Purchasing a home insurance that has the coverage you need is an incredibly important task. Investing in the home of your dreams is the single most important decision you’ll make. As strong as the bricks that make your home are, they still leave it vulnerable to natural disasters and accidents. Getting an insurance plan that protects you against damages will save you a lot of money down the road. In the event of an accident, it is vital that you protect yourself and your belongings, as replacing them would be financially draining. At Fili.ca, our goal is to put you in touch with insurance brokers who will look at your individual situation and get you a plan that best suits your needs. Requesting a free quote on the perfect insurance plan is fast, easy and only a click away.
How insurance companies determine your home insurance plan
When insurance companies try to determine the coverage your home will need appraising your home is one of the primary tasks. Determining the likelihood of you making a claim helps insurance companies decide on the premium you will be paying.
Some of the things that will affect your home insurance will look for include:
- Other uses for your home such as conducting a business or adding a rental unit to it.
- How old your home is
- What heating source you plan on using in the house and whether it is oil based, electrical or forced-air gas furnaces.
- Insurance companies prefer updated roofs as they provide less of a risk. It is important to have your roof redone every 20 years.
- The wiring in the house needs to be done properly as it can pose a serious fire hazard for residents. Make sure to have a professional electrician do your wiring so you can avoid being labelled “high risk”.
Getting a home insurance plan right for you
Determining what kind of coverage plan should include can be a challenge. It is likely that after an accident, you will want to replace the contents of your home and rebuild it. In this case you must insure your home for an amount that will be considerably higher than your mortgage balance. Insuring your home without considering the coverage you will need will put you in a stressful situation as you may not get reimbursed for all your possessions and contents that will be lost in case of an accident.
A good home insurance policy will cover the following:
- any damages to the house itself
- the contents of your home
- level of liability protection for claims arising from the actions of you, your family, and other residents, employees and guests of your home
Getting a home insurance that gives you the best coverage can be hectic. By putting you in touch with independent insurance brokers, here at Karoon.ca, we try to assist you by getting you a free quote and the best coverage at a reasonable rate.