You may wonder why you need to know about home insurance when you don't even own or aren't planning to buy a home. Home Insurance is extremely important and is necessary, it protects your home and possessions against damage or theft. If you're planning on buying a home, it's time for you to learn about home insurance. If not, it's even better to learn about this earlier so you will be familiar when you buy your home in the future! Did you know you don't have to be a homeowner to need insurance? Landlords often require their tenants to get renter's insurance. It's still a great idea to have it protect your home even if it's not required. In this post, we have gathered some of the basic home insurance policies for you to get a hang of it.
What Typical Homeowners Policy Offers
Damages to the Interior/Exterior of Your House
If your house gets damaged due to fire, hurricanes, or other disasters covered by your insurance plan, you will be compensated by your insurer for you to restore or completely rebuild your house if necessary. However, damages caused by floods, earthquakes, and poor home maintenance are usually not covered so you may require a separate rider which provides additional benefits in addition to the basic insurance policy. To learn more about it, check out this detailed explanation by Investopedia.
Most contents from your home like furniture, appliances, and clothing are covered if they're destroyed in an insured disaster, though, your insurer usually compensates you a limited amount only. You may even file a claim for lost jewellery no matter where you lost it, which is considered "off-premises" coverage. According to the Insurance Information Institute, the majority of insurance companies will provide coverage for 50%-70% of the amount your home is insured for.
Personal Liability for Damage or Injuries
What is Liability Insurance?
It refers to an insurance product that protects an insured party against lawsuits that results from injuries and damage to other people or property. To learn more, please refer to Investopedia.
How does it work?
If you or your family break something at someone's property, you can file a claim to reimburse the individual. Or if someone gets hurt on your property, any correlated cost, such as medical expenses, will be covered as well. It even applies to your pets! For example, if your dog bites your neighbour, your insurer will pay for his/her medical expenses, no matter if that happened at your property or his/hers. According to the Insurance Information Institute, while insurers can provide as little as $100,000 of coverage, experts suggest getting at least $300,000 worth of coverage.
Hotel/Short Term Rentals While Your Home Is Being Restored/Rebuilt
Worst case scenario, you are forced out of your home temporarily. This will for sure be the best coverage you've ever bought. This type of insurance coverage is referred to as additional living expenses that would reimburse you for the rent, hotel room, restaurant meals, and other additional costs that you incur when waiting for your home to become liveable again. Bear in mind, however, that policies impose strict daily and total limits unless you are willing to pay more in coverage to expand those limits.
When searching for insurance housing, You should look for furnished accommodation as you should assume you can't bring anything from your home. All our premium suites at Avalon are fully furnished with a fully equipped kitchen and all the amenities you need. Our suites have 2x more space than your average hotel room and you get the entire place by yourself. We have a variety of suite options ranging from studios to 2 bedroom suites so you can definitely find one that accommodates your needs. Moving with your entire family? Don't worry! Our 2 bedroom suites can accommodate up to 5 people! Each of these has 2 separate bedrooms with 2 queen size beds and a large sofa bed, 2 private bathrooms with a bathtub and a study area. We even have a washer/dryer in all our suites. With all these features, staying in any of our suites will definitely make you feel at home. We're located in the heart of Toronto's most upscale neighbourhood at the corner of Yorkville & Avenue Rd. Life goes on. You have work and you may have kids who go to school. It would be convenient for you to get to work or your kids to go to school. If you will be working from home, we offer fast wifi for free! If you need to buy anything, Whole Foods Supermarket is right across from the building at the Yorkville Village Mall or you can go shopping around Yorkville. We are also surrounded by a variety of great restaurants to fulfill all your cravings! What's even better? We offer special rates to guests who are here for relocation! Contact us at 416.731.1372 to learn more about our suites and rates!
I hope you learned more about home insurance after reading this post. Please note that this is just a brief overview of homeowner insurance. The above information is obtained from Investopedia and you may want to read the article for more details. If you are looking for temporary housing for insurance relocation, come stay with us at Avalon! To make a reservation, contact us at 416.731.1372 so we can give you a discount!