A home can be one of the largest purchases you make in your lifetime and one of your biggest sources of equity. While home insurance isn’t legally required in Ontario the same way auto insurance is, there is still a lot of value in protecting this investment.
There’s always a chance something can happen to threaten the inside and outside of your home. This risk can involve damages, flooding, fire, theft, and more. Choosing the right home insurance plan is important since it will protect not only your home, but also cherished possessions within it.
Whether you need protection for a house, condo, mobile home, or seasonal home, there are various companies you can get coverage from.
Factors to Consider When Choosing the Best Home Insurance Company
If you’re a resident of Ontario and want to protect your home, then the next step is determining which insurance company is the best option to purchase your policy from. To help make this decision consider the following factors:
Home insurance companies underwrite their plans differently which means depending on the company you choose and the coverage you need; your rates can vary. Shopping around and exploring offerings from different companies can help you find an affordable option.
Although, it’s important to know that some homes are simply more expensive to insure due to factors like the size of the home, the age of the home, etc. While, other factors may be completely out of your control such as the frequency of extreme weather conditions in your region which can also increase the chance of damage and cause premiums to rise.
However, there are ways to help lower your premiums. If you invest in a security system or a system to prevent water damage, then you can reduce the risk that something will happen to your home. As a result, an insurance company will deem your home as less of a risk and your rates will reflect this. Find insurance companies that will take these upgrades into account when determining your rates or even offer other discounts on your policy.
Your home insurance policy will outline the specifics of what you are covered for. Ensure you read through your policy to see if you have adequate coverage for your needs or if you are underinsured.
For instance, home insurance doesn’t cover the damage natural disasters such as hurricanes or earthquakes can inflict on your home. Even sewage backups aren’t typically covered by many insurance plans. You can purchase extra coverage from an insurance company for these other kinds of losses/damages.
If your policy is up for renewal, consider your current situation to see if it has changed since you originally purchased the policy. Have you started using your home as an Airbnb or short-term rental property? Then you may require supplemental coverage which could increase your premiums.
When shopping around, choose an insurance company that offers comprehensive coverage for your needs. Also, review options for additional coverage from insurance companies, so you can easily purchase more coverage if necessary.
3. Customer Service
The best insurance companies will have excellent customer service. What if you have questions about your policy? You’ll want a responsive and reliable insurance company readily available to provide answers.
Also keep in mind that If something happens to your home and you need to file a claim, then you will be required to deal with the insurance company directly to get it sorted.
Read reviews and ensure you choose a company that has a proven track record of exceptional customer service.
How an Insurance Broker Can Help?
An insurance broker can help you navigate the process and choose the right insurance company to purchase your policy from. They will do the shopping on your behalf to find a plan that meets your unique needs with the right amount of coverage and rates that are within your budget.
Insurance brokers are experts that work independently to put your needs first. They may even have existing relationships with insurance companies which can offer you more plan selections.
If something does happen to your home and you need to file a claim, then an insurance broker can do this on your behalf.
Find the Right Insurance Broker
There are many home insurance companies to choose from in Ontario. When shopping around for the right plan for your needs, consider companies that are offering you affordability, the right amount of coverage, and excellent customer service.
Ultimately, one of the best ways to find top insurance companies is by working with an insurance broker. Ensure you choose a reliable and professional insurance broker that will work in your best interests.
Our team is highly knowledgeable and experienced to find insurance options that will fit your lifestyle seamlessly. Get in touch and we’ll help you explore the best home insurance solutions for your needs.