Protecting investments is a principal goal of any investor and with our decades of experience in mortgage planning and the property asset market, we understand the significance of securing mortgages and sufficient insurance.

House insurance plays a crucial role in safeguarding your property against unforeseen events. However, understanding what’s excluded is equally important to mitigate risks effectively.

Today we are looking at exclusions that might be listed in house insurance deals in Nanaimo to prepare you for unforeseen coverage gaps.

Nature-Based Floods

While Nanaimo’s scenic coastal landscape is mesmerizing, it also poses certain risks, including floods. Flood events are certainly getting more news coverage over the past year so this is an exclusion to look out for.

There are many house insurance policies that exclude coverage for flood damage. Given Nanaimo’s proximity to water bodies, such as the Strait of Georgia, this exclusion warrants attention.

Without adequate coverage, property owners face substantial financial liabilities in the event of flood-related damages. In addition, there might be flood protection steps that homeowners are required to take so it is always good to be fully aware of your responsibilities as well.

Earthquakes and Tectonic Tremors

Nanaimo, nestled within a seismically active region, is susceptible to earthquakes. Despite being a coastal city, seismic activities remain a looming threat, often overlooked in house insurance policies.

The exclusion of earthquake coverage leaves property owners vulnerable to significant losses in the aftermath of tremors, highlighting the importance of supplemental coverage options.

Ask your broker if there are earthquake damage mitigation steps you need to take as a property owner.

Sewer Backup

Sewer backup incidents, though infrequent, can wreak havoc on properties, leading to extensive damages and cleanup costs.

Unfortunately, many house insurance policies exclude coverage for sewer backup, leaving property owners exposed to potential financial burdens.

Given Nanaimo’s ageing sewer infrastructure, understanding this exclusion becomes imperative for proactive risk management.

Talk to your broker about how you can protect your asset and your rights to claim.

Mould and Fungus

Mould and fungus infestations pose health hazards and structural risks to properties, yet coverage for mould-related damages is often excluded from house insurance policies.

In Nanaimo’s humid coastal climate, mould growth is a frequent occurrence. This exclusion underscores the importance of proactive prevention measures and supplemental coverage options to safeguard property health and integrity.

Wear and Tear

While house insurance offers protection against sudden perils, coverage for wear and tear is typically excluded. Over time, properties undergo natural deterioration, necessitating maintenance and repairs.

Understanding this exclusion empowers property owners to prioritise proactive maintenance measures and build up buffer capital, ensuring the longevity and resilience of their investments.

Acts of Terrorism

In an era of global uncertainties, acts of terrorism remain a potential threat, albeit rare.

Surprisingly, many house insurance policies exclude coverage for damages resulting from terrorist activities or riots.

While Nanaimo is nationally renowned for its peaceful ambience, acknowledging this exclusion fosters preparedness and risk awareness among property owners.

Chat with our team about fully safeguarding your home with comprehensive house insurance coverage in Nanaimo.

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