Your home is probably the most expensive asset that you will ever own. You spend a lot of money taking care of it, but when it comes to insuring it, many people opt for the lowest price. The old adage of “if it seems too good to be true, it probably is” is often accurate when it comes to home insurance.
It is imperative to purchase insurance not based on price alone and make sure you have the proper coverage to protect your home, your personal contents and your liability. Confirm that the guaranteed replacement cost is adequate. If you have made any improvements to your home, inform your insurance broker. Check your sewer back up/water damage coverage, and make sure that you understand any limits or exclusions. If you have a home-based business, many policies will include this coverage at a minimal cost, but they need to know the details of your business to add it to your policy, so always be upfront.
Discounts you could be eligible for include being claims-free or mortgage-free or being a nonsmoker. Increasing your deductible and paying your bill annually rather than monthly can reduce the cost of your policy. And something simple like adding an alarm to your home can bring you a discount that can outweigh the cost of the alarm.
When you have the proper coverage for your home, you are not only protecting your largest asset but also your family and their financial future. And nothing is more important than that.
For more information, email pineridgeinsurance@rogers.com or call 905-683-9725.
Donna Danks is a registered insurance broker with 21 years of experience at Pine Ridge Insurance.
