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Find out how much home insurance coverage you need

With Desjardins Insurance, you can protect one of the biggest investments you’ll ever make: your home. Here is some information you should consider when determining how much home insurance coverage you need. You can also contact your Desjardins Agent who can help find the coverage that’s right for you.

Insure your home for at least 100% of its estimated repair or replacement cost

Determining your home's estimated repair or replacement cost is important because this will help you find out which optional coverages are available to you.

Since it is impossible to predict today what the exact cost will be to replace your home in the future, it's important to have enough coverage to account for unforeseen circumstances.

Before you purchase a new home, make sure you obtain a repair or replacement cost estimate by consulting a builder or building association. Your Desjardins Agent can also help with this process.

Keep in mind some architectural details or unique building materials may affect your estimated repair or replacement cost, such as:

  • Upgraded bathrooms or kitchen (including cabinets)
  • Finished or partially finished basement
  • Additional rooms or living space
  • Custom moulding or arched windows
  • Other unique features

Understand the difference between market value and repair or replacement cost

Market value is the amount a buyer would pay for a home, including the land, regardless of how much it would cost to rebuild the home. Repair or replacement cost is the rebuilding cost necessary to repair or replace the entire home.

Repair or replacement cost IS NOT:

  • The market value of the home
  • The home's purchase price or the cost of the land
  • The outstanding amount of any mortgage loan

Make sure you’re well protected against water damage

Climate change is bringing heavier rainfall and snowfall and more frequent ice storms—all of which can pose serious risks to your property. To make sure your home is protected in the event of damage, we’ve developed a range of water damage coverage options that you can add to your home insurance policy for even more peace of mind.

Damage caused by ground water or sewer back-up

This can cover sudden and accidental loss or damage caused by water escape from sewers or septic tanks. It can also cover you if ground water seeps in through basement windows, doors or floors.

Example: During a rainstorm, water seeps in through a basement window. This endorsement can cover the cost of replacing, repairing or cleaning your damaged property.

On your policy, this coverage is called Endorsement 16c: Water Damage – Ground Water and Sewer Back-Up (excluding flood caused by the overflow of a body of water)

Damage caused by overland flooding

This can cover sudden and accidental loss or damage caused by events like an overflowing river or a dam break.

Example: A nearby river breaks its banks and water floods into your home. This endorsement would cover the cost of repairing or replacing your damaged property (up to the amount indicated on your policy).

Also, if you’re forced to leave your home because of the flooding, you can be covered for your additional living expenses (like hotel expenses) during your temporary relocation.

The deductible for this coverage may be different from the deductible on your basic policy.

On your policy, this coverage is called Endorsement 16d: Flood Caused by the Overflow of a Body of Water

Damage caused by rain, snow or sleet

This covers sudden and accidental damage caused by:

  • Rain or snow seeping through walls, roofs, doors or windows.
  • Water escaping, backing up or overflowing from eavestroughs or downspouts.
  • The weight of ice, snow or wet snow.

On your policy, this coverage is called Endorsement 42: Water Damage ─ Above Ground Water and Weight of Ice, Snow or Sleet

Review your home insurance coverage annually

It’s important to make sure your home insurance coverage meets your needs. Home renovations and upgrades may increase the amount of insurance coverage you need. Speak to your Desjardins Agent about any renos or additions, so we can make sure your policy covers your changing needs.

Our home insurance coverage automatically adjusts every year to compensate for inflation and increases in construction costs in your area. However, certain conditions such as severe weather can increase the demand for labour and materials and raise costs beyond normal inflation. Market conditions can also affect what it would cost to rebuild your home in the case of a loss.

Good to know

You should update your home insurance coverage amount every year to keep up with the changing economy. Your Desjardins Agent can help you adjust your policy to meet your coverage needs.

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