4 Tips for Getting the Best Homeowners Insurance

Homeowners insurance protects your most valuable asset — your home. It compensates you if a leak damages your basement walls, hail wreaks havoc on your roof or a fire burns down your house. Therefore getting the right homeowners insurance for you is critical, and it’s important that you take the time to find the best policy. Here are four tips to keep in mind when shopping for homeowners insurance.

1. Determine how much coverage you need

Very often homeowners are under-insured. Frequently this is because they don’t insure their home up to its full replacement value, which is the amount it would cost to rebuild the house from the ground up and replenish its contents. 

2. Shop around

Once you’ve determined how much insurance coverage you need, compare the policies of at least several different insurance companies. Note that if you work with an insurance broker, they will do this on your behalf. 

Look at the different coverage details, limits and deductibles included in the policies. Also look at what’s excluded in each one.

Insurance policies generally vary with respect to what damages are and aren’t covered in claims. However, no homeowners policy covers damages resulting from flooding, earthquakes, mould, landslides or infestation. However, you can buy separate policies for these types of risks.

It’s always a good idea to make sure you’re insured against damages your home is particularly at risk of. For instance, if you live in an area that sometimes gets intense hailstorms, you’ll want to make certain that hail damage is included your policy.

3. Ask about discounts

Insurance companies offer discounts when your home has features that decrease the risk for damage. For example, you might get a lower rate if your home was built recently, if you have a security system, or if your windows have storm shutters. Discounts vary by insurer and generally aren’t included in the initial insurance quotes a company provides you. Ask each insurer about their discounts and factor any savings into the insurance cost.

4. Provide accurate answers to the insurer’s questions

When applying for home insurance, you’ll be asked a number of questions about your home’s features such as what materials were used to build the roof and when the major systems were last renovated. It’s very important that you answer these questions honestly. This ensures that you get both an accurate quote and a policy that’s well suited to your needs.

An insurance company in Nova Scotia that works for you

If you’re shopping for home insurance in Halifax or the surrounding area, let the experienced brokers at Eisenhauer Insurance help you find the best policy. We do all the groundwork for you by comparing the policies of the top insurance providers in Nova Scotia. For more information, contact us today.