Home insurance tips for Kelowna buyers

"You’ve told friends, your banker and your mom: You’ve found your (Kelowna) dream house. But have you told your insurance agent?

Henry Blumenthal thinks you should, even before you buy. The vice-president and chief underwriter of Toronto-Dominion Bank’s TD Insurance has seen homes with problems that would have increased the buyer’s insurance premiums or even invalidated their home insurance.

"I was working on a file where a home inspection revealed that the basement had experienced water damage several times and it would cost over $75,000 to fix. After speaking to us, the potential buyer learned that the home was in a zone where we receive frequent water damage claims and, because of its location, would be susceptible to water damage even after the repairs," he says, citing an example of how an insurer’s insight helped a potential buyer. "In this case, he decided not to purchase the home."

Insurers are primarily looking at two factors when assessing risk: the frequency with which a particular problem occurs and the potential magnitude of the loss.

If you’re in the market for a new home, here’s some advice from Mr. Blumenthal that could help you make your decision:

• Water is no friend to a home. Water damage is the most common home insurance claim. For a better understanding of how water can get in and what it can mean for your insurance and your wallet, show your home inspection report to your insurer.

• An alarm system will save you in more ways than one. Looking at a house with an alarm system in it? Not only will you and your home have added protection, but it can save you money with discounts on insurance premiums.

• Accidents do happen. Consider your liability exposure in a home: a pool that isn’t properly fenced, for example. The more hazards there are on a property, the more your liability protection will cost.

• Location, location, location. Depending on the location of the home, your insurer can identify whether additional riders will be necessary to make sure you are adequately protected.

• It needs a little work. If you’re buying a fixer-upper, flag this for your insurer. When you add value to your home, your policy needs to reflect the increased replacement coverage cost.

• Don’t judge a book by its cover. If your insurer isn’t comfortable with an item after reviewing the home inspection report, you should take a closer look.

(prepared by Dianne Nice/Globe & Mail)"


There are many Kelowna house insurance agencies. Below are just a few local home insurance agents:

BCAA
18 - 1470 Harvey Avenue Kelowna V1Y 9K8
(250) 861-4554

Co-Operators Insurance Agencies
27 590 W Hwy 33 Kelowna V1X 6A8
(250) 860-8466

Dilworth Insurance Services
120 1640 Leckie Rd Kelowna V1X 7C6
(250) 861-3777

Kelowna Valley Insurance Services Ltd
156-1876 Cooper Kelowna V1Y 9N6
(250) 860-6064

Sussex Insurance Agency
2280 Baron Kelowna V1X 7W3
(250) 762-8846

Valley First Insurance Services
103 2395 Gordon Dr Kelowna V1W 3X7
(250) 861-5527


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