Buying a home is often the purchase of a lifetime. Our friends at Chubb Insurance have put together a checklist to help you ask the right questions before starting a new life in a new home.

1. Is the property properly graded?

Ground that does not allow water to drain away from the foundation during a heavy rain storm or after a big snowstorm may result in the water seeping down along the foundation and ultimately into the basement.

Also, if the property is lower than the neighbour’s, be sure any water runoff from surrounding properties is diverted away from the foundation. A properly working exterior drain system is important for all properties where the ground slopes toward the foundation.

2. Is the basement dry?

Check the basement area for dryness. Stains on walls are one indicator, but the existence of a sump pump is a sign that ground water is a possibility. Ask if the pump is in working order or require a demonstration by having water poured into the pit to ensure the pump is functional.

3. Are the gutters and downspouts clear of debris?

If the home is in a wooded area, gutters can become clogged with fallen leaves and debris. This may cause rainwater to spill over, which results in water entering the home either through the roof or basement. It may also damage exterior wood siding.

Check to see that gutters and downspouts are clear, especially in the fall.

4. Are there stains on the ceiling, walls and floors?

Water stains on ceilings, floors or walls are a clear sign of water problems. Look specifically in corners on the upper floors for signs of roof leaks.

Ceiling damage on the lower level is a sign of plumbing or fixture leaks on upper levels. Water stains can easily be covered with paint, so bring a bright flashlight with you and shine it on walls, floors and ceilings to look for signs of imperfections and staining.

Click here to view all 10 tips.

Did you know that a simple review of your policy can save you money?

Time and time again you will have received your renewal and seen the rates increase, but your pay may not have. This can be tough and we understand, as we are insurance consumers as well as advisers for you.

What you should ask yourself is, “Am I getting all I can from my insurance company?”

You may be thinking that call to your broker may cost you more rather than save you money. Some areas in which you may be able to take advantage of discounts could include the following:

• Upgrades to your roof, plumbing, wiring and heating
• Being mortgage free
• Installing an alarm system
• Being a non-smoker
• Installation of a sump pump
• Installation of a back-water valve (See video)

While many homeowners, condominium owners and secondary homeowner policies provide you with guaranteed replacement cost, there is the possibility that the guaranteed replacement cost endorsement could be null and void if you have not recently completed an updated rebuilding evaluation.

Over the years the calculation tools used to determine the rebuilding cost of your dwelling have been refined. This enables insurance companies to properly insure your residence in case of a loss and to make sure you get back all that you are entitled to.

Be sure to call your broker for more details on how the guaranteed replacement cost endorsement applies.

There are always pros and cons in making the decision to take a look at how much you should be insured for. Ask yourself, “How important is it to me to have peace of mind knowing I am “insured to value” in the event of a loss?”

​There are even some companies that provide discounts when completing a new evaluation of your home.

This is also a good time to see what other coverages are offered by your insurance company. So take a deep breath, pick up the phone and you never know how much you can save unless you call us.