Understand your insurance policy London Free Press
Recently, dozens of home and business owners in Goderich suffered tremendous losses as a result of one of the most severe tornadoes to hit Ontario in 15 years.
Though governments typically offer some monetary assistance if a tornado, fire, flood or other natural disaster were to destroy or damage your home, would you have the right insurance coverage to rebuild and cover your financial loss?
If you can't answer this question or your answer is no, maybe now's the time to review your home insurance policy.
There are typically four types of coverage contained in the homeowner's policy: home and personal property, personal liability, medical payments and additional living expenses.
Dwelling damage coverage helps pay for damage to your home.
Personal property coverage will pay for personal property, including household furniture, clothing and other personal belongings, usually up to 50% of the policy limit on your dwelling. The coverage only pays the current cash value of the item destroyed, unless you purchase replacement-cost coverage.
