Not all homeowners’ insurance is created equal. That’s why it’s important for your broker to walk you through each step so you know exactly what kind of policy you’re buying and how it will protect your home when you need it the most.
A home insurance policy is a legal contract. It’s written so that your rights and responsibilities as well as those of the insurance company are clearly stated. Be sure to read your policy carefully and understand its contents. Ask your broker questions whenever you’re unsure about anything outlined in your policy.
Understanding common terms used within your policy can save you money if you have to make a claim.
Replacement cost: is the dollar amount it would take to replace or rebuild your home or repair damages with materials of similar kind and quality, without deducting for depreciation.
The deductible: is the out-of-pocket amount you have to pay when you make a claim. A policy with a $500 deductible will cost more than one with a $1,000 deductible – and higher deductibles are typically available at a reduced price. Always think about how much you can afford to pay out of your own funds if you make a claim.
Ever since the flood in Toronto back in July 2013, listed as Ontario’s most costly natural disaster, insurers have changed the way your policy responds or does not respond to water damage claim scenarios. The following are the possible water damage extensions to look for:
It’s a wise practice to check with your insurance broker once a year or so to ensure your policy provides adequate coverage, especially if you’re remodeling and adding value to your home.
Wondering if your home and family are adequately covered? Talk to a DREAM insurance broker today!
For more information, questions or to get a quote, please visit www.dreaminsurance.ca or call us at 1-833-553-7326.
Our clients Dream Big about the quality of life and experiences that are important to them and their family. Let us do the rest by delivering insurance solutions that support and protect these dreams.
About Dream Insurance Brokers
Dream Insurance is Toronto based digital insurance brokerage, providing commercial, personal and specialty coverage. Dream Insurance is a division of Dream Maker Corp.
For more information on Dream Insurance Brokers or to get a quote online, please visit www.dreaminsurance.ca