(ThyBlackMan.com) There are some particularly good reasons to purchase home insurance if you live in Canada. Canada (or at least part of it) is well known for its extreme weather conditions, from freezing cold winters to hot and muggy summers, not to mention the visitations of torrential rain, deadly tornados, snowstorms, and drought. All of these natural factors can put stress on a building, which will then open it up to all kinds of faults, failures, and accidents.
However, it is not just for these points alone that you should invest in some quality home insurance; there are other benefits to it as well.
#1 Home insurance will help you if you want a mortgage or tenants agreement
For instance, if you are in the process of applying for a mortgage for a property in Montreal, you could find that the mortgage company is less willing to release funds on a property that has not got any home insurance Montreal. This is because having home insurance in place will protect their financial interests.
Likewise, if you are looking to become a tenant and rent a home in Canada, liability insurance could help you get a tenant’s agreement, as it will show that you are able to look after the property should any unintentional damage happen during the period of your tenancy.
#2 Home insurance can protect you against lawsuits
Home insurance can protect you against lawsuits by way of helping you pay for legal costs and in some eventualities, such as payouts, fines, and settlements. If, for instance, there has been an accident in your home, your home insurance will cover the medical costs, but it is important that you know what limits your home insurance coverage is set at.
#3 Home insurance can help you with building repairs
Home insurance can also help you with building repairs that could be provoked by harsh weather conditions, accidents such as fire outbreaks, or damage. For instance, flooding could result in your building’s foundations weakening, damp causes requiring repairing, as well as the general cost of redecorating and laying new floors.
#4 Home insurance can provide funds if you need accommodation due to building repairs
With this in mind, your home insurance will also provide funds should you require to be housed in another accommodation while repair work is carried out on your home or if your home requires total rebuilding. This, of course, is only offered if your home is in a condition that is deemed unliveable and is not likely to be provided if you are merely looking to have your carpets replaced due to either water damage or paint spillage.
Final thoughts
So, as you can see, it makes sense to have home insurance, not just for the peace of mind but as more of a contingency should your home or your personal effects fall foul of any incident or accident. In fact, knowing that if the worst should happen that you are not going to have to foot the bill in full can be a Godsend, but you will have to keep in mind that you will have to pay a deductible amount up front as stated in your individual policies.
Staff Writer; Roy Parker