Surprising Things Not Covered In Your Standard Home Insurance

At Merit Insurance, we pride ourselves on the Merit Difference – a commitment to personalized service that goes beyond the ordinary. When it comes to protecting your home, working with a dedicated broker is key to understanding the intricacies of your coverage. While home insurance is a crucial shield for your property, there are surprisingly common scenarios that it may not cover. Let’s delve into five surprising things not covered in standard home insurance that might catch you off guard and emphasize the importance of having a broker by your side.

A basic home insurance policy typically pays for the repair and, in some cases, the rebuilding of your home or other structures on your property in the face of specific events. Most policies provide coverage for dwelling, other structures, personal property, loss of use, and personal liability.

What is not covered in standard home insurance policies? 

Overland Flood Damage:

Homeowners often assume that water damage is covered under their policy, but the reality is that overland flooding is frequently excluded. In Canada, where weather patterns can be unpredictable, it’s crucial to recognize that standard home insurance may not safeguard you against overland flood-related damages. A broker can guide you through obtaining additional overland flood coverage, if available in your area, to ensure your home is protected in the event of heavy rains or overflowing rivers.

Sewer Backup:

Imagine waking up to a basement flooded with sewage – a nightmare scenario that standard home insurance might not address. Sewer backup incidents can lead to extensive damage and hefty cleanup costs. Working with a broker enables you to explore options for sewer backup coverage, providing an added layer of protection against unexpected and unpleasant surprises.

Home-Based Business Liabilities:

If you operate a business from home, be cautious – your regular home insurance policy may not cover liabilities associated with your business activities. This gap in coverage can leave you exposed to financial risks. A broker can help you explore additional coverage options tailored to your specific business needs, ensuring comprehensive protection for both your home and business.

High-Value Items:

While home insurance typically covers personal belongings, there are often limits on high-value items like jewellery, art, or collectibles. If you own valuables exceeding these limits, you may need additional coverage. A broker can assess the value of your possessions and advise you on the best way to protect your prized belongings, ensuring you don’t face any surprises in the event of a loss.

Vacant Home Coverage:

If your home is vacant for an extended period, standard insurance policies may not provide adequate coverage. Whether it’s due to renovations, seasonal vacancy, or other reasons, having a vacant home presents unique risks. A Merit broker can help you secure specialized coverage for vacant properties, ensuring your investment remains safeguarded during periods of non-occupancy.

Your home is not only your largest investment but a place of solitude. By working with a broker, you can uncover potential coverage gaps, explore tailored solutions, and ensure that your home is truly protected against the unexpected. Don’t let surprises catch you off guard – choose Merit Insurance for a customized approach that puts your needs first.