1. Talk to a professional
Reach out to a reputable insurance company to get a no-obligation quote and discuss the type of coverage that best suits your needs. A licensed agent or advisor can walk you through your options and discuss ways that will help you reduce the cost of your premiums.
2. Inventory your belongings
You’ve spent time, effort and money acquiring the things you own, so it’s important that you have enough insurance to cover your belongings in case they are damaged or stolen. The value of your belongings will impact your premium so be sure to evaluate everything and estimate a value for each. Collect receipts if you have them or search online to determine an estimated value.
We recommend you do this once a year to document new purchases and to ensure you have enough coverage to keep up with inflation. Include difficult to replace items on your list such as collectibles, family heirlooms and artwork.
3. Assess your location
Where you live will impact your premiums and in some cases the type of insurance coverage you need. Why? Some areas are more prone to natural disasters than others and therefore require different coverage to be properly protected. For example, if flooding is frequent in your area, it may be necessary to have additional coverage. An insurance professional will factor this in when providing you with an estimate but it’s good to know what some of your potential risks may be.
4. Ask about discounts
Insurance companies factor in several variables when calculating the cost of your home insurance, including your location, the age of your home and the condition it’s in. Other factors may include whether you live or work on the property, your claims history, whether you have a mortgage, and the value of your belongings. However, there are often ways you can reduce your premiums or qualify for additional discounts.
If you have a claims-free history with previous insurers or you have multiple policies with the same insurer you may qualify for a discount. Installing fire or security alarms, or water-damage prevention measures like automatic shut-off systems can also help reduce your premiums.
Simple tips to find the right home insurance coverage
Regardless of whether you own or rent your home, the right insurance helps ensure your space and your possessions are properly protected. These 4 tips will assist you in determining what policy and coverage amount is right for you.
These tips are provided for information and prevention purposes only. They are general in nature, and The Personal cannot be held liable for them. We recommend using caution and consulting an expert for comprehensive, tailored advice.
Some conditions, exclusions and limitations may apply. The conditions of the coverages are set out in the insurance policy, which always prevails.