Best Home Insurance Brokers Canada in 2021 | The Help You Need to Cover All the Risks

August 3, 2021 | Editorial Team

Saving up for your home takes a long time and a lot of hard work. It’s not easy. It’s a time and effort consuming investment that you need to protect. Naturally, the need for home insurance coverage comes to mind as soon as you become a homeowner.

Every investment carries a risk. Having home insurance helps you manage those risks that come with the care and protection of your home. If you’re thinking of taking out the best insurance, you may need the assistance of a home insurance broker in Canada, whether it’s, for example, in British Columbia or, let’s say, Ontario. A broker can help you save money.

What Does An Insurance Broker Do?

Insurance Brokers connect customers with insurance companies. The best insurance brokers will sit with you and discuss different insurance quotes and options. They help you arrive at the best home insurance that meets your needs but also, they should help you save money.

Insurance brokers are ready to present varying options that provide suitable home insurance for your home. The best brokers, insurance or otherwise, should be industry experts. They will be familiar with different insurance offered by multiple insurance companies.

They will have the best home insurance in mind. And, they are capable of identifying what adjustments can be made. This way, you can have the coverage that’s best for your circumstances, not just a standard package.

The best insurance brokers will be working with several insurance companies at any point in time. This means they can offer their clients a broad range of home insurance quotes to choose from. There are different products and policies with different conditions and costs, and they will know how to present them to you.

Insurance brokers should be able to assess which coverage is sufficient so you won’t need to spend any more money than you have to. Should you need comprehensive insurance coverage your broker can help negotiate that for you. They can even negotiate discounts whenever possible.

Professional brokers also collect your insurance premiums and keep records of your account. They should be ready to advise you when you need to make claims with insurance companies.

Why is Home Insurance Important?

The security of your house should always be a concern. For peace of mind, taking out the best home insurance helps give you financial security. When you take out a policy with the help of insurance brokers, you get coverage that helps in times of theft or damage.

Insurance quotes provide coverage for what’s inside and outside your house. You are assured that any loss or destruction internally and externally will be taken care of.

If you have to move out of your home due to repairs or reconstruction, an insurance broker can ensure you are covered. Make sure that the insurance quotes cover additional living expenses so you can receive financial relief when you need it.

Home insurance is important not only for the protection of your own home. It’s has other benefits including:

  • financial assistance to cover for damage to other people’s property
  • insurance coverage when somebody steals items from your car

If a fire spreads from your house to your neighbour’s, your insurance steps in to assist you with any liability exposure you have. Also, if a guest slips and falls in your driveway, your insurance broker can assist you in settling expenses arising from that injury.

What Does Home Insurance Cover You For?

It is the role of Insurance brokers to lay out different insurance quotes for home insurance that fits your needs. Most of the insurance coverage they present will fall under one or a mix of the following:

Liability Coverage

If you unintentionally cause damage to another property the insurance covers your liability. This also includes any injury that happens to other people while they’re within your property. Liability coverage won’t cover injury to household members. Check with your insurance broker for clarification.

Personal Property Coverage

This provides insurance for all the possessions in your home, including the parked vehicle on your premises. Should you forget to bring your laptop inside the house and it gets stolen, you can make a claim for it. Just check with your insurance broker in regard to submitting the necessary documents such as a police report.

You’ll need to have a list of all your personal property stored in your home. You must note the brand, year, serial numbers or codes, and values. If you have receipts for expensive items, keep them. Take a photo of your possessions.

Dwelling Coverage

This is the basic and most important insurance coverage every insurance broker offers. Dwelling Coverage assures that your home is covered in the event of partial or total damage. Including a condo.

Often, basic home coverage will include some cover for the contents too. The shed and garage should also be covered. Limits may be in place, so confirm related conditions and terms with your insurance broker.

In having this home insurance, you need to make sure what the cost of replacement is, as that is the amount you can claim when the need arises. Replacement value is how much it costs to replace your home. This is different from the market value of your home property.

How do you calculate the replacement value? The following information will help your insurance broker and company assess the right value to replace your home:

  • year of construction
  • square footage
  • type of use (whether for multi-families or a single family)
  • type of home (whether two-story, single level, or bungalow)
  • foundation used
  • with or without a basement
  • number of garages, kitchens, and their sizes
  • construction material used, and
  • roofing materials used

Contributing Factors and How Home Insurance is Calculated

Let’s talk about factors that contribute to how providers calculate the cost of your insurance premium. These factors either raise or lower the cost of your insurance based on the risk they pose.

  1. The type of home you have may bear high or low values. Likewise, it may bear higher or lower risks. Is it for one household? Is it a rental property?
  2. The type of construction material used increases or decreases the value of your property.
  3. The age and size influence the property value straight away.
  4. The presence of heating systems influences both values and risks.
  5. The proximity to a fire station or hydrant indicates the level of risk.
  6. Lastly, the history of crime and fire in your home location increases risks and insurance prices.

We should also mention that the amount of deductible is a determining factor in the calculation of your insurance premium. If you are satisfied with your home insurance but want to lower your monthly contributions, you can increase your deductibles. Your participation costs will go up but your monthly payments will go down.

The Bottom Line

Home property insurance is an essential cover for homeowners and tenants who want financial security in times of unforeseen events. If you prize your home as a most valuable asset, taking out protection for it is the logical next step.

Consider the mix of cover you need. Then speak to an insurance broker that is experienced and knowledgeable about different types of coverage. They will be able to find you insurance at competitive prices you can choose from.