Things to know about House and Home Insurance

This blog will cover some of the major issues that people face when taking out insurance in Victoria BC and how to avoid major pitfalls. If you are looking for an Insurance Broker in Victoria BC please contact us for a quote.

For those who aren't aware, House insurance in Victoria BC covers the owners private house for the financial costs against a range of eventualities (see below). As a policy, it combines a range of personal insurance protections, which generally include damage or loss to one's house, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the house owner, as well as liability insurance for accidents that may happen at the house.

A major issue that people fail to take into account when taking out house insurance is to ensure that the policy covers the full cost of the rebuild, not just the market value. It is also worth taking into account that similar houses in different neighborhoods will differ in market value but actually cost the same in terms of rebuilding costs (this is obviously dependent on the housing market and should be addressed when taking out a home insurance  in Victoria BC). Henceforth it is highly advisable for anyone looking for Home insurance In Victoria BC to explicitly ensure that the terms of the policy cover the entire rebuilding cost and take into account the market value fluctuations.

The exact cost of house insurance usually is dependent on what it would cost to replace the house and what extra riders (extra items or properties to be insured) are attached to the policy.

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Are you financially ready for a major health event?

According to a major life insurance company’s survey, nearly half of Canadians facing a major health incident such as cancer or stroke are struggling financially as a result of their illness.
Many people realize that a serious health event could impact their personal finances, but only a handful actually set aside money for such an event.

Most feel that the health care system is going to look after them but a lot of the care you need at home and in recovery is not necessarily covered. Even though these are covered by company health plans, most people still have to pay a percentage of the cost themselves.

Thousands of people across the country are self-employed or employed with no benefit plan.
Disability insurance protects your income if you cannot work due to illness or accident. And critical illness insurance pays a lump sum if you are diagnosed with a serious illness covered in the policy. But even with this coverage, it may not be enough.

The cost of prescription drugs have gone through the roof. It is not uncommon to have a prescription drug cost of $80,000 a year or more, and many people are found to tap into retirement savings, borrow from loved ones or remortgage or sell their home to pay these costs.

Such choices add to peoples stress levels as they battle a major illness. But despite knowing this most Canadians feel good about their physical and emotional health which add to a false sense of security.
Life insurance has been designed to relieve some of this stress for pennies on the dollar, but it may be time to add health insurance as well.

Health insurance can protect you against the high cost of catastrophic drugs and the stress it causes.

SPEAK WITH YOUR ADVISOR

For a thorough evaluation of your insurance needs, please speak with our advisor.