|Protect Your Home|
|Written by Administrator|
|Thursday, 05 November 2009 11:53|
Smart homeowners know that protecting what may be their biggest asset from life’s uncertainties is just good financial planning. They know that property insurance not only makes good sense, but that it’s something most homeowners should not be without. And, if you have a mortgage, your bank usually requires that your property be insured for at least the amount of your mortgage.
In the Caribbean, many of us have witnessed how unforeseen natural occurrences can devastate a family’s assets in minutes. Luckily, though, home insurance can protect you from just about anything that could happen – beyond simply fire and theft. It can also insure against the devastating effects of hurricanes, tornadoes, floods, lightning, earthquakes, falling trees and much more. And for additional comfort, you should always insure your home for its replacement cost.
Rebuilding and replacing
Homeowners should look for a comprehensive property insurance package with a full range of coverages and services. Take a moment to review your current coverage to ensure that it will provide sufficient funds needed to rebuild your home, replace your personal possessions, afford comparable temporary housing and even cover liability to other people, should someone get hurt while on your property.
Remember that comprehensive coverage can still provide excellent value at a reasonable price. And it can mean getting your family back on its feet after disaster strikes and saving your investments.
And what lies within
It’s also important for homeowners to consider more than just their home, but also what lies within it – their furniture and personal belongings. Taking stock of the often-substantial replacement value of their belongings leads many homeowners to add contents coverage to their property insurance for truly comprehensive protection.
A great way to determine how much content insurance to buy is to “inventory” each room. While this can be a lot of work if you do it in detail, it’s well worth the effort, ensuring that you have sufficient coverage should you ever need it. It is also invaluable to have that inventory if you ever have to put in a claim. Remember to periodically review your list and adjust your insurance if necessary for new purchases – or items you no longer have.
Rates and coverage can vary, so it’s important to compare what’s covered and what’s not. Make sure you’re completely clear about whether your valuable electronic or computer equipment, for instance, is covered. If it’s not, you’ll want to purchase additional coverage, as many plans limit the amount payable for such items. As well, ask whether your plan will cover the loss of cash, cheques, travel tickets or travelers’ cheques, as well as the financial misuse of your credit or cash card if stolen.
Don’t overlook work in progress
If you decide to build your home you’ll need to get what’s known as progressive builders insurance – or construction insurance. This covers work in progress and materials on the site while your home is under construction. It provides coverage against the same perils as standard home insurance, such as fire and theft. Once your house is ready, it’s time to replace your progressive builders’ policy with a regular homeowner’s policy.
It’s safe to say property insurance is essential once you’re a homeowner but the level of coverage you choose will be an individual decision. Property insurance can be a true home-saver and provide continued peace of mind. See your Scotiabank specialist to discuss the Scotia Home Protection Plan to protect your family and your assets.
Don’t forget to look beyond your home when shopping for insurance
When you’re a homeowner, you may consider your home to be your biggest asset. But, if you think about it, you are your family’s biggest asset. Chances are, without you, there would be no home. So, be sure to insure both your home and yourself to safeguard your family’s future financial health.
That’s why you should consider another popular form of life insurance – Credit Life – that goes hand in hand with property insurance once you’re a homeowner. Simply put, it pays the balance of your mortgage in the event of your death. This can spare your family financial hardship and ensure your investment is there for your family.
Ask your Scotiabank specialist about this coverage. To make it more affordable, premiums are added to your monthly mortgage payment.
As with other forms of life insurance, premiums can vary according to your age and whether you decide to buy coverage for just yourself or your spouse as well.
Protecting yourself with insurance is an integral part of homeownership and good financial planning. It can provide valuable peace of mind for you and your loved ones.
By Phillip Cross, Senior Manager Sales & Service, Scotiabank Turks and Caicos
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