Cannabis and Home Insurance

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Cannabis is now legal for Canadians nationwide, the stated goal of the government was to legalize, strictly regulate and restrict access to cannabis, keep it out of the hands of Canadian youth, and prevent the expansion of organized crime and the black market.

All residents are now able to grow up to four plants for personal use, there are also many who are able to grow more than this if they have a medical license.

If you are planning on cannabis plants there are a few things to consider when it comes to both taking care of your house and making sure you are insured properly.

• Make sure you are following the law, the Department of Justice website is the best source for accurate information on what is and is not legal.  Their link is as follows: https://www.justice.gc.ca/eng/cj-jp/cannabis/

• Tell your insurance company what you are doing. Whether it is legal or not, insurance companies all have different rules when it comes to the properties that they will or will not insure. If they will not insure someone who is growing plants on their property then it make be time for you or your broker to shop around for another option. If you are growing more than the four plants for personal use then you may require a special policy.

• Have all electrical work done by a certified electrician. This will greatly lower the chance of fire in the home.

• Monitor the indoor air quality of your home if growing inside. Keep an eye on relative humidity, indoor mold, cannabis related odours, and carbon monoxide.

• If you are renting, make sure you have permission from your landlord before planting.

• Keep security in mind, growing cannabis plants in your home will increase your chances of theft, especially if other people know about it. You may want to consider a monitored alarm system. This will also make it easier to obtain home insurance and will get you discount with some companies.

• Consider the resale value of your home, especially if growing more than a few plants. There is a stigma attached to a house that has been used as to grow cannabis, even a legal amount. Potential buys may reconsider if they know they know that cannabis was grown in the house.

If you would like to read more about coverage regarding cannabis and your home insurance, please read the following article published by canadianunderwriter.ca https://www.canadianunderwriter.ca/legislation-regulation/cannabis-legalization-re-word-home-insurance-policies-1004136321/

Whether you are considering growing a few plants or if you already are, give Absolute Insurance Brokers a call today 1-877-941-2266 or email us to make sure you are properly covered in the event of a claim.

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