We always recommend using an experienced home insurance specialist to ensure you have proper home coverage.  Below are some items to discuss.

Discounts

Ask what discounts may apply. Some companies provide discounts for living in a concrete building, in-suite home sprinklers, smoke detectors, an alarm system, or if you haven’t made a claim for a certain period of time.

Betterment Insurance

If your home has upgrades or you plan on updating your home, ensure you discuss "Betterment Insurance" as some upgrades should be insured.

Strata Deductible Insurance

If you own a strata property, ensure sure your home insurance includes a deductible to cover the strata corporation insurance’s deductible.  For instance, if your dishwasher overflows and damages the building, the Strata’s insurance will cover the cost of the water damage to the building.  However, the Strata’s insurance for water damage has a deductible (perhaps $25,000 or more) depending upon the Strata and the type of damage).  If your unit was the cause of the water damage to the building, the Strata will charge its deductible back to you.  Thus, you need insurance to cover this deductible.  We recommend showing your insurance professional the Strata's insurance certificate so they can ensure you're properly covered.  Your strata will normally include the updated strata insurance certificate with the AGM Notice, but if not, contact your property manager.  Check the insurance deductibles yearly to ensure your home insurance still covers the new amounts.

Rentals

Comprehensive Rental Insurance: If your rental is a secondary suite, you may want to consider informing your insurance provider otherwise there is a potential risk that your primary insurance could be void. Please discuss with an insurance expert.

Other Questions

  • Do you have the proper insurance for your rental home?
  • Earthquake insurance
  • Flood insurance
  • What else does the insurance specialist recommend?
  • Is there anything that isn’t covered?

Please contact us for more information, or for the name of a good Greater Vancouver home insurance specialist.