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Property Insurance Tips
There are many ways to keep your insurance premiums as
low as possible. It starts with choosing the insurance coverage
that best suits your needs and ensuring that you get all
the discounts you are entitled to.
We've developed a list of tips that could be useful to
anyone, whether you own or rent a house, condominium unit
or apartment. Some of these tips may help you reduce your
insurance premiums. Others will help you save money in different
ways. However, the one thing they all have in common is that
they can help you protect yourself, your family and your
most valuable belongings.
Making the most of your insurance
- Photograph or videotape all your belongings and keep
a record of their serial numbers and receipts where applicable.
If you ever have to make a claim, your visual record of
the missing or damaged items will make the process much
easier.
- Whenever your circumstances change - for example, if
you buy a new home or a valuable belonging - remember to
review your coverage and update it if necessary.
- Try to remember to pay your insurance when it's due.
If you do not, your insurance policy may be cancelled.
If you find that it isn't convenient for you to pay by
cheque, you may be able to arrange for a pre-authorized
payment.
- A deductible is the portion of a claim that you have
to pay. When shopping for insurance, ask how it will affect
your premium if you choose a higher or lower deductible.
Your deductible should be affordable, so that you can pay
it should a claim occur.
- If you cannot pay your insurance premium, you should
contact your insurance provider before the account falls
into arrears and you no longer have insurance protection.
Sometimes, an extended payment period can be arranged,
or an alternative payment method may be available.
- Whether you're a tenant or an owner, it's advisable to
have liability insurance. You may be responsible for any
damage that you may cause to someone else's property. For
example, if your bathtub overflows and floods the neighbouring
apartment or condominium unit - or a burst pipe in your
garden floods your neighbour's garage - you may be held
liable.
General tips around the home
- Be safe when replacing a fuse on your electrical panel.
Never substitute a higher amp fuse when a lower amp one
is called for, because it could pose a fire hazard.
- Did you know that a Homeowner is required by law to check
on the location for buried natural gas pipes before breaking
ground? Anyone who damages natural gas pipes is liable
for at least the cost of the repairs. Play it safe and
call before you dig.
- Avoid "octopus outlets". Clusters of wires and plugs
mean your electrical system can't cope with your energy
needs. It may be time to rewire and add more outlets.
- Moving from an apartment to a house? Most likely, you
will have to provide your mortgage lender with proof of
property insurance for your new house. Take this opportunity
to cover your valuable personal belongings as well.
- Be careful not to use a bare light bulb in a clothes
closet. A 100-watt bulb can generate a temperature of 150° C
(302° F). That's a fire hazard.
Tips for spring
- April showers can bring wet basements. Be sure that downspouts
direct water well away from the foundation, otherwise,
water from the downspouts could leak into your basement.
- Planning to build a fence? Local municipalities often
have rules about fences, so it's best to check your local
bylaws before you start building.
- Consult your property survey before you plant a boundary
hedge, and plant it on your side of the property line.
If your hedge is located on your neighbour's property,
they have the right to remove it
Tips for summer
- If motor oil, gasoline or chemicals such as antifreeze
leak onto your driveway, they could stain and damage the
surface. If these spills occur, hose the surface with water
as soon as possible.
- Gas up lawn equipment away from enclosed areas and far
from any source of sparks or heat. Don't fill a hot lawnmower--let
it cool first.
- If there's a storm warning, secure everything that might
be blown around outdoors. Flying objects such as garbage
cans and lawn furniture can injure people and damage property.
- If the weather forecast warns there is a risk of hail,
you should park your car in the garage. Stay inside. Hailstones
can be the size of peas, golf balls, or grapefruit.
Tips for winter
- A thorough caulking and weather-stripping job can cut
10-25% from the heating bill of a house, as well as provide
a more comfortable living environment.
- If you use a wood-burning fireplace, never store combustibles
such as newspapers, kindling, or matches near the fireplace.
Have your chimney inspected by a professional prior to
the start of every heating season.
Learn more about property insurance
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