There’s no doubt that purchasing insurance is one of the best investments you can make when buying a new home. Ensuring your home is insured and protected from fire and water damage can help you in the long run in an emergency. But did you know that your home insurance covers a lot more than just what’s inside the walls of your home? Here is a breakdown of things your home insurance covers that you probably didn’t know.

To start, let’s look at what might be considered “common knowledge”: 

1. The property/dwelling itself

First, your coverage protects the physical dwelling itself from damages, such as a fire, theft, or inclement weather.

2. Personal Liability

Your policy protects anyone who lives within the home (including pets). You’re protected if anyone who lives within your property, or the property itself, causes any damages or injury to someone. Additionally, you will be covered if legal action is taken afterwards. This is also known as Personal Liability Coverage.

3. Your contents inside

Covers your personal property, whether it be at home or something you take with you to work or on vacation (subject to limits). This may include jewelry, artwork, furniture, electronics, etc. 

Now, for the more unknown things you’re covered for with your home insurance policy: 

4. Accommodations away from home

As mentioned before, it is typically known that your property and the belongings within it are covered by home insurance. Still, suppose your home is deemed unlivable due to an accident that causes significant damage. In that case, your claim will cover a hotel or rental property until you resume living in your home.

5. Identity theft

Most home insurance policies offer essential coverage for identity theft and online fraud. Though it has been this way for nearly a decade, it is less well-known than other aspects of your policy. Your home insurance may cover mail costs, lost wages, and legal fees due to a stolen identity.

6. Detached structure protection

Did you know that your home insurance covers not just your physical property? It also covers detached structures from your home, including garages, sheds, and even gazebos! Additionally, coverage extends to trees, hedges, and other landscaping elements.

7. Spoiled food

In the case of a power outage that lasts for a considerable amount of time, causing the food in your fridge or freezer to spoil, some home insurance policies cover replenishing the spoiled food once your power returns. However, keep in mind that in some cases, if you file for this claim, a deductible will need to be paid upfront.

8. Child’s temporary living (post-secondary)

If in the case that your kids leave home or go abroad for post-secondary education, your home insurance policy will go with them. Just note that it only exceeds the maximum limit listed on your policy. 

9. Gravestones

No one wants to think about their final resting place. However, if someone in your household passes and there is ever a case where their headstone is damaged, stolen or vandalized, most home insurance policies provide coverage. 

10. Stolen/damaged bikes

If you run into the event that your bike is damaged or stolen, don’t worry. One thing about your home insurance coverage is that your policy may cover your losses (within a certain threshold.) This coverage applies, even if your bike was not on your property at the time of the damage/theft.

11. New door locks

If your home is broken into, your locks are damaged, or your keys are stolen, your insurance may cover or reimburse your door locks. Check with your isure broker to see if your specific home policy will cover it.

Have any questions? Feel free to contact one of our experienced isure brokers to discuss your home insurance policy further. 

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