What you should know about home insurance

Many factors come into play when you purchase a new home. One of the main ones, and most important ones, is to get a good home insurance for it. Many people risk the safety and security of their families by making misinformed decisions about getting a useful insurance plan for their home. The process can be overwhelming and confusing so here is a break down of how to go about getting a good property insurance quote.

Getting the lowdown on home insurance

In order to ensure you are getting the righthome insurance, pay attention to what is fact and/or fiction.
The following is a list of things you should familiar yourself with prior to purchasing a property insurance policy.

  • Stolen items – In the case of stolen or damaged goods, many insurance policies do not reimburse you for the full amount but rather, coverage is on the value of items less depreciation. Though, Insurance firms do offer a replacement value option that can be added to your insurance package.
  • Home security system incentives – Sometimes upgrades such as installing a home security system in your home will result in lower premiums. Do consider this before going ahead with getting a home insurance quote.
  • Contractor safety – It is your responsibilities to make sure contractors working on your property are covered. In the case that they are not, should anything happen, you will be held liable.
  • Insect / rodent attacks – These attacks are not typically insured by insurance companies because they are deemed to be preventable.
  • Earthquake / flood coverage – Unfortunately it is not common for insurance policies to cover natural disasters. The best way of getting insured against such events is to add it on to your plan separately.
  • No one ‘standard’ formula – Despite a common misconception,according to the insurance bureau of Canada, there is no one set ‘standard’ when it comes to home insurance policies. Although various insurance companies may have variations of the same type of policies, they each offer different kinds of coverage. It is extremely important to pay attention to the details of each company’s plan.

Home Insurance does not pay out every claim so it’s imperative that you give the policies a good read before signing any contract. This will help you avoid any issues in the future. It is also important to search your prospective home prior to getting a quote and spot anything that can possible increase your premium or need to be added onto the package. This will save you a lot of headaches and money should you need to make a claim at some point.

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