Monday, November 10, 2008

Going away ? Are you covered ?

Here's a great contribution from one of our trusted professionals and business partners ... hope you enjoy it! With all the snowbirds getting ready to go south - or even when you are getting away at any time of year - this is great advice. Get in touch with Christine if you have more questions or would like to get her looking after your place while you enjoy a getaway. Oh and don't forget to mention that you read about her on the Your Mortgage Matters Blog ! Best, Marshall

Did you know that if you leave your home empty, for more than a few days, you risk your home insurance coverage being affected? Many people ask their neighbour’s son to keep an eye on things or have a family member stop by once a week during a vacation or business trip. The same also applies to empty homes in the process of being sold, probate properties, relocations and properties of contract workers. Unfortunately this may no longer be enough should you be unfortunate enough to have a claim, such as a burst pipe, electrical fault or break-in, arising from the time of your absence. Under the terms of your home insurance policy proof of a visit every few days is needed to ensure full coverage with the protection it offers.

Last year a neighbour of mine, down in Florida for the winter, received a telephone call from her sister in law who was popping in once a week to check the house. She’d had a leak in the basement, which her sister in law only found when she noticed a strange smell four weeks after my neighbour’s departure. By this time it was too late and the small leak became a big insurance claim, involving not only repairs but replacement of carpets and furnishings. Unfortunately my neighbour was not aware of the conditions of her home insurance policy, which stipulated that someone had to inspect the property every 72 hours minimum during her absence.

The moral of that tale is check the small print and be aware of the conditions of your policy. Go away with total peace of mind knowing that you’ve covered all the bases and made formal arrangements for your home to be taken care of during your absence.

Christine Raynor.
Home Or Away Property Services

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