Home Insurance

Home Insurance is a necessity whether you own or rent a house or a condominium. JEM Insurance can help you develop a policy designed to meet your individual insurance needs.

Why Get A Home Insurance Policy?

Home Insurance allows you to feel secure in your home knowing that your assets and property are being protected. These policies cover not only your home (and detached structures on the property) but also the contents and personal belongings within your home – even when they’re away from your home.

Home Insurance Policies also give you legal protection if someone gets injured on your property and sues you. Finally, it’s impossible to buy a home using a mortgage unless you have home insurance!

Some Questions You Should Ask

Once you’ve decided to buy Home Insurance you should ask your insurance broker at JEM Insurance the following questions:

• What is my deductible and what are my options? There are generally quite a few options, each with advantages and disadvantages so talk with your broker and find out.
• What will be covered under my policy? Find out if you need extra coverage for items like computers, jewellery, antiques, etc.
• Is there anything I can do to reduce my deductible? There are many reasons discounts might be available; for senior citizens, for newly built home, if you are claims free and your broker can inform you of other discounts that may apply.
• How do I know if my home is properly insured?
• What are the exclusions and/or limitations in my policy?

In General

There are two main types of policies that you can purchase; Comprehensive and Broad Form:

• Comprehensive policies cover your contents and building(s) for all risks that are not specifically excluded.
• Broad Form policies provide comprehensive (all risks) coverage on your building(s), and the named perils on your contents.

These are basic insurance packages that will cover your dwelling, outbuildings, personal property, additional living expenses, legal liability, voluntary medical and property damage payments.

If you rent, you can purchase a Tenants Policy which will cover losses to your personal belongings and personal liability.

If you are a condominium owner, you can purchase a Condominium Unit Owners Policy which is similar to a Tenants Policy. However, this policy also includes coverage for special assessments due to any insured damage to, or liability arising out of, common areas as well as additional protection on your unit in the event of inadequate building insurance.