For most Canadians, their most valuable asset is their home. And yet too many have only a vague understanding of the insurance policy that covers their house and contents. Unfortunately, many find out too late — when they have an expensive claim denied — that their understanding of their policy is based more on misconceptions than on fact. The P&C experts from Desjardins Insurance would like to help you by clarifying some of the common misconceptions about property insurance.

 

 

Misconception 1 - Your home insurance will cover any type of major loss.

The typical home insurance policy will cover a fire loss, as well as damage caused by lightning, windstorms, hailstorms and even tornados. However, damage from earthquakes is not covered by standard homeowners' insurance. You can purchase special coverage, though the cost can vary considerably depending on the risk in the area where you live. Not surprisingly, earthquake coverage is more expensive in Vancouver than in Winnipeg. Standard homeowners' policies in Canada also exclude flood damage. However, policies generally cover other kinds of water damage, for example from a broken water main on the street or a burst pipe in a house.

 

Misconception 2 – I will receive full market value for my house if it burns to the ground.

The value of a home insurance policy is usually based on the cost to rebuild the house, not to sell it on the marketplace. Replacement costs will include the material (lumber, roofing shingles, siding material, carpet, drywall, etc), the labor costs, architectural services and so on. It is important if you do any renovations or additions to your home, that you let your insurance company know, as this could change the replacement cost of your home.

 

Misconception 3 – I will automatically get full replacement value for any personal belongings that are damaged.

No, depreciation would be factored in, which could reduce the value considerably unless you had optional replacement-cost coverage. In that case, you would be able to replace the item with a new one with the same or similar features. In addition, valuable items such as jewelry or artwork are usually subject to a payment cap, unless additional coverage is purchased.

 

Misconception 4 – Renters who don't own any fancy stuff don't need insurance.

Not true. You'd be surprised how much it costs to replace even basic contents, such as furniture, kitchen supplies, clothing, and electronics like computers, TVs and cell phones. Plus, you need to ask yourself if you could afford to rent a hotel for a few weeks if your apartment needed major repairs. If not, then tenant insurance is a must. This insurance protects your property and also covers you in case you accidentally cause damage to the property of others. It's simple, affordable and definitely necessary.

www.newscanada.com

 

If you are Selling or Buying a Home in Calgary Contact Lawrence today!

 

 

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Chaparral Real Estate News and Community Update

Are you looking for a new home in Caparral, Calgary?  I have all of the new listings available on my website and they are easily accesible anytime, all you need to do is click here to view them all.  There are some great properties for sale in the Neighborhood!  There are 16 new listings that are availble to look at if you are wanting to buy in Chaparral. Don't wait too long this is a really hot neighborhood and homes are selling fast.  

 

Information about Chaparral

Lake Chaparral is the fifth lake community developed by Genstar.  The lake and the adjoining park are a prestigious amentity built for the use and enjoyment of the residents of Lake Chaparral.  





Chaparral Stampede Breakfast June 21st 9-1pm

 

chaparral stampede

The 6th  Annual Stampede Kickoff is coming on Saturday June 21, 2014  from 9-1pm @ Chaparral Lakehouse facility (225 Chaparral Drive SE)

Pancake breakfast will be served for the first 1500 people.  Join us in the great entertainment, fun and food.   Please bring a food donation for the Food Bank.

Open to all Lake Chaparral Residents and Chaparral Community Association members.   Remember to show your card for entry.    

If you don't have a CCA card yet, no worries.  Come by and purchase one for $20/year per household and it gets you in to all the events through the year plus helps support your local group of volunteer CA that work on many initiatives to make your community better. 

SEE YOU THERE!

 
 

ALL CHAPARRAL REAL ESTATE LISTINGS


Contact Lawrence Cuming for all of  you Calgary Real Estate Need!  

"The Realtor Friends Recommend to Friends!"

 
 


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