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1 any water damage is covered. It actually depends on the scenario. Water damage is often covered if it is sudden and accidental in nature (for example, a pipe suddenly bursting or a washing machine suddenly leaking). However, in certain situations (such as the backup of a sewer/drain) the policy may contain limitations or exclusions, so you'll need to purchase additional coverage for wider protection. And in some cases that are not sudden and accidental in nature (such as seepage of groundwater through a basement wall) exclusions usually apply for which additional coverage cannot generally be purchased. Check with your agent on different scenarios to learn which can and can't be covered. 2 Your $9,000 triathlon bike is covered. Not necessarily. Most policies come with special limits that may not provide sufficient coverage within their basic provisions for expensive bicycles, jewellery, computers and other prized possessions. A good agent will help you identify which items need increased coverage. 3 Pay up and you're all set. Not quite. While paying for your insurance on a payment plan may make renewing your policy more convenient, it's not the only step you need to take. Insurers require that significant changes in your property or circumstances be promptly reported and failure to do this can potentially void policy coverage. Have you rented out a basement suite? Installed a wood-burning appliance? Started a home business? Always make sure you notify your insurer of these and other types of changes as soon as you become aware of them, and check your policy at every renewal to make sure it continues to meet your needs and accurately reflect your household. Understanding the key elements of your policy can be the difference between a financially manageable mishap and a costly nightmare – which is well worth the call to a trusted insurance advisor. n I n 2013, an American insurance company surveyed 1,600 people and found that most respondents felt they knew more about their favourite prime-time television shows than they did about their home insurance policies. That's not surprising given the complexity of some policies, but fortunately, licensed insurance agents exist to help explain things. "A common misconception exists about the breadth of coverage afforded by most insurance policies," explains Jonathan Willoughby, Manager of Underwriting at BCAA. "It is crucially important for policyholders to understand what exclusions apply, so that they can understand coverage limitations, purchase extra coverage when needed and avoid any surprises when a loss occurs." Here are the top three myths that continue to exist in the minds of some policyholders: iStock winter 2015 bca a .com 27 prep talk at home DID YOU KNOW? 3 MYTH BUSTING popular misconceptions about home insurance could end up costing you BY roB Howatson You can get a quote on BCAA Home Insurance and start your coverage in just minutes. Plus, Members can save up to 15%! bcaa.com/home

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