Purchasing an insurance policy is a positive exercise in risk management. Nobody is perfect, accidents happen, and insurance is there for exactly those occasions. At Bow Valley Insurance, we have been helping people save on insurance products for 35 years. As brokers, we are able to compare the products of several national providers to find the most comprehensive coverage at a very competitive price.
In some cases, insurance is mandatory, example auto insurance or when a lender requires you to insure a mortgaged property. Other insurance coverage is simply a good idea to have, such as purchasing traveller’s insurance before taking a trip abroad. And in every case, it is incumbent on the policy holder to be aware of the coverage, limits, deductibles, exclusions, conditions, etc. that are included in most types of insurance policies
“While You Were Out…”
What many people don’t know about their insurance is that there could be exclusions based upon their failure to recognize obligations included in their coverage. Perhaps the most common coverage exclusion in Canada is water damage caused by burst water pipes.
Home insurance policies sold in Canada require the homeowner to provide proof they actively managed the risk of damage from a burst pipe if they have been away from their home for four or more days during the customary “heating season.” So, if you plan to be away during winter, you are required to take steps to prevent a burst pipe. Keep the heat on, have an adult come by and inspect your property regularly, have a watersensor installed that is monitored by the alarm company, shut off the water etc.
From the insurer’s perspective, the earlier any interior water damage is caught, the less extensive the damages, and therefore lower cost of repairs.
Before going away weather it is in the winter or summer, it is good practise to take some precautions by doing the following: :
- Maintain heat
- Get a competent person to inspect your home every 2 to 3 days & keep a log of these visits
- Shut off the main water supply
- Drain all the water from the pipes by opening a faucet which is located at most lowest point in your house – usually the bathroom in the basement
- Change the dial on the hot water tank to Vacation mode
Unexpected health emergencies abroad are why you should inquire about travel insurance before any major excursion. Not only do most of these policies cover many emergent medical expenses, most of them provide protection against out-of-pocket expenses for the early termination of your trip or the increased expense of a last-minute flight change. The cost of coverage is pretty reasonable and the peace of mind afforded is invaluable.