Risk Management for Homeowners As a homeowner, being aware of your risks and taking action to limit your liabilities can help you protect your most valuable assets. Learn how to take control and manage risk in today's increasingly litigious world. 5 Questions to AskIn insurance, "risk" refers to the possibility of a loss or other adverse event for which an insurance claim may be submitted. From a homeowner's perspective, risk management can be as simple as addressing these 5 questions:What can go wrong?Know your liabilities. For instance, learn about your slip, trip and fall risks.What can I do to mitigate my risks?Limit alcohol consumption when you host events at home.Create an emergency preparedness kit and plan emergency exit routes with your family members.Prevent sewer overflow in your basement by installing a backwater valve.Ensure that all smoke and carbon monoxide detectors are working properly.How do I handle a loss situation?Keep calm and learn the 7 things you need to know when making a property claim.In case I need to make a claim, how do I confirm the value of my contents?A current home inventory of your belongings makes it easier to file a claim.Can I protect my property against unpredictable events?Consider adding earthquake coverage to your policy for additional peace of mind.Benefits of Managing RiskA clear understanding of all of the risks you may encounter as a homeowner allows you to measure and prioritize them. As well, it gives you the opportunity to take appropriate steps to reduce the potential for loss. Other benefits include:Protecting people from harmSafeguarding your valuablesProtecting the environmentBeing better prepared for a variety of circumstancesReducing your liabilitiesAssist in clearly defining your insurance needs.Litigation RisksIt's important to safeguard your home and its occupants. You could be held liable if an extended family member, friend, guest, courier, contractor or babysitter is injured while on your property. Be aware of the following:People are now more likely to sue.Taking steps to prevent or reduce the possibility of injury could help in defending against a claim. Learn about mitigation techniques you can put into practice around your home.Courts are often sympathetic to injured claimants and give them the benefit of the doubt.Homeowners are held to very high standards of responsibility.People are more aware of the recourses they can take if they believe they have been wronged.Learn about how to keep your home safe and mitigate your liability risks. Filing an Insurance ClaimSometimes life happens. If you’ve been in a collision or if your home has been burglarized or damaged in some way, you’ll want to get your life back to normal as quickly as possible.Personal Property InventoryDo you know how much your possessions are worth?Home Insurance: Is Yours Up to Date?Protect your most valuable asset. Make sure your home insurance is up to date with the checklist and tips in this brochure.Home Insurance – Q&AQuestion to ask your insurance representative. Related ServicesUpdate Your insuranceYou are obligated to report home renovations or additions to your property insurer that may materially change the nature of the risk accepted by the insurer. It is important that you inform your insurance representative or insurer of any changes which may impact your insurance requirements.Mitigation TechniquesFlooded basements can happen all too easily and often without warning. Learn how to prevent or limit water damage and what to do if water floods your home.Home InventoryA current inventory of your belongings makes it easier to file a claim. Keeping your records off-site is wise in case a fire or flood damages your property. Consider updating your home inventory each spring and advise your insurer of any major purchases.LiabilityIf you host a party at your home and serve liquor to a guest who causes an auto collision, you could be sued. If a courier slips, trips and falls while on your property, you could be liable. Risk management tips can help you prevent worst-case scenarios. Useful LinksBuying Home InsuranceAs a homeowner, you need to insure your house for replacement costs so that in the event of serious damage or destruction you have adequate coverage. Be sure to keep your home insurance current by reporting material changes or upgrades.Home Inventory ApplicationA current inventory of your belongings makes it easier to file a claim. Keeping your records off-site is wise in case a fire or flood damages your property. Consider updating your home inventory each spring and advise your insurer of any major purchases.DisasterAm I covered? When can I start to rebuild? In the wake of a disaster, there are many questions to consider. ICLRThe Institute for Catastrophic Loss Reduction (ICLR) is a world-class centre for multi-disciplinary disaster prevention research and communications.