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 101

Unfortunately, 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.

Risk Management at Home

​5 Ways to Reduce Risk

  1. Know what might go wrong
    • An 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.​
  2. Plan ahead to reduce your liability risks
    • Limit 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.
  3. Know how to handle an emergency or loss situation
    • Learn the 7 things you need to know when making a property claim. And keep calm.
  4. Keep an up-to-date record of your household contents
    • A current home inventory of your belongings will make it easier to file a claim.
  5. Add more coverage
    • ​If 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 Home

If 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 Risks

By taking control of your home risks you can: