Want to find the best home insurance in Toronto? If so, it’s crucial not to just accept the first policy you see, as there is a lot to consider.
Here at Buckler Insurance, we’ve found 9 great tips that you need to follow before you move forward with your policy. Read on to find out what they are!
9 Tips for Finding the Best Home Insurance in Toronto
1. Assess Your Needs
All insurance companies are slightly different in terms of the policy features they have. Due to this, it’s vital to know exactly what your own insurance needs are. Look around your home and figure out what needs to be covered, including any valuable personal belongings that you have.
Also consider what specific threats may be relevant to your area such as tornadoes, storms, and floods. You don’t want to risk not adequately being covered. The bottom line here is that your policy should be tailored to your circumstances.
2. Compare Multiple Quotes
An insurance company will give you a quote based on a wide range of different factors. This means that they all have slightly different pricing and an expensive quote with one company may be much cheaper somewhere else.
Online comparison tools can help but it’s also worth noting that many insurance companies aren’t on comparison sites. You can also use an insurance broker who can simplify the process and find a policy suited for your exact situation.
3. Understand Coverage Details and Exemptions
It may seem boring, but you need to read through your policy details. You don’t want to have an incident at home only to find out that your insurance doesn’t cover it.
You want to ensure that you know what is excluded if there are any limits, and how much you’ll have to pay for your deductible. Double-check that your policy is adequate for your needs.
4. Assess Additional Coverage Options
Most insurance policies only cover you for common perils in their basic policies. On top of this, there are usually many additional coverage options that you can look into to better prepare yourself.
An example of these can include additional liability coverage, sewer backup, and much more. These will all come at an added cost but you need to consider which ones are applicable to you and whether or not it is worth the additional expense.
There are likely to also be exclusions in the policy and limits on the claim. A common example of this is expensive jewelry. For those with high-value items, you may need to pay a little extra for them to be covered.
5. Check for Discounts
Are there any discounts or offers that the insurance company has? Look for ways where you’re able to save a little money. One such offer may be a reduced overall cost if you decide to bundle two or more types of insurance together, such as your home and auto insurance.
Another way that some insurance companies allow you to save money is by installing a security system in your home. It’s worth asking to see if there are any ways you can drive the overall price down.
6. Consider Deductible Options
The deductible is the amount you pay to the insurance company before your policy is enacted. This is there to prevent small and innocuous claims.
The higher your deductible, the lower your insurance premiums will be. Therefore, it’s a good idea to play around with your deductible to see just how much you can save and weigh that up against the risk of paying a high deductible.
It’s vital to remember that you should always have a deductible that you can afford. If you set it too high, you have the potential of not being able to enact your policy when you need it.
7. Seek Referrals and Reviews
Not sure whether or not the insurance company you’re looking at is right for you? It’s always a good idea to check out reviews online and also speak with family members and friends to see who they’d recommend.
While reviews aren’t everything, they can give you an insight into the professionalism and reputation of a company.
This also extends to customer service. Many people would be happy to pay a little bit more for their premiums if it meant excellent customer service. If customer service is important to you, then go for an insurance company that has a good reputation for delivering it.
8. Review the Policy Annually
While this may not help you in the short term, it’s a great idea to review your insurance policy every year and don’t just let it automatically renew. There are two reasons for this, with the first being that you may be able to get a better quote elsewhere.
Added to that, the existing policy may not be suitable for your needs. Perhaps you need more coverage, have a valuable item that needs to be insured, or perhaps there is a new risk, such as flooding.
9. Consider a Specialist
This won’t be applicable for everyone but if you have a unique type of home, then you may need specialist cover for it. Examples of this include a historic home, a houseboat, or one in a high-risk area. If so, think about whether or not it needs specialist coverage.
Final Thoughts
Many people blindly choose a home insurance policy without properly considering whether or not it is right for them. With these tips, you can be confident in getting the perfect insurance for you. All you need to do now is check around for quotes!
Here at Buckler Insurance, we’ll happily give you a quote while answering any questions that you may have. Get in touch with us today to see how we can help you.
