are you covered?

Why Home Insurance is Essential

Home, rental or vacation property, and even tenant insurance are all part of the collective scheme to protect you, your belongings, family, and the years of effort it took to achieve each – and there are any number of perils that can jeopardize those efforts.

Klondike Insurance Agencies Ltd. offers all risk protection for your home, mobile home, and related structures with household contents, personal property, and personal liability protection that best meet your unique coverage needs. Our team of insurance professionals work to ensure your needs are met, including understanding the ins and outs of your coverage. Our staff is always ready to answer any questions or concerns you have about your policy but in the meanwhile, here’s some rationale for investing in home insurance.

According to the Insurance Bureau of Canada, owning a home may be your largest single financial investment so it’s important to protect your property and contents against unforeseen risks with home insurance. Plain and simple but to fully grasp the depth of this statement, we need to explore what home insurance actually covers.

Home insurance offers you protection from having to pay out a huge amount at once, often at a very difficult and emotional time – like following a break-in or fire. Although not mandated by law, insuring your house can give you peace of mind.

Coverage can vary from one insurer to the next, so it’s important to select a policy that suits your specific needs. Home insurance covers the dwelling, contents and personal liability of you (the policyholder), your spouse or partner, and your children.

Types of coverage include comprehensive, named perils, broad and basic. When buying insurance you should be aware of what insurers consider when determining premiums: the difference between replacement and market value in the event of serious damage or destruction; who and what is covered; as well as understanding the contractual obligations in your policy. You should also contact your insurance company if you decide to rent out your primary or recreational property, take in a boarder, or sublet your apartment, exclusions may apply to full-time, temporary or seasonal rentals.

Confirming accurate replacement value and keeping a current home inventory are important steps to ensuring you are properly insured. Understand the limitations of your policy, high-value jewelry, furniture or art, should have separate endorsements. Typically, additional living expenses are included if you are temporarily unable to live in your home due to an insured loss. Your Homeowners policy also generally provides your personal liability in case someone trips and falls on your property or in your home, or you damage a third party’s property or accidentally injure someone else. Finally, most banks or mortgage holders will insist that you purchase home insurance – and show proof that you have home insurance – before they’ll lend you money to buy a home. They will ask to be named as the mortgage holder on your policy. It’s also your responsibility to report any changes to your property.

If you can’t afford to replace absolutely everything you own after an unforeseen event, you need home insurance. Consider these tips.

  • Insure for rebuilding costs, and confirm accurate replacement value;
  • Review your home inventory each year when you renew your policy; and
  • For high-value jewelry or fine art, consider a separate endorsement.


With an insurance package from Klondike Insurance Agencies Ltd., you can relax knowing your most important assets are protected in case of an accident. At Klondike Insurance Agencies Ltd., we are proud to be a reliable source for home, business, and auto insurance in Edmonton. Contact Klondike Insurance Agencies Ltd. at 780-439-0715 or toll-free at today to learn more.

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