When you’re considering home insurance options, finding the right coverage is key. 

As part two of our series on home insurance, we connected with local expert Laurie Forshner-Talbot, President of Talbot Insurance Services Ltd. to share her insight on navigating the complexities of home insurance coverage. 

First Response: Can you tell us a little about your background in the insurance industry?

Laurie: I’ve personally been in the insurance industry for 44 years. I started working at the insurance company level at age 19, and then moved to the public sales/brokerage side around age 30.

First Response: We are seeing claims denied from homeowners who have insurance, but may not have the correct coverage. What are the recommended policies that can be purchased in addition to your basic home insurance?

Laurie: Here are my top suggestions in order of both frequency & severity: 

• Sewer/Septic Backup coupled with Overland Water. Most policies contain Sewer/Septic Backup, but unless you also have Overland Water coverage, then a backup of your Sewer or Septic CAUSED by Overland Water is excluded. Thus, it is critical to have both of those coverages, if you can.  

• Operating a business from the home is another grey area that often gets overlooked. Moreover, vacation and tenancy rentals fall into this category. If you rent out part of your home to a full-time permanent tenant, then you need to make sure your home policy is changed to allow for that. Your policy will then respond to damage your renter may accidentally cause (ex. a kitchen fire) plus you’ll have liability protection if there is an injury on your property to the tenant or a third party. Vacation rentals are treated differently and several carriers now have specific offerings. 

• Earthquake coverage is an environmental consideration, yet increasingly important to consider when adding coverage. 

First Response: What are the best ways to reduce insurance premiums?

Laurie:

·         Increase your overall policy deductible

·         Increase your Earthquake deductible

·         Receive a Claims Free Discount by avoiding claims for small issues

·         Receive a discount for being mortgage-free

·         Allow Credit Scoring – a soft credit check doesn’t affect your credit rating but CAN involve a discount of up to 30%

·         Burglar and Fire Alarms – approved, monitored alarms can save up to 15%

·         Bundling – some carriers offer multi-property/policy discounts

·         Water Leak Detection System = stops water automatically at the main

To ensure all of your personal coverage needs are being met, it is best to speak directly with an insurance broker.  

We thank Laurie for her local insight and guidance on home insurance needs. For more insurance advice, reach out to Laurie and her team below.

Talbot Insurance Services Ltd.
112-1100 Sunshine Coast Highway
Gibsons, BC
Open Monday to Saturday: 8:30am – 6:00pm
Tel: 604-886-2555
ContactUs@TalbotInsurance.ca

UP NEXT: Homeowner Responsibilities for Maintenance and Vacant Property