At what value should I insure my house?
Your house should be insured for the cost of rebuilding as new. That means your house should be insured for the actually cost to replace the building(s). If you are uncertain of the replacement cost, we recommend that you consult a professional property valuator.
Can I insure my contents?
Yes, you can. You can insure your household goods, valuables and other personal belongings such as furniture, video and audio equipment, television, computers, clothing, etc.
What coverage should I purchase for my home?
The decision on coverage should be determined by the potential risks to which your home is exposed. Damage or loss resulting from fire, lightning and explosion are automatically covered by all basic fire policies. However, you may consider other risks such as flood, earthquake, hurricane, burglary, accidental damage and other perils not included in a standard fire policy. An All Risks Policy such as the GTM Homeowners Comprehensive Policy would be ideal.
Does a deductible apply to my home insurance?
Yes. A deductible is applicable to most losses under your home insurance except losses by fire, lightning, explosion and damage from falling aerials, fittings and masts.
Does my homeowners insurance cover water damage from a burst pipe?
Yes. Typically, homeowners insurance covers you for accidental discharge of water from a plumbing system.
Do I need to take an inventory of my personal belongs and contents?
Yes, it is advisable to make a home inventory and keep it in a safe, accessible place in the event you need to file a claim. A home inventory is a detailed list of everything in your home and should include:
- Description of each item
- Serial number
- Purchase date
- Purchase price or estimated value
To make the process easier:
- Physically walk around the house and build your list
- Take pictures and store them electronically
- Save your receipts!
- Have jewellery items appraised periodically. The value of precious metals and gemstones is constantly changing.
Once you have completed your inventory, make sure it is stored in a safe place, on a cloud storage service, with a friend, at the office, in a safety deposit box, or at your office. Just ensure it will survive if there is ever a major damage to your home. Ensure the inventory is kept current.