Protecting homeowners from traumatic events

Making sure that our families are protected and safe from danger is the top priority for any person. But, preparing for the worst is always advisable because if a traumatic event does occur, the costs can quickly escalate. While coverages around these family-related events have typically been offered in niche products, high-value homeowners policies have stepped up to offer Canadian homeowners a level of protection that’s needed during the toughest periods in life. “High-value policies offer benefits above and beyond what a regular homeowners policy include,” says Amie Vandevenne, Property Underwriter, South Western Insurance Group Limited (SWG). “One particular feature, for example, offers financial support in times of distress. If a policy owner has been the victim of a home invasion, violent threat or other harrowing ordeal, the policy covers all costs related to the physical and mental recovery.” High-value policies also provide coverage in the event of a kidnapping, stalking, abduction of a child, or a carjacking. As well as covering medical and rehabilitation costs related to any treatment required after a traumatic event, the policy includes costs for professional services if the homeowner needs to hire negotiators, interpreters, consultants and forensic analysts. “The policy also covers any personal security costs, so if the homeowner feels they need to employ security guards or rent an armoured vehicle after a traumatic event, that is covered,” Vandevenne says. “Any costs related to home and vehicle security features, like burglar alarms in homes, cars and boats, are also covered. The policy also accounts for any travel costs in the aftermath of the traumatic event, including tickets, accommodations and meals.” As well as providing protection for financial costs, the coverage also provides advice around issues like personal security services, electronic identity protection and alarm systems design. It’s impossible to put a price on the mental anguish of such a harrowing event, but having access to robust high-value policies means that when the dust has settled and normality resumes, the insured doesn’t have significant financial costs to worry about. SHARE