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Home Insurance Broker

What sets insurance brokers apart from agents or directs? One of the many benefits is that brokers are able to shop multiple insurance companies at once offering the most competitive rate for your home on the market.

Want to save on your home insurance policy? Try bundling your home with your auto insurance and save up to 20%! 

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Property Insurance

If you have tangible assets, you need the protection of a Property insurance policy. These policies cover you in a home or an apartment, whether you are an owner or a renter. A well written policy will pay to replace any of your personal property that is destroyed in a fire or other disaster. The policy will also be your first line of defense against a lawsuit from someone injured at your home.

The cost of this coverage is determined by many rating factors. The quality of the coverage, however, is determined by the quality of the insurer and whether the policy is written on a named perils or all-risk basis. A named-perils policy covers only those losses specifically cited in the contract. The all-risk policy works the opposite way – unless a peril is specifically excluded, coverage is provided. The all-risk policy is broader and the burden of proof is on the carrier, not you, in the event of a loss.

Looking for mortgage insurance? That is a different policy altogether and is grouped under the “life insurance section”.

Renting It Out?

If you are the owner of a home which you are not currently living in, the insurance company needs to know. 

Is it vacant? Are there tenants in the house? These are questions that need to be answer before the policy is issued instead of after a claim as the company may deny you. 

If you are renting it out, the policy you will be looking for is called a Rented Dwelling Policy or a Rented Condo policy if its a condo. 

Do not make the mistake of insuring it as a regular homeowners policy as this may result in your insurance company cancelling your policy for misrepresentation if they find out. 

Home Under Construction?

builders risk insurance

If you a constructing your home or doing major renovations, you will require a Builders Risk insurance policy

A standard homeowners policy will not cover your home is a claim were to arise resulting from construction or major renovations. Always let your insurance broker know if you plan on making any major changes to your house. 

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Tips

Don't forget these very important home insurance coverages:

Sewer back-up losses commonly occur in basements after heavy rainfall. This coverage is not automatically included in home insurance policies. 

Overland Water or Flood coverage covers you when water enters the property through doors and windows. This coverage needs to be requested as well. 

It is common to rent out a room or basement in your home for extra income. This needs to mentioned when getting a property policy so the correct coverage can be added

Do you run a business out of your home (Ex graphic designed)? Make sure the company is aware that there is commercial exposure in the home so the correct underwriting can be done. Many companies may not accept a house with a business in it and if you are placed in one of those companies, you can be cancelled for misrepresentation or if a claim were to arise, you may not be covered. 

Confused which policy you require? It is very simple: If you own the condominium, you will require a condo insurance policy. If you are a tenant, you will require a content insurance policy. 

If you are getting a mortgage, there is a much better alternative to the banks mortgage insurance.

Term life insurance offers much more flexibility and can usually be bought at a much cheaper rate (starting at $25.00 a month).

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