Take Property Insurance to Insure Your Happiness

1. Take Property Insurance to Insure Your Happiness Property is one of the most sought after investment and indeed deserves insurance. Property insurance​​ may sound a bit redundant type of insurance but actually it is not. What if your house catches fire or witnesses damage due to earthquake or becomes the victim of some other natural or man-made calamity? The mere imagination of bearing hefty expenses if the house encounters serious damage is enough to send goose bumps. So, the best resolution is to go for home insurance cover. Major highlights of ​Home Insurance​​ cover: ● Protection for house structure ● Protection for household valuables ● Optional coverage for theft/larceny Features of property insurance: Basically there are two factors that can result in structural loss and contents loss a. Fire break out and other perils: In such a scenario the protection is provided against: ● Fire, explosion, aircraft damage, damage due to missile operation ● Riots, Damage due to terrorism ● Tornado, Cyclone, Storms, Landslides ● Earthquakes, Volcanic eruptions ● Damage occurred due to vehicle or animal b. Theft and Larceny: This covers the loss occurred to the contents placed inside the home: ● Valuables kept inside a safe within the premises ● Other contents such as furnishings for which insurance is seeked

2. Factors determining the sum insured in property insurance: Reinstatement Value (for structure): At the time of ​Property Insurance Calgary​​, the sum insured is determined on the basis of reconstruction cost of the house keeping in mind the occurrence of eventuality such as flood, fire or storm. The reconstruction cost is determined by the cost of establishing a structure taking into account built up area. The note worthy point is that cost of land is not included but the follwing two factors are considered: ● Built up area of your home ● Construction cost in your locality The reinstatement value is determined by multiplying the built up area of your home by the per square feet cost of construction. Market Value (for contents): The valuables or contents are measured on their market value. At the time of insurance, the market value is judged and if a loss occurs the market value is paid minus the depreciation amount. ● Intentional damage to property by self ● Damage occurred due to warfare ● Losses caused if your house remains unoccupied for the specified time as provided in your policy, without intimating your insurance provider.