Home Insurance Ins And Outs

The Importance of Home Insurance

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Getting home insurance could very well be one of the smartest things you do as a homeowner – after all, “you put a lot of time and investment into a home so you want to protect it,” according to insurance broker Lynda Gyurko of Thompson Insurance Brokers Inc. in Niagara Falls.

Home insurance is used to protect the home itself, the surrounding property, the valuables contained in the home, and even the insured (the purchaser of the home).

The policy, costs, and stipulations vary. “Every policy is different and qualify for different things,” said Sarah Parent of Essex Insurance in Manitoba. “For a few hundred dollars for tenants or $1,000 for some homeowners, isn’t it well worth it to cover your property and possessions?”

Here are a few general rules about home insurance, why it’s so important to have, and what it normally covers.

Tenants need it too: Insurance is imperative to have for a house but it’s also a worthwhile investment for condo owners, too. “Having home insurance is just as important as tenant insurance is for condos,” Parent said. “People don’t blink an eye paying $1,000 and up a year for their car insurance and yet they’ll squabble over tenant’s insurance that could be as little as $200 a year.”

Get more bang for your buck: Having insurance means having coverage that you’re comfortable with. “Think about the property that is being insured and make sure you’re covered for an adequate amount and that you’re getting what you want,” Parent explained. “People want the most bang for their buck, but they also want quality for price. You should know that you could be eligible for discounts you may not even know about, too.”

Don’t be liable: Liability may be one aspect of house insurance that is often overseen, but it is so pertinent. It protects you, the homeowner, from being sued should someone hurt themselves at your home. “Be sure you have coverage for liability in case something happens on your property, like someone slips and falls,” Gyurko said.

Consider extra coverage: While basic coverage should be enough to protect you and your home, there may be additional items that hold an unusually substantial value and should be insured separately. “It’s important that you cover collectables that are valuable,” Gyurko said. “You can get additional coverage for just about anything, like jewellery or collector’s pieces.”

If you’re ready to buy or sell a home, visit ComFree.com today.

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