What to Look for in Home Insurance

What to look for home insurance

As a tenant, condo owner or homeowner, you need to make sure that your valuables and residence are properly protected and you want the best insurance rate possible.
Most banks, mortgage lenders and landlords will require proof of your tenant, condominium or homeowner insurance policy. To get the best rate possible, it is important to know what to look for in home insurance products. Here is what you need to know to save money and get the best coverage available.

Look for Discounts

There are many discounts available that can lower your home insurance premium such as alarm systems, having a newer home, being mortgage free, being over age 45, etc. Also, there are several occupational groups that can all reduce your rate. Bundling your home and auto insurance also can lower your premium.

Ask About the Deductible

The deductible is what you are responsible to pay out of pocket before your insurance company will cover your claim. Compare the different premiums based on the deductible and choose an amount that you are comfortable with. Increasing your deductible can lower your premiums.

Understand the Different Types of Coverage

For most people, almost all of our possessions are located where we live. For those that have purchased a condo or home, it is usually the largest single investment they will make in their life and having peace of mind that you are protected is essential. There are various coverage options and levels of protection available and it important to know the differences between Standard, Broad and Comprehensive coverages.

Also, review your policy to ensure it covers for items such as contents away from your home, theft, additional living expenses etc.

Ask What Liability Coverage Amount Is Included

Having the proper liability coverage in your home insurance policy is critical for protecting you financially should someone be injured in your residence or on your property. In the event that a visitor is injured, or even has a fatal accident at your home, liability insurance can cover medical bills, lost wages, pain and suffering claims, legal costs and death benefits.

Learn About Important Optional Endorsements

Endorsements can be added to your policy to provide coverage for a number of specified circumstances. Some of the important endorsements that you should review are the following:

  • Guaranteed replacement cost
  • Sewer backup
  • Overland water coverage
  • Water and service line coverage
  • By-laws endorsement

Why Choose Bow Valley Insurance

As experts in the insurance industry since 1979, we have been rate shopping and finding the best prices and coverage for individuals like yourself for over 38 years. Our team works with leading insurance companies to design a policy that will fully protect you, your valuables and your home at a price you can afford. We will show you the rate comparisons and explain the various coverage options so that you can make the most informed decision.

Start saving today and get a free quote for the best home insurance rate with the best coverage available. Call 403-297-9400 today!