LOSS PREVENTION
Insurance is great, but prevention is better
They say that an ounce of prevention is worth a pound of cure. Think of insurance as the cure (sort of) to a number of bad things that could happen to you or your family. Yes, if you have a fire or theft, insurance will help you pick up the pieces. But most people who have lost their homes in a fire - even those with great insurance coverage - will tell you that they would prefer if it had never happened in the first place. Insurance give syou financial peace of mind. If you have the right coverage, no theft, fire or accident can leave you broke. However, there are certain things that insurance cannot fix.
If your wedding ring or a priceless family heirloom is stolen in a break-in, insurance may cover the actual market value of the item, but the sentimental value cannot be replaced. If you suffer a fire and all your family photos are destroyed, you will feel a tremendous loss,even though the photos have no monetary value. Insurers are in the business of compensating people when they suffer losses. Being so close to so many human tragedies, insurers are passionately committed to loss prevention. They know that it is better to avoid suffering that to try to make up for it.
If your home is uninhabitable for a period of time, you may need to move to a hotel or even a new, likely furnished, apartment. Some home insurance policies will coverage additional living expenses you incur during this time, such as meals (if you are in a hotel) and room charges. Be sure to ask your insurance representative if you have this type of coverage, so that if disaster strikes you can focus on putting your life back together without worrying about the added costs.
Courtesy of the Insurance Bureau of Canada
