Things to know about home insurance

Home insurance

Things to know about home insurance

Home Insurance Policy is not a legal requirement in Canada, but it is a smart way to protect our homes from any future mishappening. Our property-related valuables can be protected with the help of a medium like insurance in case of fire, vandalism, and natural disasters.

Home is the most valuable asset & most individuals irrespective of their net worth invest in home insurance-related plans. Our homes carry substantial value because with time the risks only get bigger and broader. Therefore, a home insurance policy can help in combating those risks.

A HOME INSURANCE POLICY COVERS THREE KIND OF RISKS

1. Comprehensive Home Insurance Policy: Fire, explosion, theft, vandalism, damage from falling objects, such as a tree branch, lightning, hail, windstorm damage, and certain types of water damage are covered under the Comprehensive Home Insurance Policy.

2. Extensive Home Insurance Policy: In addition to the elements listed in the Comprehensive Home Insurance Policy above, other structures of the house like swimming pool, garden shed, your personal belongings, personal liability, and living expenses are provided a cover under this extensive version of Home Insurance Policy.

3. Optional insurance: Water-related protection, theft of ID, underground service lines of the property, claim preventions (covers the cost of installing an alarm or a covered claim to prevent it from happening again), and claim protection (protects the home insurance from being affected after your first claim has been made) are included under this segment.

MORE THINGS TO KNOW ABOUT HOME INSURANCE CONVERAGE

A. Exceptions to home insurance policy: The cost of maintenance and general wear and tear are a few of the perils which are not covered under the ambit of Home Insurance Policy.Β 

B. Average cost: The average home insurance in Canada costs around $960 per year but it can differ based on the type of home, location, and other risks. Both the insurance covers are subject to the limitations of your policy which items you wish to invest or divest in.Β 

We are happy to help you! Depending on the home insurance policy and the extent of the coverage, the perils you’re covered for may vary. Factors like your specific situation and region play an important role as to which element you wish to or do not wish to cover, for example: if you are living in a region that is known for floods, you would want to inquire about any flood-related insurance. Therefore, the home insurance broker in Edmonton can guide you in choosing the best home insurance policy which best serves your needs and wants. We can provide you with multiple quotations and prices from more than one insurance provider.

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