Questions to Ask When Buying Home Insurance

21 Jan 2021 Insurance Products

One of the easiest ways to ensure that you are purchasing the right home insurance policy for your specific needs is to ask your insurance broker lots of questions. At Mountainview Insurance, they want to help you select the best policy for your new home. That is why they have put together a list of questions to ask when buying home insurance.

1. How Much Home Insurance Do I Need?

While home insurance is not mandatory in British Columbia, most banks and mortgage lenders will require you to provide proof of coverage before they will lend you money to purchase a new home. Since home insurance policies can provide a range of different levels of protection, it is important to consider purchasing a comprehensive home insurance policy that will cover you in the event of a range of different scenarios.

Find out what homeowner’s insurance will not cover.

2. Am I Covered for Natural Disasters?

While there is no “Act of God” exclusion in home insurance policies in Canada, this does not mean that everything is will be covered by your specific policy. In most cases, basic homeowner’s insurance will not cover damage caused by earthquakes, floods, and sewer backups; however, additional insurance options can be added onto your policy to ensure that you will be covered for these specific perils.

3. How Much is the Deductible?

The size of the deductible that you will have to pay to your broker out of pocket in the event that your home is damaged will depend on your specific policy. While having a higher deductible can help lower your premiums, it is important to choose a deductible amount that you will be comfortable paying.

4. How Much Would It Cost to Rebuild After a Total Loss?

It is extremely important to ensure that you purchase a home insurance policy that covers not only the home’s contents but also the amount it would cost to replace or rebuild your home in the event of a total loss. Make sure to ask your insurance broker to show you the replacement cost analysis so that you can see if it is accurate.

If you would like to learn more questions to ask when buying home insurance, or if you are interested in purchasing one of their home insurance policies, please contact Mountainview Insurance at 604-557-0255 or by filling out a contact form on their website. Their team of experts would love to help you select the right homeowner’s insurance plan for your specific wants and needs.