Owning a home comes with security, pride and, of course, responsibility. As perhaps the most significant investment you will ever make, protecting it – and your peace of mind – is an obvious priority.

Here are some tips to help homeowners and renters make informed decisions.

  1. A landlord’s home insurance won’t cover a tenant in the case of damage. In fact, without renter’s insurance, a tenant could have to pay a significant amount of money if they caused damage to a building or unit, even as the result of an accident.
  2. Protection isn’t just about things. While you must take care in protecting the contents of your home from disaster, it’s equally important to consider the people who live there. Personal liability applies to those who live in your home and policy amendments must be made any time there is a change.
  3. Renovations impact coverage. As physical aspects change, so should your insurance. It’s in your best interest to inform your insurance broker of any major renovations so you can update your policy and ensure you’re adequately covered.
  4. Things can change when you go away. Most people don’t realize that spending significant time away from home may impact your coverage. You never know what might happen while you are away, so learn the details of your policy and protect yourself from unnecessary risk.

The best thing to do is talk to an insurance broker to make sure you have the policy you need, then touch base regularly to keep it current.