YOUR HOME

One of your biggest investments.

At PAIB Insurance Inc., we take an immense amount of pride in the family spirit that permeates throughout our team. We strongly believe that you should fully protect your home for the sake of your family’s well being. Your home is likely your largest financial investment and nothing is more valuable than the safety and protection of your loved ones. We will find the best policies available and present you with an assortment of customized options so you feel secure in knowing that PAIB Insurance Inc. is constantly working on your behalf to alleviate any and all of your most pressing concerns.

When it comes to what is likely your most valuable personal asset and largest financial investment, you want to feel comfortable in knowing that you are fully protected. Your home acts as your headquarters and often houses a family, your prized possessions, and the majority of your life work. It also doubles as an accomplishment and a symbol of your hard work and perseverance.
Home Owners

Safeguard your home, your possessions, and yourself against damages and liability claims relating to accidents taken place inside your home or on your property.

Condo Owners

If you are a townhouse or apartment owner within a condominium complex, you will require personal property coverage to keep your belongings safe as well as liability coverage to protect you in the event of unintentional bodily injury or damage caused to others. You may also be eligible for additional living expenses if an instance arises where you are unable to reside within your unit for a temporary duration.

Tenants

While the owner of your apartment has the building insured, this coverage does not extend to your belongings or protect you from liability in the event of an accident. Tenants insurance will protect your valuables against theft due to break-in and from damage due to fire or severe weather.

Bricks, Mortar and So Much More

Home ownership is one of the largest financial investment decisions Canadians make. Your home may be your biggest source of equity. No matter how well built, your home is vulnerable to fire, vandalism, and other types of damage and destruction.

As a homeowner, you need to insure your house for replacement costs so that in the event of serious damage or destruction, you have adequate coverage. Be sure to keep your home insurance current by reporting material changes or upgrades.

Contractual Obligations

Unlike auto insurance, home insurance is not mandatory by law. However, 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 your responsibility to report any changes to your property. Contact your insurance professional before you:

  • Renovate your home
  • Install a pool or spa
  • Set up a home-based business, such as a daycare
  • Lease all or a portion of your property
  • Purchase jewellery or art

Keeping your insurance company informed with an accurate and up-to-date description of your home and its contents can help to speed up the claims settlement process after a loss.

What Is Covered?

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. The policy also covers:

  • Dependants under the age of 18
  • Dependants who are students enrolled and actually attending a school, college or university and living in the household or temporarily living away from the insured principal residence

If you share your home with a friend or relative, or rent out part of your residence, you must notify your insurance representative.

Home insurance also includes coverage for additional living expenses in the event that you are temporarily unable to live in your home due to an insured loss in certain circumstances.

4 Tips for Insuring Your Home & Contents

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

  1. Insure for rebuilding costs.
  2. With severe weather on the rise, confirm accurate replacement value.
  3. Review your home inventory each year when you renew your policy.
  4. For high-value jewellery or fine art, consider a separate endorsement.

Even a partial loss – such as from a break-in, theft of multiple possessions and related damage – can potentially cause financial hardship. Home insurance protects you from having to pay all at once to replace what was lost at what is often an emotionally difficult time.