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It’s not just a house.
It’s your home.
Most people understand the value of insurance to protect their house. But if they stopped to think about what’s inside their house—all of the things that make it a home—they might want to take a little extra time to make sure that the amount of coverage they get is truly enough.
A basic homeowner’s policy will cover general risks to your home, such as fire, theft, smoke or lightning but not things like damage to your property from a pet or general wear and tear. Extreme, naturally-occurring phenomenon like earthquakes or floods will also, in most cases, be excluded in your basic coverage. Additional coverage for these situations can be added to your policy as needed. Once you have coverage in place, review it once a year to make sure it’s keeping up with your needs. You should always consider:
- replacement cost of your home
- whether or not you’ve remodeled or made other improvements to your home
- how much inflation there has been since your last appraisal
- what influences the building costs in your area
Home Safe Home®
It’s sad to think that thousands of people die every year as a result of accidents in their homes. Millions more suffer debilitating injuries. And what’s worse is that many of these accidents can be prevented by implementing a few simple safety tips in your home, including:
- Install smoke and carbon monoxide detectors throughout your home—and check them regularly. (Many experts recommend changing the batteries when you “spring forward” and “fall back.”)
- Never run an electrical cord under a rug—you’re creating both an obstacle and a fire hazard—and never overload an electrical outlet.
- Keep an operating fire extinguisher in the kitchen within easy reach.
- Turn off appliances when they’re not in use.
- Always keep space heaters on a flat surface and away from anything that could catch fire.
- Make sure you have more than one exit from different areas of your home—and that your entire family is familiar with them. (Many families even practice their escape route in the case of a fire.)
Something in your driveway?
Yes? Then you need auto insurance. To start with, it’s the law. In many provinces, in order to get license plates you need to carry a policy that includes either liability to pay for any losses you cause others or no-fault coverage to pay for medical expenses to you and any passengers, regardless of fault. Even in provinces that don’t require coverage, you are required by law to pay for any losses you cause. So without a solid auto insurance policy, you may find yourself paying out of your pocket for the repair or replacement of your car and/or any medical expenses—bye-bye savings. Bottom line: pay a little now to avoid paying a lot later.
Car care
Quick—when was your last oil change? A month ago? Six months ago? 1999? If you can’t remember, it’s time you got a little lesson in the importance of taking care of your car. Why? Simple—car care and car safety go hand in hand. Neglecting basic maintenance not only shortens the life of the car you spent so much to buy, it can also cause problems on the road. Here are a few things to keep in mind:
- Tire inflation—check it monthly and especially before a long trip. Under- or over-inflated tires reduce fuel economy and can lead to poor vehicle handling on the road.
- Oil changes—the average vehicle on the road today will need its oil changed every 3,000 kilometres. It’s also a good idea to periodically check the oil level in between changes—taking a reading before you first start your car for the day will offer the most accurate reading.
- Engine fluids—fluids and lubricants like antifreeze, power steering fluid, windshield washer fluid, etc. should be checked at the same time you check your oil. It’s also not a bad idea to keep extra wiper fluid in your trunk, especially during the grimy winter months.
- Emergency kit—even if you use your car for short day trips, it’s still a good idea to keep a first aid kit and a warm blanket in your trunk—just in case.
Just remember, take care of your car and it’ll take care of you.
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