Insurance policy getting you down? There are always sound insurance alternatives.
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How to compare home insurance before you buy
– moneysense.ca
Home insurance is important, but no one loves paying for it. That’s why “cheap home insurance” and “how to save on home insurance” rank among Google’s most-searched home insurance terms. Any insurance expert will tell you that there’s no easy answer for where to find the best plan for your needs. You have to do your homework. Shop around. Compare quotes. Luckily, there are a few hard and fast rules to keep in mind when comparing home insurance quotes. We asked Tara Laidman, associate vice president of the national product portfolio at The Co-operators, for her expertise on how to compare home insurance. Here’s what we found out.
Types of home insurance policies
While you don’t need home insurance by law, like car insurance, your lender or landlord will often require it. Home insurance experts will tell you that the key to getting the best plan in terms of cost and coverage is to shop around and compare policy offerings from company to company. In your search, these are the main kinds of coverage you’ll come across:
Comprehensive: The most inclusive type of policy, covering sudden and accidental occurrences on buildings and personal property, as well as liability…
Types of home insurance policies
While you don’t need home insurance by law, like car insurance, your lender or landlord will often require it. Home insurance experts will tell you that the key to getting the best plan in terms of cost and coverage is to shop around and compare policy offerings from company to company. In your search, these are the main kinds of coverage you’ll come across:
Comprehensive: The most inclusive type of policy, covering sudden and accidental occurrences on buildings and personal property, as well as liability…
How does flood insurance work?
– moneysense.ca
Flood insurance offers you, as a homeowner or renter, financial protection in the event of damage to your living space due to a flood. It may sound simple enough, but it often gets confused with water damage, and the two are significantly different when it comes to coverage. And since instances of floods are on the rise in Canada, you’ll want to know if you need to add flood insurance coverage to your home insurance policy.
What is flood insurance?
Flood insurance addresses the damage caused by either of the following two types of floods: Overland flooding and sewer backup.
Overland flooding is defined as a large quantity of water flowing over land that is typically dry and may be caused by natural circumstances such as heavy rainfall or snow-melt runoff or by a burst dam.
Then there’s sewer backup, which is when wastewater flows back into your house from the city’s main sewer lines, typically seeping up into your basement through your floor drains. It can happen when there’s a blockage in your plumbing or sewage systems…
What is flood insurance?
Flood insurance addresses the damage caused by either of the following two types of floods: Overland flooding and sewer backup.
Overland flooding is defined as a large quantity of water flowing over land that is typically dry and may be caused by natural circumstances such as heavy rainfall or snow-melt runoff or by a burst dam.
Then there’s sewer backup, which is when wastewater flows back into your house from the city’s main sewer lines, typically seeping up into your basement through your floor drains. It can happen when there’s a blockage in your plumbing or sewage systems…
