Ask a Broker – How to Get the Right Home Insurance for the Right Price
If you’re not sure what you should be paying for home insurance, you’re probably not alone. With so many options and no one-size-fits all coverage, the help of an expert (hello brokers) is your tool for getting the best coverage at the best rate.
According to data from Ratehub.ca, the average Canadian pays $960 per year for their home insurance. However, your home is probably far from average. It’s the place you live life and make memories. You need coverage that fits your story.
How much you can expect to pay for home insurance is based on a variety of factors — your home’s features can affect the insurance limits you need and if you qualify for endorsements; your geographical location can affect your premium rates; your contents and valuables can also affect the amount of coverage you need; and the insurance provider you choose may offer different endorsements and packages.
Red River Mutual is here to help, with tools to pinpoint what you need, and protect what you have at a price point that works for you.
What is the Value of Protection?
The insurance package that’s best for you and the premiums attached are linked to the value of your home. Arming yourself with information is going to help you and your broker make an informed decision.
Insurance to Value means protecting the true value of your property. It is important to provide as much information as possible when applying for your insurance policy because it helps:
- Improve the accuracy of risk evaluation specific to your property.
- Calculate the proper amount of insurance coverage you will need.
- Ensure you are properly protected against a potential loss or damages
that a broker will ask questions about your home you may not know off hand, so you can contact the brokerage/your broker and ask them what kind of information they will need so together you can be as accurate as possible and not guess on your insurance needs.
When you ask a broker, they can help you determine what information you need to provide to receive and accurate Insurance to Value assessment. In the short term, it might mean paying a bit more for coverage than you thought, but in the long term, it will save you in a claims situation.
For more information on Insurance to Value and how it affects premiums and compensation after a loss, check out this post from Red River Mutual.
How Can You Protect Your Premium?
Once you have the right insurance, you can focus on making sure your premiums stay low. The key? Loss Prevention.
The best way to keep your insurance costs low, is to avoid a claims situation. Protecting the valuables that matter most to you is important, so Red River Mutual offers several resources to help you identify and avoid risks.
Go beyond valuing your property and learn ways to protect the spaces and items that are part of your story. A consultation with one of our experts can help you avoid common hazards before they can damage the things you love.
Talk to your broker to book an appointment today.
Spot hazards in your home—before they become a problem.
This checklist is a quick and easy way for you to stay on top of safety in your home year-round. Guide yourself room-by-room to catch little things now, preventing a big claim later.
Get your checklist here.
A Home Inventory form is a list of all the items that matter most we don’t during a claim situation. Filling one out can help you make sure nothing slips through the cracks and you get the full value back for your property.
Get your Home Inventory form here.
Protecting Your Story
When it comes to your home, paying for the right option is always worth it, but so is getting the best option at the best price. A broker can help you navigate different policies and providers, so you can make that decision confidently, armed with all the information you need.
To find a broker in your area go to redrivermutual.com/locateabroker