Home insurance : 12 things you need to know


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Unlike car insurance, home insurance is not mandatory. However, it is advisable to insure your place of residence. You accumulate valuable assets in your home over time and your building is continually exposed to the elements.

Here are 12 features of home insurance that you may not be aware of:


1. Home insurance is divided into two parts: civil liability and damage to your home.

The first covers injuries or accidents as well as property damage for which you are responsible. This could be one of your trees falling on your neighbor’s roof or a fire spreading to another house. It is interesting to know that liability insurance also covers your spouse and children, even if they live in an apartment for their studies.


2. The second part of the insurance essentially provides compensation in the event of a claim caused by :

  • fire or smoking
  • some water damage
  • theft or vandalism


3. However, certain causes of loss are excluded from the contract, among others:

Floods, landslides, earthquakes, floods, landslides, earthquakes, pollution, wars, terrorist acts, and nuclear attacks

4. The home insurance contract also specifies that it is impossible to obtain protection for objects acquired illegally and for damage caused by your criminal acts. Does this surprise you?


5. Two types of contracts are generally offered: the all-risk contract, which therefore includes all the causes listed in paragraph 2), or the specified-perils contract, which is a selection of the claims against which you are insured.

When you purchase a home insurance policy, it is possible to add certain additional coverages to the basic insurance, such as water damage to the foundation and sewer backup or water damage above the foundation. Another addition to the insurance covers pools and spas for breakage caused by frost, snow, and ice.


6. The insurance covers your property, of course, but also all the property they contain. It is therefore strongly recommended that you make an inventory of your belongings, first for claims, and then to establish the value of your property. This inventory serves as a checklist. Naming every item in every room of your home, the contents of every drawer, the contents of the boxes stacked in a closet in the basement, is quite a feat. If you can do it now, imagine doing it again while the charred remains of your house are still smoking in front of you.


7. Do you remember exactly how much you paid for your couch ten years ago? An up-to-date inventory allows you to quickly assess the value of your possessions. It’s a good idea to include bills and video or photographic evidence and, of course, to keep a copy outside the house.

The inventory will also help ensure the accuracy of your compensation. A basic contract provides a reimbursement limit for each category of property. In the event of theft, for example, the maximum reimbursement for electronic equipment (computers, audio supports, etc.) is generally between $1,000 and $2,000. If your inventory shows that you own equipment worth $5,000, you can increase your coverage. Info-Assurance has published a list of limitations for most home insurance coverage.


8. If you decide to move, you will need to sign a new home insurance policy. However, when the move takes place, both your old and new homes will be covered under the old insurance for 30 days. Note that your old policy may be modified if changes apply to the new place of residence. If you were to use a storage room, the goods temporarily stored there would also be covered. And if to save a few dollars, you decide to ask for help from friends, any injuries will also be covered by your insurance. This is a strong argument if some people are reluctant!

Tips to reduce your home insurance cost

No doubt insuring your home is in your best interest and gives you peace of mind, but it can be expensive. To reduce your home insurance premiums, there are a few tips you can use.

First, take the time to shop around. Given the number of offers on the market, it’s almost certain that one of them will satisfy you. Some insurers even offer to request a quote online.

9. Most companies offer a discount if you insure your home, car, caravan, or motorcycle.

10. Increasing the amount of the deductible can help reduce payments, but only if you are sure you can afford it if you need to. Generally, $250 to $500 is enough to make a difference.


11. Installing an alarm system connected to a central station often results in a rebate.


12. Inform your agent of any plumbing or electrical work that needs to be done.

of electricity done; a well-maintained house costs less in insurance.