Shop Insurance Canada Provides Guide for Novice Home Insurance Customers
April 16, 2016 (PRLEAP.COM) Business NewsApril 16, 2016 – Home insurance is simply necessary in Ontario argues Shop Insurance Canada, but the company says customers in the province often misunderstand what home insurance is and what they need. It is common for homeowners to find they are not properly insured in a time of crisis, which can cause unwanted frustration and huge cost.
Online industry expert, Shop Insurance Canada, says it does not have to be that way: "Ontario has more homes than any other region in Canada, but the province is still vulnerable to the country's notorious weather, while other hazards like fire and theft remain common. It is surprising how often customers misunderstand what they need to ensure their property is sufficiently covered. Luckily, a little homework can go a long way and homeowners can be armed with the knowledge they need to get the best coverage possible."
Understanding what types of home insurance policies there are is the first thing homeowners should do before shopping for quotes. There are different types of coverage, and each serves a different purpose and could suit your needs more appropriately than another.
Named Perils – Named coverage is the least common of the two main home insurance policies. It allows customers to select individual items that will be insured within a property. If the whole property is harmed or destroyed, only the items listed in the policy would be covered by a claim.
While a named peril policy would be ideal for moderately valuable items, goods of high value (works of art, jewelry, etc.) are better placed in specific policies that specialize in such valuables.
All Perils – All perils coverage is the standard home insurance type and is the opposite of named perils, allowing homeowners to insure their entire property and its contents.
Flood Coverage – Not home insurance per se, flood coverage should be purchased alongside home coverage. In Canada, where extreme weather is common, flood coverage is important to protect your home against water damage.
"Most insurance providers offer sewer back-up coverage and there is a grey area about whether this includes overland flooding (it doesn't in the policy, but companies pay out claims frequently). Providers are now starting to offer specific overland flooding coverage, but only a select few companies (Aviva, RSA, and The Co-Operators) currently have products."
Finding the Best Home Insurance Coverage
Shop Insurance Canada says homeowners looking for property insurance often mistakenly take the first quote they are offered, or worse, the cheapest option. While cutting the best deal is the aim, the cheapest coverage may leave you uncovered in vital areas, while accepting the first quote could see you paying more for your policy than you should be.
Customers should aim to get the best possible policy at the best possible price, and doing that is easier with the following steps:
Shopping around – Any insurance coverage (auto, life, home, or other) should only be taken after you have shopped around to find the best possible deal. Companies offer different policy options and different rates, so understanding where the best value for your money is becomes important. The ShopInsuranceCanada home insurance quote engine can be used to find the best deal possible.
Ask for a discount – Is it cheeky? You bet, but you never know until you try.
Bundles are good – Discounts are all but guaranteed if you decide to bundle your home insurance with another insurance policy. The most common bundle is home and auto insurance, which can lead to discounts as high as 15 per cent. Ask your broker and/or insurance provider about their bundle options, most of the major insurers have them.
Secure your home – Smoke alarms, sprinklers, alarm systems, security cameras, and advanced locks are all ways in which you can further protect your home. An insurer may be willing to lower a premium if your property is less likely to be damaged or broken into.
About Shop Insurance Canada
Shop Insurance Canada is a Toronto based company that specializes in delivering the best auto insurance products to customers around Ontario and Canada. The online quoting tool uses an engine that is easy to use and accurate enough to deliver the best auto insurance quotes from over 25 of Canada's leading providers. Shop Insurance Canada also offers expert advice on the auto insurance industry, as well as guides and news to help customers find the best deal possible.