7 Tips for Buying Home Insurance in Ontario, Canada

Published On: February 23rd, 2022Categories: Life Insurance, Personal Insurance

There are so many types of insurance these days; ranging from common business insurance to the more rare cyber insurance. It’s all designed to help you in the case of an unfortunate event or crisis. Being proactive and getting these policies in place is the best way to make sure you are covered when you need it most. Everyone thinks of car insurance but one of the most crucial types of insurance to have is home insurance, which can help in the case of any type of damage that happens to your home.

It’s so important more lenders require you to have it in order to get your funding for the purchase. Even though it’s so common for homeowners, finding and purchasing the best house insurance policy can be overwhelming. Not to worry, we’ve put together a guide with our top seven tips to get you off on the right foot!

1. Shop Around for Policies

A trap that many adults who are looking for insurance coverage fall into is going with the first policy offered. This is especially true with homeowners insurance since it’s often provided by a partner of your lender.

This isn’t necessary and can often be a big mistake either because it costs more than necessary or doesn’t provide the right coverage. The best insurance companies will provide you with a variety of options that you can search through to customize your experience and find the perfect fit for your needs.

2. Bundle With Car Insurance

While you’re free to have multiple insurance agencies cover all of your insurance needs, it’s often helpful to find one company and stick with them for everything. This way everything you need is in one place ready to go.

At the very least, look to get your home and car insurance together since liability insurance in Ontario is a requirement. You’ll be getting the essential coverage for your most important assets in case of a car accident or major catastrophe at your home. There won’t be any confusion when an issue arises of where to turn.

In some cases, there is even the option to bundle policies which can lead to greater savings.

3. Work it Into Your Budget

Somehow, insurance has gotten a bad reputation for being extremely expensive and taking over budgets. It can feel like a major sacrifice because you never know if you’ll end up using it or not. And, let’s face it, it’s not the most glamorous or fun thing to spend your money on.

But it’s absolutely essential and often much more affordable than you think.

The key is taking a hard look at your budget, figuring out what you can afford, and then working the payments in as a non-negotiable. When you take these steps, it won’t be a struggle every month and then you’ll be so grateful if you ever have to take advantage of your coverage!

4. Put Your Finances in Order First

In order to get a mortgage from a lender, you’ll have to have a variety of documents and forms that show your financial situation. It can take some time and effort to gather everything you need together.

Some of the same information could be required to get your home insurance put in place as well. Since you’ll already be gathering all of those things, make sure to keep them organized and ready for your insurance broker. In a lot of cases, the better your financial situation the better rates and coverage you can get as well.

5. Cover All Potential Issues

The key to getting the right home insurance is to make sure you cover all of the bases. You do that by taking a hard look at what the potential hazards to your home can be. Everything from natural disasters to accidental damage and even some injuries.

In cases of finding the right coverage, it’s crucial to be as specific as possible. Like getting a cottage insurance policy if the home isn’t your primary residence for example.

6. Find a Helpful Insurance Broker

Since there are so many types of insurance and getting the wrong one can have serious negative consequences, one of the smartest choices is finding a helpful insurance broker to work with.

This is especially true if you’re in need of more than just your home insurance. Things like trucking insurance, RV insurance, or boat insurance can be dealt with all at the same time to save you a lot of energy. Just let your broker know what type of assets you have and they can point you in the right direction.

Having a relationship with a broker also allows you to easier tweak your policies as things change in your life so you’re always fully covered.

7. Buy Quality Insurance

There are a lot of times in life when it makes sense to go the inexpensive route but getting insurance isn’t one. Buying high-quality insurance policies will give you the greatest security and protection for full peace of mind.

No matter what type of issue comes up, you’ll know that you can restore order to your life and not be dealing with a huge financial burden to get there. Full coverage is the only way to be fully confident in your policies and enjoy your home!

Buying the Best Home Insurance Policy

Just like having car insurance, getting a home insurance policy in place is the best way to bring peace of mind regarding your home. No matter what issue comes up, you’ll have the financial help you need to move forward.

The best thing you can do in the search for an insurance policy is to work with the right insurance company from the start. Their professional team will be able to help you sort out what exactly you need and get you the best policy you can afford. Instead of being overwhelmed and stressed, you can feel confident that everything is being handled correctly.

If you’re interested in learning more about all the types of insurance our team can help you with, contact us today!

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Written by:

Kyle Paterson
Kyle believes that insurance is a tool, when powerfully leveraged best ensures the vision of business leaders and families are realized. Kyle focuses on cyber risk transfer, group benefits, and corporate and individual life insurance solutions.

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