Vancouver Home Insurance and Building
Well, if your home burns down, it will have to be rebuilt to comply with today’s building codes and bylaws. Here are a couple of examples of how bylaws can affect the replacement cost of your home: Bylaws may have changed in your area: Bylaws and building codes are constantly changing.For instance, did you know that if you live in Vancouver, and need to rebuild your home after a loss, it is a requirement that a sprinkler system be installed? As a result of this bylaw, the cost to rebuild your home has just gone up! Who’ll pay for this? If you don’t have Bylaw coverage on your home insurance policy, you’ll be paying for it out of your own pocket. Bylaw requires rebuilding: Some municipalities have bylaws that state if your home is damaged to a certain percentage, you cannot just repair the damage; you need to tear down the home, and rebuild it. This can result in a huge extra expense, not covered by most home insurance policies if you haven’t added a Bylaw rider! Even if you’ve added Bylaw coverage, you may not have enough in a case like this.
So what’s the best way to protect yourself? When you purchase home insurance, ask your agent if the policy provides “bylaws coverage”. Most policies include a small amount of protection, and may offer additional coverage for an extra charge. You may think you don’t need much bylaw coverage if your home is brand new. After all, a new home should be constructed to meet all the current bylaws and building code requirements.
But remember, your municipality may require your house to be rebuilt, even if it’s only partially damaged. This can happen to a home of any age, and as mentioned, could be a tremendous expense. At Square One, we automatically cover the cost to upgrade your building after an insured loss so that it complies with the current codes or bylaws. No limit! This is a very important coverage that is often overlooked. Without it, you could be out thousands of dollars. Contact us today for a quote and make sure you don’t have to worry about bylaws affecting your claim!
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