Canada Home Insurance, Homeowner Insurance in Canada, Canadian Home Insurance

By: EconomyWatch   Date: 26 May 2010

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EconomyWatch

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Canada homeowners insurance offers financial protection for your home, valuable assets and personal liability in one convenient policy. This policy is critical as damage to your house might require you to invest a substantial sum of money. One must, however, dig deep for information on every homeowner insurance Canada policy before finalizing on the one that best meets your needs.

Canada Homeowners Insurance: Questions to Ask

Since there are varied types of home insurance policies available in the market, you must be clear on what type you are buying. Buying a Canada homeowners insurance policy is one thing and receiving the best claim on your policy is another. Whenever you file for claims, your insurance company can point to several riders due to which the claim amount you receive is much lower than what you had expected. It is, thus, critical to be clear about all the riders and limitations in an insurance policy before you buy one. The following are some of the several questions that you should ask:

    1. What are the risks covered by the homeowners policy?
    2. What all is covered by the policy? Does it cover the entire home?
    3. What are the exclusions?
    4. Are there any replacement costs? Or, what is the guaranteed replacement cost under the policy?
    5. The premium depends to a large extent on deductibles. Higher the deductibles, lower is the premium. Thus, the knowledge of deductibles is a must. Ask your insurance agent how much money you can save on your premium by opting for higher deductibles.
    6. Enquire about the coverage limitations on expensive items, such as jewelry.
    7. What are the optional covers that you should consider adding in your policy that can provide you maximum protection?
    8. Would you receive any compensation in case your house is damaged due to water?
    9. What are the safety features that you should install to improve the security in your house and reduce your premiums.
    10. Will the insurance company be available 24-hour a day for claims?

With the help of these questions, you can figure out how to optimize your compensation and reduce your premiums.


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