15 tips to protect your client’s home

By Staff | April 11, 2013 | Last updated on April 11, 2013
2 min read

Almost half of all home insurance claims are the result of water damage, finds Aviva Canada Inc. And the average cost of such damage increased 117% between 2002 and 2012 — clients can expect to have a $15,500 claim if water seeps into their homes.

Read: Housing affordability improves

Here are some steps to help clients safeguard their homes.

  • Inspect your roof: To prevent leaks, get the roof inspected every few years to check the condition of the shingles and replace when necessary.
  • Clear out gutters: Prevent blockages, such as leaves and other debris that could force water into your home.
  • Install a backwater valve: These valves close automatically if the sewer backs up and can prevent thousands of dollars in damage.
  • Scope out your sump pump: If your basement has one, examine it and conduct a test run if it doesn’t get used frequently.
  • Divert snow away from your home: Ensure snow is removed from around your home, its foundation, doors and basement windows.
  • Check your foundation: As ice melts, if you notice water pooling in certain areas, clear the liquid away from your home.
  • Ensure your window wells are debris-free: Clear any accumulated garbage or leaves to allow water to drain properly.
  • Ensure street catch basins are not blocked: These prevent snow from building up on the street level, protecting water from seeping towards your property.
  • Protect your valuables: If your home is prone to water damage, consider moving valuables away from high-risk areas, such as the basement, or place items on high shelves or risers.
  • Start right: If you are finishing your basement, make sure to seal your exterior walls.

Get insured

And with spring underway, many Canadians may look for a new home or think about renovations.

Read: Should clients rent or buy?

Here are some home insurance tips from the Insurance Bureau of Canada.

  • Whenever you increase the value of your home through renovations or new purchases (e.g. artwork, jewelry), notify your insurer to ensure you have adequate coverage.
  • Know your policy renewal date and allow yourself at least 60 days to review coverage. Read carefully and have your insurer explain any exclusions.
  • Make a list of details about your home and contents. That information may be needed when calculating the amount of insurance you need.
  • In the event of a claim, know the amount of your policy deductible.
  • Ask about discounts, such as multi-product discounts for insuring your home and auto with the same insurer.

Also read:

15 tax credits for Canadians

8 ways clients can manage finances

4 tips when purchasing travel insurance

Advisor.ca staff


The staff of Advisor.ca have been covering news for financial advisors since 1998.