Home insurance

If your home burned down in a fire, would your current insurance coverage be enough to rebuild your home? Or if thieves stole your television, stereo, computer and other valuable items, could you replace what you lost?

Home insurance protects you in four basic ways:

Enables you to repair/rebuild your home
Allows you to replace your possessions (furniture, clothes, appliances etc.) if they are destroyed, stolen or damaged
Covers injuries that happen to other people or their property while in your home/on your property (for which you may be held liable)
Covers your additional living expenses if you're forced to leave your home because of a claim

Home insurance also insures your personal property while it is temporarily away from your home (i.e. while you're traveling). Note that most insurance policies have "special limits" for things like cash, jewelry, watercraft and bicycles. As well, possessions left in, on or attached to a motor vehicle usually have a limit. Depending on your circumstances, you may want to consider insuring items such as bicycles or computers with additional coverage.

Things to consider

Before buying home insurance, consider the following questions:

How much would it cost to rebuild your home at today's prices?
What would it cost to replace the contents of your home?
Do you have an inventory (825 KB PDF download) and photographs of your personal possessions?
What kind of protection do you have against liability claims?
Do you have items that should be insured with special coverage (i.e. silverware, jewelry, watercraft, laptop computers)?
Does your home have a security system, deadbolt locks, fire extinguishers or other safety features?
Do you have anyone living with you that is not a relative?
Do you operate a business from your home?