Home Insurance: What You Need To Know

August 5th, 2014  |  Home Insurance

Home insurance is one of the most important forms of coverage for homeowners. Whether you are buying your first home, own a condo, or its time to renew your current homeowners insurance policy, you need to be educated about home insurance and the value of a good home insurance policy. The more you know about home insurance and what is and is not covered in your policy, the more educated decisions you can make about your policy.

Surprisingly, there are many homeowners that know very little about this important form of coverage. This often leads to them assuming they have coverage. When it comes to insurance, making assumptions is something that you lead to a situation where you think you have coverage, when you in fact do not.

4 Things You Need to Know About Home Insurance

1. It’s required by mortgage companies: Many first time home buyers don’t realize that proof of home insurance is required by mortgage lenders in Canada before mortgage approval will be granted. Your coverage amount will need to cover the cost to repair or replace your home due to damage such as fire.
2. You have coverage options: All home insurance policies are not created equal and you have many insurance coverage options available to you. To maximize your policy options, its best to use a home insurance broker so you will have access to policies from a number of insurance companies. The more insurance products you have access to, the more options you will have to choose from, something that is of particular importance for people with unique or specialized home insurance needs.
3. Costs vary based on your situation: Every home has its own unique set of considerations. This is why home insurance policies are different for each person. The cost of your home insurance policy varies based on a number of factors such as where you live, the age of your home, home size, security features, amenities, and others. Insurance companies use this information to prepare insurance coverage to meet your specific needs as a homeowner.
4. Getting a home insurance quote is advisable: Perhaps the best thing that you can do to save money on your home insurance is to get a quote each time your policy is up for renewal. Things change over the course of a year and these changes could impact your home insurance rates.

Learn more about your home insurance policy options by contacting one of our HUB Insurance Hunters. We would be happy to answer your home insurance questions.