Although it may not be rocket science, no one ever said that finding the right home insurance policy would be an easy task. You have to spend your fair share of time doing research about the various options that are currently available. Doing this helps you make an informed final decision.
During the research process, you'll most likely realize that you have questions. You're not alone. Our team receives countless questions from homeowners all of the time.
If you have home insurance questions that you would like answered, you've come to the right place. Our team has put together a brief yet thorough list of questions that you should always ask your licensed insurance advisor (what we like to call our insurance brokers).
Continue reading to learn more.
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Save up to 25% on home insurance by shopping with Surex
Are you tired of overpaying for home insurance? Is your current home insurance provider no longer meeting your needs? Are you looking for an alternative with better customer service?
If you answered yes to any (or all) of these questions, then it's time to get in contact with a licensed Surex insurance advisor. At Surex, our primary goals are helping you find the best home insurance quotes and providing unbeatable customer service.
That's why, when you work with Surex, we'll match you with your very own personal advisor that will help you from start to finish. If you're interested in bundling your home insurance policy with another form of coverage, we can help you save up to 25%!
Reach out today to receive up to ten quotes from the most reputable home insurance companies, like Aviva, in ten minutes or less (depending on your location).
Now, let's dive into some home insurance FAQ!
Canadian house insurance questions that you should ask your advisor
Here are some of the most commonly asked questions that your advisors receive about home insurance:
#1 — What is my deductible and should I change it?
Your home insurance deductible is the amount that you need to pay out-of-pocket if you submit a claim. Most homeowners in Canada have a $500, $1,000 or $2,000 deductible.
Knowing the size of your deductible gives you the ability to set the appropriate amount of money aside to cover future insurance claims. For instance, if you have a $2,000 deductible, you should keep $2,000 stashed away for an emergency.
Furthermore, knowing the size of your home insurance deductible gives you the ability to assess whether you want to increase it, decrease it or keep it the same.
Increasing your deductible — Increasing your deductible gives you the ability to save on your monthly or yearly home insurance payments, but you'll have to pay more upfront when you make a claim.
Decreasing your deductible — Decreasing your deductible will help you save money the next time you need to make a claim, but your monthly or yearly payments will be more significant.
Keeping your deductible the same — If you're happy with your monthly/yearly payments and the current size of your deductible, you don't need to change it.
Chat with your Surex insurance advisor to learn more about home insurance deductibles.
#2 — Should you get broad form coverage or comprehensive home insurance?
There are two primary home insurance options that you can choose from: comprehensive home insurance and broad form coverage.
Comprehensive home insurance — Comprehensive home insurance protects your home and contents from all risks and perils, minus exceptions. Some exceptions include earthquakes and floods (homeowners can purchase add ons to protect their properties from these events). For instance, if a fire damages your home and your belongings, you'll receive financial coverage for both.
Broad form coverage — Broad form coverage is similar to comprehensive coverage in the sense that it protects your home from almost all risks and perils. But, the main difference is that broad form coverage offers named perils protection for your belongings. For example, if a fire damages your home and belongings, you'll only receive coverage for your belongings if fire damage is listed under the named risks portion of your policy.
Both options have their pros and cons, two of the most prominent being the difference in coverage and price. If you're on the fence about which product is best for you and your family, don't hesitate to reach out to a licensed Surex insurance advisor at your earliest convenience.
Bonus — Check out this link if you want to take an in-depth look at the differences between comprehensive home insurance and broad form coverage.
#3 — What home insurance discounts are you eligible for?
You'll be hard-pressed to find a reputable home insurance company in Canada that doesn't offer a variety of discounts.
Home insurance companies do this for a handful of reasons, one of which is to stand out from the competition. Your home insurance company also wants to reward you for being a valued or loyal customer. One of the easiest ways that they can do this is by offering an attractive discount on their products. So, it's a win-win for everyone.
Some common examples of home insurance discounts in Canada include:
- Home security discount
- Mortgage-free discount
- Fire alarm system discount
- Multi-property discount
- Mature homeowner discount
- Group/association discount
However, homeowners should know that not all carriers offer the same types of discounts. And, if two insurance carriers do offer the same deals, the discounts will most likely not be identical. That's why we suggest that you team up with one of our experienced insurance advisors if you have home insurance quote questions.
Do you have unanswered questions about purchasing home insurance in Canada?
As we said at the beginning of the article, finding and buying the right home insurance coverage for your property is no walk in the park. Thankfully, when you team up with Surex, finding the right option becomes a simple, frictionless task. Within a few short minutes, we can provide you with the most competitive quotes on the market.
If you have answered questions about getting home insurance in Canada, contact one of our advisors today!
