If you have landed on this page, there’s a great chance you’ve recently purchased a new home and are searching for homeowners insurance. The greatest challenge while purchasing homeowner insurance is finding the correct coverages with an appropriate value for money. When purchasing a house, it is recommended that homeowners should consider getting insurance during the deal finalization stage.
Thus, you will get adequate time until your actual move-in date to obtain a home insurance policy that suits you the best.
In this article, we have prepared a guide to help you understand the process of buying home insurance and why Surex has climbed up the charts to become the best insurance brokerage in Canada.
Table of Contents
What are the fundamental features of a home insurance policy in Canada?
The fundamental features of a home insurance policy include:
- A home insurance policy can be defined as property coverage that protects a residential structure from specific losses and damages.
- Depending on the type of dwelling, your insurance policy and premium will vary.
- Most reputed lenders will require proof of home insurance policy for releasing mortgage funds.
- General home insurance policies give protection for your personal belongings and daily living expenses in case you need to reside somewhere else for a temporary period (while your house gets repaired).
- Your general home insurance policy doesn’t include coverage for damage caused by negligence (for example, seepage or pest infestation) or exceptionally high-value items such as fine art collections or jewellery.
What are the various types of home insurance that are available in Canada?
As mentioned, home insurance can be defined as protective coverage for damages for losses against your residential property. However, home insurance is not mandatory in Canada.
However, you may find it challenging to secure loans and find a lender without home insurance. In fact, many lenders might not release your fund unless you have home insurance coverage. This is because having a coverage or insurance policy reduces the risk for lenders. There are three basic types of home insurance available in Canada.
Basic home insurance policy in Canada
This protects the basic structure of your home and the contents within it. It also gives coverage for personal liability. This means if any damage to the house causes injury to your family members or other people while they are present on your property, they will be
eligible for compensation.
Condo insurance policy in Canada
The condo insurance is the same as the home insurance policy. It applies to residential structures that fit the definition of a condo.
In several insurance coverages, you will find a guest insurance feature that covers the medical finance of a guest in case they get injured during their stay at the condo. However, the coverage becomes null and void if you are responsible for causing the injury.
Renters insurance in Canada
Renter’s insurance coverage will protect you against several common risks, including fire damage or theft during your stay in a rental property.
How do you choose home insurance coverage?
Determine the home insurance coverage involves some easy steps:
Enlist your valuable belongings
- Enlist the contents within your home, such as electrical appliances, furniture, lighting fixtures, etc.
- Take high-quality pictures of your belongings.
- For high-value belongings such as jewellery or fine art collection, keep your receipts.
- Keep updating your lists and maintain digital versions for quick access and to prevent damage.
Evaluate your property’s value
Property value evaluation doesn’t indicate the cost of purchasing the house initially. It should include the current market value for rebuilding the house in case it gets completely destroyed. You can connect with a professional insurance broker or property appraiser to assess your property value.
Understand what coverage are necessary
Purchasing unnecessary coverages can increase your monthly expenses significantly. Therefore it is recommended that you consider all the following factors before purchasing a policy:
- The amount you can afford to pay out of pocket in case of a claim. This will help you decide the deductible.
- Do you have high-value jewellery or a fine art collection? In that case, you might need to consider additional coverage.
- Are you using your residential property as a rental? Does your current profession entail working from home? Does your property include a pool jacuzzi or spa pool plant? All these components can affect your coverage requirement.
- Risk of water damage. Water damage is one of the greatest threats to a residential property in Canada. Your general home coverage might not provide protection against water damage.
Why is Surex considered the best insurance brokerage in Canada?
Surex has emerged as one of the best home insurance brokerages in Canada due to many reasons, including the following factors:
- It presents an array of leading insurance companies, including Pembridge Insurance Company, Aviva, Wawanesa, SGI Canada and much more.
- You can easily compare various insurance options to find the most valuable one at a competitive price. In fact, the brokerage platform can help you save upto 25% on home insurance policy expenses.
- You can find innumerable home insurance policy options, including comprehensive and basic home insurance, liability coverage, sewer backup and water damage coverage, cream forgiveness policies,
- Surex employs a team of licensed insurance advisors to assist you in making quick, smooth decisions during your insurance purchase phase.
- With trained Surex consultants, you can find car and home insurance packages with competitive market rates and the best value for your unique requirements. Save your money and enjoy complete peace of mind!
The best insurance brokerage — Conclusion
The home insurance cost in Canada is on the rise due to several reasons. The recent increase in the number of claims, higher construction and building material costs and several lucrative additional coverages are the three major factors that lead to increased home insurance costs in Canada.
Therefore finding reliable and experienced consultants and comparing the prices of policies is necessary for saving money and getting the right deal. With Surex, you get both trained consultants and a platform for comparing the various insurance prices. Get your policy today and avoid unnecessary expenses in case of adverse circumstances.