Date Published: 2023/11/03

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Common myths about home insurance you need to know about

Tree fallen on the roof of a home causing significant damage.

When you purchase home insurance you want to know that the things you hold near and dear will be covered, even in the most unlikely of scenarios. Taking the steps to make sure you mitigate any damage will always help. You can prepare yourself for as much as possible, even if you may not be able to prevent everything.

Let’s explore some of the most common misconceptions surrounding home insurance and see if we can clear the air. 

My insurance doesn’t cover the cost of food in my fridge or freezer spoiling if there is a power outage.

Your power goes out, what if you’re away and don’t even know. You get home, it’s the middle of the summer, and all the food in your fridge has gone bad. This could be covered by your home insurance policy, as long the damage is greater than your deductible. Before discarding large amounts of food, take pictures of everything you are discarding. You want to have proof of what happened when you talk to a broker. 

Will your insurance cover repairs if your neighbour’s tree falls on your house?

The neighborhood you live in has large trees that cascade over the road and make for a beautiful drive. It might even be a big reason why you bought your home. One of those trees comes down on your house during a terrible storm and damages a large part of your home. Hopefully, no one is hurt and there are no hard feelings between you and your neighbor. You call your insurance company in the morning to confirm that you have the proper coverage. So, your insurance policy will cover damages.

Take pictures of all the damages and make note of the weather conditions. You will also want to make note of the health of the tree. The event must have been unforeseen, so if the tree was old and needed to be removed, the owner of the tree could be held responsible for the damages. 

While on vacation, I am required to have someone check in on my home.

We all plan to go away to escape our everyday lives, and thinking about planning for someone you trust to visit your home while you’re away might not be high on the to-do list. Most insurance companies stipulate the requirements in your policy, but generally every 1-2 days is suggested in the Winter, every 3-5 in the Summer. 

A few small things to remember to do if possible. Do not post anything online that could potentially indicate you are away from home. Post your vacation pictures when you return to prevent any possible break in attempts. Put a stop to incoming mail if possible as this can be an indicator of no one being home. 

Consenting to a soft credit check could save you money on your home/condo insurance.

This is true, having a good credit score could save you money. Insurance companies have found those with better credit score ratings, are less likely to make a claim. A soft credit check does NOT affect your credit rating and the results are only available to the insurance company, not the individual broker or brokerage. Please note that the credit check will NOT be used to deny coverage or increase the cost of your policy. 

If you are wondering about any specific situations regarding home insurance, it’s a good idea to reach out to a broker and ask any questions you might be uncertain about. If you’re living in a condo and water is leaking from the unit above, you want to know if the water damage in your condo is covered. 

If your children are going away to school, getting tenants insurance coverage can help protect them and even save them money in the future. Having created a history of property insurance, they could qualify for savings on home insurance when they buy their own home as well as discounts if there was never  any claims made on their tenants insurance.

There are all kinds of unforeseen, non-fault incidents that can lead to damage. No matter how big or small the damage is, you want to make sure you have the proper coverage in place. Visit Orbit Insurance Services for a free quote today. Already a customer? Talk to a broker to find out if you have the proper coverage.