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Home insurance: know what’s covered

Your home is usually the biggest purchase you’ll make, so you want to make sure it’s protected.

Your home is usually the biggest purchase you’ll make, so you want to make sure it’s protected.

Having the right home insurance means knowing that you won’t have to go into debt if your house is damaged, says Solvi Stokholm, owner of Stokholm Insurance, a Co-operators Advisor since 2009.

“There’s fire damage, water damage, wind storms, even earthquakes,” she says. “Not everyone’s needs are the same.”

Using a specially designed computer evaluation program, Stokholm does a detailed assessment of your home, including the square footage, the building materials and the heating system to ensure you only get the coverage you really need.

The most important thing, says Stokholm, is to be clear on what’s covered in your policy and what isn’t.

“So many people buy insurance without having it explained to them properly,” she says. “Then when they have a claim they’re surprised to find out they aren’t covered.”

Whether it’s Homeowner’s Classic, Homeowner’s Plus or Homeowner’s Prestige, all of The Co-opertor’s policies include:

-       Lock and key replacement: Get up to $1,000 to re-key or replace the lock for your home or vehicle, with no deductible, even if your car insurance is not with The Co-operators.

-       Student coverage:Insure your children’s belongings while they are away at university.

-       Coverage in health-care facilities:Receive up to $10,000 to cover loss of personal property of an immediate family member living in a care facility such as a nursing home or senior’s living facility.

-       Fraud protection:Be covered up to $10,000, with no deductible, against expenses incurred if someone has stolen your identity.

-       Loss of dwelling use:To cover expenses if you need to stay outside your home while it’s being repaired.

-       New ordinance: In the event that new city bylaws require you to upgrade your property (such as installing a new building sprinkler system, for example) when you repair your home after a loss.

“We sit down with clients and go over everything clearly,” Stokholm explains. “That way, they don’t have any doubts, and they walk away feeling very secure.”

To find out more about insuring your home, visit Stokholm Insurance at 500 Sixth Ave Unit 506 in New Westminster, visit their website, call 604-215-2151 or email.