Here's what you need to know when buying or building a new home

Whether you’re buying a home or building one from the ground up, becoming a homeowner is a cause for celebration. There are a lot of decisions you’ll have to make, such as choosing paint colours, furnishings and appliances - but perhaps no decision is more important than choosing the right insurance. So, before you go popping the bubbly, here’s a rundown of the basics.

• Your home is vulnerable to fire, flooding, theft and other risks, no matter how well it’s constructed. Without adequate coverage, you may not be able to recoup your losses in the event disaster strikes. Also, if you require a mortgage, most banks will insist you have home insurance set up first.
• Typically, a home insurance policy will provide coverage for your home and what’s inside, as well as personal liability should someone injure themselves on the property. And should you be unable to live in your home temporarily because of a fire or other insured loss, additional living expenses could be covered as well.
• When it comes to home insurance, one of the most important things you’ll have to figure out is what kind of policy you’ll need. There are a variety of options, ranging from a “no frills” policy that offers basic coverage for homes, to a comprehensive policy that covers your home and contents for all risks (minus those specifically excluded). Speaking with one of our helpful agents will help you determine which policy is the best fit for you.
• Regardless of what you’re buying, you’re likely keeping an eye out for a good deal. When you’re shopping around for home insurance, it’s important to find out what promotions and discounts may be available to you. For example, Servus Insurance Services | Home and Auto policyholders can save if they decide to bundle their home and auto insurance*.
• Some home insurance policies may not cover items such as jewellery, artwork and computers. Additional coverage is often available once you provide proof of the items’ value to your insurance provider. It is also worth taking the time to review your policy carefully as there may be exclusions and dollar limits on the coverage of specific items.

It’s likely that your home is your biggest investment. Home insurance can help protect it and give you and your family peace of mind so you can rest easy. Contact a Servus Insurance Services | Home and Auto representative today to learn which coverage is right for you.