First-time buyer or renter? Find the right insurance

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(NC) Nearly half of Canadians lose sleep when thinking about their home insurance policy, according to a recent survey. With some being first-time homeowners, it can seem overwhelming to think about having the correct amount of coverage and knowing what to do when something does go wrong. Here are some things homeowners can consider so they can get the rest they need:

Know your policy. Most home or tenant policies cover the significant items that people care about. But there may be exceptions within your policy. Make sure you understand your basic policy details and check that extras such as jewellery, bicycles or cash are covered. Talk to your insurance agent to ensure your policy also covers earthquakes, sewage back-ups and other events that might be prevalent in your area. If you’re a first-time homeowner, base your policy on your home inspection report to make sure you account for any possible issues identified.

Everyone’s coverage will be different. Whether you’re living in a home that you own or rent, you need insurance.

As a tenant, it’s important to have tenant insurance that covers your personal property, including furniture, clothing and other valuables. Your landlord’s insurance policy should cover the building and any detached private structures such as garages or gazebos. But be aware that tenants are held financially responsible for the harm they cause to any part of the building in which they live, or to others who live or visit there.

As a homeowner, your insurance policy covers the expenses that can come up if something unexpected happens to your home and your belongings. It's also there to protect you if you accidentally hurt someone or damage someone else's property anywhere in the world.