Tips To Choose The Right Home Insurance
11 Jun, 2018
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7 Tips to Choose the Right Home Insurance

Home insurance is essential in ensuring your home is covered in the event of an emergency. Not to mention, if you’re buying a home, your lender will likely require that you have it. But, many people aren’t sure what type of home insurance is right for them. Many companies offer different incentives, services, perks, and levels of coverage that might be right for one homeowner but not another. If you’re on the hunt for a home insurance policy, here are a few tips that will help you find the coverage that’s right for you.

Estimate Repair Costs Ahead of Time

When insuring your home, it’s important to know how much a typical repair would cost. Keeping in mind what it might cost to replace or repair certain items in your home while shopping around for policies will help you choose the right coverage. There are many different types of home insurance policies on the market, so you need to ensure you’re picking a policy that will offer enough coverage, and that’s also in line with the premiums you can afford.

Understand Areas of Coverage

There are many homeowners out there who aren’t quite sure what their homeowner’s insurance policy covers, so when damage does occur, they are surprised to find that certain things are not covered — this is why it’s important to understand the language in your policy. It will help you negotiate things before you give your sign-off, and ensure that you purchase additional coverage if necessary. It’s also important to understand homeowner’s insurance terms.  This way you can pick the best plan since you’ll be able to understand what’s covered, and what is not.

Beware of Price Increases

The price for your home insurance policy might not remain the same each year. In fact, many plans increase on a yearly basis. The cost of to repair and rebuild your home, the value of replacing your contents, all increase year over year due to inflation.  The insurance carrier may also be missing information about your home such as updates to your roof, plumbing, electrical, or heating system. Review the information shown within the policy renewal for any missing or outdated information. You may be missing out on additional savings simply because the insurer did not have updated information.

Know What Types of Damages are Covered

Depending on the area you live in, you might need additional coverage for flooding, earthquakes, hurricanes, or other natural disasters that tend to strike certain areas more frequently. Be sure that the insurance policy you’re looking at will cover those situations, especially if they’re likely to happen in your neighbourhood. This safeguards your against the costs of a natural disaster damaging to your home.

Review the Claims History

You can be rewarded with additional discounts when you have remained claims free.  Typically, the discount begins after your first three years of continuous insurance with no claims being filed.  Some insurance companies will consider your claims free record up to 10 years or longer. Look to your policy renewal to make sure a claims free discount is showing.  If not, call your Broker to review your eligibility.

Check the Reviews

You can also check the ratings and reviews for the companies who are providing coverage to you. Doing a quick online search will help you get an idea of how satisfied other customers are, and areas that the company may be lacking in.  This can help you determine their ability to meet your needs and ensure that you’re choosing a company that has a record of providing high-quality service.

Answer Their Questions Honestly

When getting a quote from an insurance policy, it’s best to answer whatever questions you’re asked honestly. An insurance company needs the right information to provide you with a policy that will fit your needs. Don’t try to fib in order to get a lower price quote. This may only end up leading to you getting an inaccurate price quote or, in some cases, the insurance provider may cancel your policy altogether.

Insurance for your home is not something you can live without. You need it there to cover you in the event of an emergency. That’s why it’s best to understand the types of coverage out there, how much it will cost you, and learn how to choose the right provider based on your needs. Be sure to use these tips when shopping around for coverage and consult with a professional if you’re ever uncertain about policy coverage.

For more information about how to choose the right home insurance policy, call WB White Insurance at 877-420-4572 or contact us here.

Amanda May

Amanda began her insurance career in 2000. As a Chartered Insurance Professional (C.I.P.), Amanda is passionate about continued education for insurance professionals. Amanda teaches the Insurance Broker Licensing program through Durham College, and speaks about insurance related topics at B2B events.

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Oshawa Office 110 King Street East
Oshawa, Ontario, L1H 1B6

Lindsay Virtual Office