Being a first-time house buyer, you may seem to be all excited about the changes that will come in your living situation and lifestyle. It is not all about partying with your friends at your new place and having full freedom; it is also about taking up many responsibilities.
Once you get the house of your choice, now it is time to think about how you will take care of your home. And here comes home insurance. Opting for proper insurance is very important, as it will benefit you a lot in the future. However, checking the terms and conditions of the insurance you are signing up for is more important.
Here are some hacks that you can use for your home insurance policy –
Don’t keep your home vacant
Many people don’t know this, but keeping your home vacant for a long time can make your insurance policy invalid. So, if you are away on a vacation or a business trip, make sure to appoint any of your trusted people to visit your place regularly. Otherwise, you may find yourself with null and void insurance in times of need of your insurance.
Protect yourself from water damage
If your house is located in a region prone to floods, heavy rainfall, or tornados, you should definitely check for the Overland Flooding Coverage in your policy. That clause can save you from putting a strain on your monthly budget. Repairing your house every time for the damages caused due to natural calamities by paying from your pocket can be a real pressure.
Practice regular maintenance of your home
Do not be lazy about your home’s maintenance. If you find something wrong somewhere, then repair it immediately before it leads to some big damage in the future. You may think that a crack in the floor is small, and it does not require immediate attention, but when it leads to something serious like a flooded basement, it will be a problem for you. As insurance companies perform a thorough investigation, when they will find out that you had put off the work for a long time, they will not pay anything for repairing it.
Check that your house is insurable before moving in
Insurance companies generally come with a list of things that say that the presence of those things in your house makes it disapprove of getting it insured. Like the presence of lead pipes, galvanized pipes, an electrical system which runs on 60 amps, knob or tube wiring, aluminum wiring, wood-burning stove, any crack on the foundation, all these will lead to a direct “no” from the insurance providers.
If you have found your dream home, you have to replace such things before moving into the place and then getting it insured, otherwise moving on to check the next house.
Know about your claim value
There is a common notion that most people possess that the insurance company will make reimbursement as per the market value of the property in case of any damage. Unfortunately, that is not the case. Insurance companies evaluate the repair or the rebuilding expense and make payments accordingly.
Just like we say, “Prevention is better than cure,” similarly, it is better to have relevant knowledge about your home insurance rather than be clueless in times when in a critical time, you will be actually in need of it.
Knowing about these facts will only help you to plan better and be prepared for any future events.
MTL GROUP is a property management and financing company, operating in the Greater Montreal area in Quebec. Our professionals are just a phone call away to assist you with your property management and financing needs.