On this page, you will find helpful guides to working with an insurance agent and getting the most from your insurance policy.
Questions to ask an insurance agent or broker when purchasing property insurance
- What does this home insurance policy cover and to what extent?
- When does the policy coverage begin? For how long?
- Does this home insurance policy cover replacement cost or actual cash value?
- What liability does this home insurance policy cover?
- What is your claim process if I need to make a claim?
- Do you have any tools or resources such as a home inventory document that can assist me in making better decisions and protecting my home?
- Are the premiums paid monthly or annually?
- How much are the deductibles in this home insurance policy?
- Do I qualify for any premium discounts?
- Are there any discounts you offer for making my home more disaster resistant?
- If I combine my home and auto insurance, is there a discount?
- What does this home insurance policy exclude? Can you give me an example of when an exclusion would happen?
- I have the following valuables: [list off items you consider valuable].
- Does this home insurance policy cover these valuables?
- If not, how much would it be to get these valuables covered?
- Do I need to get appraisals done for these valuables when they’re insured?
- I have a locker/storage unit/shed/garage. Is it covered under this policy?
- I’ve heard floods are on the rise. Does this home insurance policy cover floods, also known as overland water?
- Am I covered for sewer backup? If so, to what amount?
- Do I live in an area that is more prone to risks? Is there anything I can do to protect my home against these risks?
There are ways you can reduce your home insurance premium. Consider the following when purchasing or renewing your home insurance policy.
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Shop around
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Get and compare quotes from different insurance companies, brokers and agents
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Increase your deductible
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A larger deductible may result in lower premiums
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Combine your home and auto coverage
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Some insurance companies will offer premium discounts if you purchase two or more policies
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Seek out other discounts
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Check to see if you qualify for any additional discounts such as a non-smoker discount
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Improve security
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Install or upgrade your current smoke and carbon monoxide detectors, alarm system or door locks
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Improve your home to be more disaster resistant
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Find out if there are additional things you can do to protect your home from natural disasters
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Renew your coverage annually
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Review your specific coverage annually and adjust as needed to save money
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Don’t switch insurance companies midway through the policy
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Wait until renewal time to avoid a cancellation penalty
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