We often think about the larger scope of things when it comes to our home, auto and business insurance. Theft is a big one but what we were surprised to learn about were mishaps that are often overlooked. This list gave us plenty to think about and now is the time to take another look our current insurance policies. By the way, not all policies are made equal, and these additional coverages are subject to your policy wording. So, ask the questions and do your homework.

Here are 10 occurances that could happen that are making us go “OH!” …

SPOILED FOOD: Say you’re at work and a power surge knocks out your fridge, leaving the food inside to spoil while you’re away. Remember the big power outage in Toronto in August of 2003? I had just received a shipment of organic meat from a local farm to split amongst four families. I was seriously worried.  Chances are you can be reimbursed for losses for up to $500. Your mini fridge from college finally kicks the bucket?… Sorry, that’s not covered.

RAMPAGING ANIMALS: If a belligerent moose decides to trample your garden and knock down your fence, you can actually be reimbursed for the damage. Also, home insurance can cover you in the event your dog gets startled and accidentally bites a guest — and that guest sues you. But you have to inform your insurer you own the dog and have it on your property prior to that.

METEORS AND AIRPLANES:  The possibility of crashing into your home. Home insurance is there to provide coverage against “perils.” Did you just google ‘define: peril’? Same. This section can cover unlikely events like meteors and aircraft damaging your home.

MOULD:  A recurring problem in several provinces, yet insurance policies can often only provide partial coverage if any at all. Be sure to check out the difference between mold and mould due to water damage to know what you’re getting into.

IDENTITY THEFT: Many policies guard against your personal property and will even payout on multiple occasions for costs associated with identity theft. In the case of The Co-Operators, you can be reimbursed up to $10,000 ($25,000 for certain clients) for any legal fees or time away from work due to identity theft.

DORM ROOM THEFT:  Even though your little one is all grown and off to university or college, your home insurance can likely still cover their/your belongings under something called “personal property off-premises.”

FLOODING: but you need to add it on. Yes, the classic case you hear about in the news — someone living beside a river or on a lakefront property watched as their home was flooded, only to realize when it came time to make a claim that their home insurance didn’t cover floods. But yes, home insurance has the option to add flood coverage. It’s just separate.

LOCK REPLACEMENT: Home insurance can cover the cost of replacing your home locks in the event your keys get stolen. Vehicles are covered also — as long as they’re on your property.

TREES AND/OR SHRUBBERY: Outdoor trees, shrubs and plants are often covered for a certain percentage of the total building. Trees are generally only covered if damaged by fire, theft, lightning or vehicle crashes.

GRAVESTONES: You read that right, gravestones and urns have coverage. And no, they don’t have to be on your property to be covered. Weather damage, theft, and vandalism are included. Home insurance can also covered funerary expenses of family.

We often forget about checking into current insurance policies regularly — until something happens. Human nature and let’s face it, life moves quickly. An interesting insurance concept came on our radar recently. Foxquilt is an innovative Canadian financial technology company that is based on a social sharing model bringing together communities with similar needs (e.g. moms, pet owners, freelance writers/artists, small businesses) for more competitive and advantages in areas of home, business and auto insurance. Larger groups mean better buying power on premiums and deductibles. Using the latest technology they are able to bring  digital platform to meet the needs of today. They also have partnered with leading insurance companies including CHUBB, Aviva, Economical Mutual and Wawanesa Mutual. You can learn more here at www.foxquilt.com




*We’ve asked Foxquilt for insight into some of the most interesting and often forgotten areas of insurance coverage for this sponsored post.