needs to be determined whether it was an issue unique to that unit or a greater problem that the building insurance would be required to cover. When you purchase a condominium a full review of the condo corporation’s documents will itemize the building insurance and policy.
If you rent, you will require tenant insurance to protect your personal belongings and if you are a landlord you will require landlord insurance. You must notify your insurance provider once you are renting out a property and adjust your insurance policy to insure you have the correct coverage.
What your home insurance policy doesn’t cover!
“Home insurance doesn’t cover predictable events and certain types of unexpected events.
Unexpected events
Your home insurance may cover certain types of unexpected events or accidents such as fire, windstorm, or theft. However, unexpected events such as earthquakes and floods are usually not covered. You may need to buy additional coverage for these types of events.
Learn more about home insurance for unexpected events and disasters.
Predictable events
Your insurance company doesn’t cover events that they consider predictable and related to the maintenance of your home. For example, suppose you’re away for more than 4 days in a row when it’s cold outside. Your home insurance may not cover damage to your home because of your pipes freezing”.– excerpt from the Government of Canada’s website.
The Government of Canada provides a comprehensive explanation of home insurance and how it works.
Insurance premiums are increasing in all areas as a result of climate change. Areas that had been perceived as a low risk area to extreme weather are no longer.
It is also important to understand that simple home maintenance, such as cleaning your eaves and downspouts twice a year so water flows away from the foundation, can prevent a terrible outcome. Consider having a fire blanket and/or household fire retardant spray. Inspect your furnace regularly and ensure your dryer vents are clear of debris.
What has happened in Los Angeles is unfathomable. It seems everyone is somehow connected to someone who has lost everything. Many of us have visited this amazing city and enjoyed all that it has to offer. It would be a nice gesture to donate a small amount to any of the vetted and verified charities below.
Canadian Charities Helping LA Fires can be found on Canada Helps
US Charities:
Los Angeles Fire Department Foundation
Core (Community Relief Effort)
Los Angeles Regional Food Bank
California Community Foundation
