Calgary Real Estate Blog

As the temperature continues to dip into the minus twenties and below, and spring break quickly approaches, for many of us thoughts turn to tropical vacations. Whether it’s Mexico, Cuba, California, Jamaica, Hawaii, or a cruise, a week someplace warm can be just the ticket for conquering those Canadian winter blues. Before heading to the airport, though, you need to make sure your home is safely secured both for your own peace of mind and to keep your insurance valid should anything happen.

Let’s start with insurance: first of all, make sure you have enough of it. Most banks require homeowners insurance as a condition of extending a mortgage, but it’s your responsibility to be certain your policy covers everything you own. Talk to your broker to review your coverage, especially if you have any especially valuable jewelry or collections – these may require specific riders to be covered at their full value. Once the policy is in place, take a video camera (or your phone) and walk throughout your home documenting everything in it: should you be broken into, this will help you discover if anything is missing, and also acts as proof of an item’s existence to the insurance company. Just don’t keep the only copy of this footage on your home computer, as that’ll probably be stolen if you were broken into; put a copy on Dropbox, Google Drive, or a similar cloud storage solution.

Also related to insurance is the need to have someone look in on your home regularly while you’re away. Most homeowners policies require someone check on your house at least every three days; read your policy documents to find out what your obligation is. If you’re away for an extended period and something happens to your house that doesn’t get discovered until you return, you may not be covered.

Otherwise, you simply need to ensure your home is as secure as possible, and that all essential systems are working properly. Have your furnace inspected annually, as if it decides to conk out during a cold snap while you’re away you may return to burst pipes and flooded property. Check the condition of your front and back doors and their locks, along with those of your garage if you have one. Lock all of your windows, pull the blinds, and put your lights on a timer if you can. Even if he won’t be the one physically checking on your home while you’re away, let a neighbour know you’re leaving; the more eyes looking out for suspicious activity, the better. Handyman and ‘doing it right’ guru Mike Holmes penned a good article in the National Post last year that has some additional tips.

Knowing your home is secure and your property is safe will be a huge load off your mind, and will help you truly relax on that beach, margarita in hand, without a thought of the Hoth-like temperatures awaiting your return. Have a great trip.

After the absolutely devastating flood that hit Calgary, the title of this post may seem self-explanatory, and indeed, it is: the unforeseen happens, property can be wiped out with little warning and even less that you can do about it, and rebuilding is expensive. Yet, so many people have less insurance coverage than they should on their home and contents.

A standard homeowner’s policy will insure the cost of the home (not the cost you paid for it – that included the price of the land – but the amount to rebuild the property) and the contents within. It is important, however, to conduct an inventory to be sure, should the worst case scenario happen, you have sufficient coverage, rather than just assuming the standard amount will be fine. Have an extensive collection of something, or some specialized equipment? Make sure it’s covered. Bumping up the amount of coverage often incurs an insignificant increase in premiums, even when increasing by thousands of dollars.

Same goes for personal liability, which covers you and your family for property damage or injury inadvertently caused against others. Most insurance brokerages will only write policies with at least $500,000 in coverage, and $1 million is the standard low-end recommended. In this day and age, though, $1 million wouldn’t go that far in the event of a serious lawsuit or major accident. Increasing liability coverage to $2 million, $3 million, even $5 million, will hardly affect your monthly premiums while giving much greater protection.

Homeowners insurance policies can range from comprehensive (the most coverage, with the highest premiums) to ‘no frills’ (the least coverage, with the lowest premiums). Compare all of your options, and shop around. Some insurance companies offer additional perks, like emergency babysitting services or legal assistance, while others are bare bones. If we’ve learned anything recently, it’s that disaster can indeed strike, and unexpectedly. For your and your family’s sake, review your policy and be sure it will protect you when you need it most.