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Home Insurance

Home Insurance

Home insurance is a type of insurance plan that you can purchase in Canada to help protect your home in the event it is damaged by a fire or other tragic event. Home insurance covers the cost of your home and many times will cover the cost of your belongings inside the home as well.
When shopping for home insurance, home owners should look at the different types that are offered and decide which one will work into their lifestyle and needs best.

Mandatory Coverage

While home owners insurance is not a mandatory thing, many mortgage companies will not approve your mortgage until you purchase home insurance. The whole reason behind home insurance is to protect you and keep you in a good financial position. If you do not have home insurance then you will be subjected to paying for your own home when the damage occurs. Many people do not have this much money sitting around to repair the cost of their home.

Home insurance is also beneficial because it will help protect you against any types of accidents that occur on your property. As you know, anything can happen when you have people over and if it does, you may find yourself stuck with a lawsuit.

Optional Coverage

When you are choosing your home insurance, you want to make sure that you are choosing the best coverage for you and your home. Many mortgage companies suggest purchasing a policy that will cover what your home is worth. This figure can be estimated and will be done by a professional.

There are different types of plans that are available for home owners to choose from and they include:
Basic – This type of coverage is minimal and only covers a small array of things. You are able to choose what the policy will cover. This type of plan is one of the cheaper plans and appeals to many people but you must remember that it will have lower coverage limits.

Comprehensive – This type of coverage will cover your home and also all of the contents that are inside of your home. This plan specifically covers all types of risks that your home may face. The only types of things that are not covered are major natural disasters.

No Frills Coverage – This type of coverage allows homes that are not considered insurable to have some type of coverage. An uninsurable home can have problems such as a bad structure or something similar.

Broad Insurance – This is a combination of both comprehensive and also basic insurance. This is a popular plan but can be one of the more expensive ones.

In addition to the above plans, you can purchase extras onto your insurance plans that include coverage against sewer backups and earthquakes.

How Does Home Insurance Work

Home insurance is determined by a number of different things. Insurance companies will inspect your home and then determine a price to charge you per their findings. Once you have coverage, you will be protected against the things listed in your policy.

If there is any damage to your home, you will contact your insurance agency and start a claim with them. Many insurance companies have their own claims process and it includes speaking with an agent and letting them know what happened. You may be required to show pictures or evidence of what occurred. In addition to evidence of the event, the insurance company may want to come and inspect the damage themselves. After the process has been initiated, the insurance company will work hard to get everything in order to cover your home and your belongings.

How to Obtain Home Insurance

To obtain home insurance in Canada, you will want to contact a local insurance agent who can help you with all of the information you need. The insurance agent will let you know what steps need to be taken and what your options are.

It is common for an insurance agency to want to come out to your home and do an inspection. This inspection will address any issues going on in the home. These issues will be ones that can cause problems later on down the road for you or they may endanger your home and put you at a higher risk of something happening.

How to Shop Around for Quotes

Shopping around for home insurance quotes is simple – just visit our home insurance quoting page.


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