Risk Management at Home Buying home insurance protects your home and most valuable assets. By understanding common risks and taking action to mitigate those risks, you can prevent potential losses. Home Risks 101Unfortunately, the worst-case scenario sometimes occurs, whether it's a flooded basement, kitchen fire or natural disaster. Home insurance provides peace of mind against many potentially costly risks. And there is a lot you can do to prevent damage to your home.5 Ways to Reduce RiskKnow what might go wrongAn uneven step could cause someone to fall on your property. Learn about your slip, trip and fall risks and the value of preventive maintenance.If you take part in the microFIT Program, Ontario's renewable energy program, you may need a separate policy. Plan ahead to reduce your liability risksLimit how much alcohol guests are served when you host a BBQ, dinner or house party.Create an emergency 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.Know how to handle an emergency or loss situationLearn the 7 things you need to know when making a property claim. And keep calm.Keep an up-to-date record of your household contentsA current home inventory of your belongings will make it easier to file a claim.Add more coverageIf you are concerned about natural disasters, you may be able to add coverage to your policy, such as earthquake coverage. Your insurance representative can explain the available options. Home Safe HomeIf an extended family member, friend, guest, courier, contractor or babysitter is injured on your property, he or she may take you to court.People who have suffered an injury are more likely to sue if they believe they have been wronged. Judges and juries are often sympathetic to injured people and give the claimants the benefit of the doubt.Take steps to prevent or reduce the possibility of an injury at your home. These actions may help your defence in the event that you are sued.Manage Your RisksBy taking control of your home risks you can: Confirm your current insurance needsReduce your liabilitiesSafeguard your valuablesProtect the environmentBe better prepared for worst-case scenarios. 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.microFIT Program (Solar Panels)You may need a separate policy. Your home or business insurance policies may not provide coverage for loss or damage to a rooftop or ground-mounted solar panel, or loss of business income earned through the program. You may wish to purchase an extension to your current policy to cover your project. 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.