By Sheryl Smolkin

For the last week, the images I cannot get out of my mind are the pictures and videos of Fort McMurray burning. Every week on savewithspp.com we post blogs that discuss retirement savings and how readers can fund their life after work. But the major asset most of us are depending on to augment government benefits is the equity in our family homes. Imagine having that wiped out in minutes as you flee to safety.

The only good news has been the incredible bravery and grace of everyone involved from first responders to neighbors to governments at all levels. Also, as the Globe and Mail reports, insurance companies across Canada have already begun deploying mobile response units and flying in personnel to the province from across the country to prepare to assess the damage and issue emergency cheques.

Money will never replace photos albums or family heirlooms, but it will go a long way to help people rebuild their lives. That’s why this week we are going to feature a few things you need to know about insuring your home and your possessions against loss or theft.

In a Toronto Star article, Home insurance: 10 things you need to know, Andrew Wicken says the cost to rebuild your home plays a big role in determining the amount you pay for home insurance. Check with your broker or agent to see if you have guaranteed replacement coverage. This ensures you will receive the amount that it actually costs to replace your home and not the amount on your policy. Not all policies have this coverage and rules vary across insurance companies.

What Every Canadian Should Know About Home Insurance Policies posted on InsuranceHotline.com points out the importance of “loss of use” coverage. If your home is uninhabitable after a claim, then loss of use insurance will help your family manage while your home is being rebuilt or repaired. Hotel expenses, meals, and incidental expenses are covered by this portion of your home insurance policy, typically for a specified period of time or to a maximum dollar amount.

The Insurance Bureau of Canada reminds homeowners that it’s your responsibility to report any changes to your property. Contact your insurance professional before you:

• Renovate your home
• Install a pool or spa
• Set up a home-based business, such as a daycare
• Lease all or a portion of your property
• Purchase jewellery or art.

Keeping your insurance company informed with an accurate and up-to-date description of your home and contents can help speed up the claims settlement process after a loss.

The U.S.- based Hanover Fire & Casualty Insurance Company outlines some ways to save money on your home insurance. For instance things that might earn you a discount include:

• A home burglary alarm system
• Dead bolt locks
• Fire alarms and sprinklers
• Updated heating systems
• Updated wiring and electrical systems
• A home near a fire hydrant or fire department
• A home located near a police department
• Well-structured and maintained stairs, sidewalks, driveways, and entrances

And finally, MoneySense author Gabrielle Bauer describes Home insurance as defending your castle. When buying home insurance, she says you’re almost always better off using an independent broker who deals with a number of insurance companies, so he/she can get you the best price possible. Also, to keep your premiums more affordable, she suggests bundling your home and auto insurance policies together because it could cut 15% off your total bill.

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The Canadian Red Cross is accepting donations for the Alberta Fires Emergency Appeal. Ten banks in Canada are also accepting cash donations. All individual donations will be matched by the Government of Canada.