5 common home insurance riders
While home insurance isn’t the most costly expense that comes with owning a home, it’s not that inexpensive either. Although the required annual insurance payment covers you in case of theft, fire, destruction and sometimes flooding, you might be surprised to learn that home insurance doesn’t always cover everything you own in your home. To be sure that your most valuable possessions are covered by insurance you might need to purchase one of these five common home insurance riders.
Jewellery and furs
Home insurance policies will cover ordinary, everyday household items. Unfortunately, expensive jewellery and furs are often not covered under regular home insurance policies. Additional riders to cover these items are available, and the cost to purchase these riders depends on the value of the jewellery and furs to be insured.
Expensive electronics
Home insurance policies are often not kept up-to-date with current trends. This means that many standard policies still cap insurance coverage on electronics to a few thousand dollars, despite the average Canadian owning well more than that in ordinary household electronics.
Luckily for tech-savvy Canadians, home insurance companies offer riders for additional coverage on electronics. If you’ve got a Macbook, a couple of iPhones and an iPad, in addition to a Smart TV, speak with your insurance broker about boosting your coverage, otherwise you might be in for a big surprise if you ever need to make a claim.
Antiques
People with pricey antiques could also discover (too late) that their great-great-grandmother’s dining room table from the turn of the century is not covered by a standard home insurance policy. To find out if you need this common home insurance rider, check over your policy to see if it includes antiques. If not, contact your broker about purchasing additional coverage.
Musical instruments
Music lovers with even low-end instruments would be wise to purchase a musical instrument coverage rider for their home insurance policy because many policies will not cover damage, theft or destruction of musical instruments. An inexpensive rider added onto your policy could mean the difference between being able to afford to replace your instrument or not.
Art/collections
Any art lover knows that some pieces can never be replaced. However, especially for the more valuable pieces of art, a rider for art and other collections (stamps, coins) can at least make sure you’re compensated if your art is ever destroyed or stolen.
Home insurance policies are invaluable, not just because they protect your largest financial purchase, but because they provide peace of mind that your home is safe. Without home insurance, you would be constantly worrying about how much it would cost to re-shingle a roof after a storm or to replace your possessions after a break in.
Fortunately, Canada has inexpensive options for home insurance, making coverage affordable for almost all Canadians homeowners. In exchange for that low-cost coverage, a few more expensive items aren’t covered by a basic policy. If you have an expensive collection, antiques, furs or musical instruments, these five common home insurance riders are a must-buy.