Home insurance is important for two reasons.
One, it protects you against loss or damage to your personal belongings, and helps protect your assets against loss in the event of a lawsuit against you. So if someone gets hurt while in your home, your insurance will provide you with a legal defence if that person decides to take action against you.
Two, it is necessary to secure mortgage financing. Your bank likely won’t finance your mortgage unless they are assured they will be reimbursed in the event of property damage. If you don’t have a mortgage, home insurance will make sure your assets are protected from loss.
It’s also important to note that it home insurance will likely be necessary to secure mortgage financing. Your bank will want to ensure they will be reimbursed in the event of damage to your property. Even if you don’t have a mortgage, home insurance ensures that your assets are protected from loss.
Who will my home insurance cover?
Your home insurance will protect the person whose name appears on the policy, in addition to the following people (if they live in the household):
- Policy holder’s spouse
- Relatives of both the policy holder and his/her spouse
- Any person under 21 in the policy holder’s care
- Dependent student temporarily residing away from home to attend a school, college, or university
How much insurance do I need?
In order to answer this question you would have to speak to a happy-to-help TIG and Go Insurance representative. After speaking with you we can determine the amount that is right for you, specifically. We will determine the replacement value of your home and that of your personal property in order to determine your home insurance needs.
Note: replacement value refers to the cost of rebuilding your home, not the market value.
Is there one standard policy I can purchase or are there different levels?
We have several policies in order to provide you with the right coverage option for you, at the right rate. Speaking with a TIG and Go Insurance representative will help you determine which policy is right for you. To contact a TIG and Go Insurance representative, call 780.448.2298.
Will my home insurance provide coverage for EVERYTHING in my home?
Not necessarily. TIG home insurance will provide coverage that is sufficient for most people in most situations. However, certain items such as jewellery, furs, and bicycles (among others) are subject to what’s called Special Limits. These items limit the amount of coverage you can have in your policy.
If you need a higher limit than what your policy provides, you can always purchase further optional coverage to ensure all your items are covered.
What do I do in the event of a loss?
In the event of a loss for which you have home insurance coverage, please inform a TIG and Go Insurance broker right away. In the case of a burglary, you must contact the police as well.
Note: Do NOT get rid of any damaged goods until you receive our approval to do so.
Should I make a claim with every loss?
This is really up to you. Consider this before you make a claim, though: what is the cost of the damage compared to your deductible? (The deductible is required amount of a claim that you’ve agreed to pay.
Also, it’s important to note that you receive discounts on your premium if you’re not making claims all the time. By making a potentially unnecessary claim, you risk losing this discount, resulting in higher premiums.
When in doubt, though, consult a TIG and Go Insurance broker, who will be happy to help you make the decision that’s right for your specific situation.
Do I have to have photos or receipts for all major items in my home?
When you make a claim you will be asked to supply a list of your home’s contents and a record of their value. The best way to prove ownership (and the cost) of these items are sales receipts. It’s also a good idea to take photos of your belongings, because it will likely speed up the time it takes to settle the claim.
What if my house is under construction? Do I need home insurance during this process?
Whether your property is being built or has been standing for 20 years, your home is subject to loss and damage. Also, it’s important to note that injuries are common on construction sites, so an insurance policy may be required. Check with TIG and Go Insurance and your builder for more specific information regarding your situation.