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 help you determine what policy and coverage amount is right for you.

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 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.

To find out more, call 1-888-476-8737.

Or visit thepersonal.com/ospe

This article is being provided by the Ontario Society of Professional Engineers on behalf of The Personal which has a group sponsorship agreement with regards to home and auto insurance for our members.

The Personal refers to The Personal General Insurance Inc. in Quebec and The Personal Insurance Company in all other provinces and territories of Canada.

The information and advice in this article are provided for informational purposes only. The Personal shall not be liable for any damages or losses arising from any reliance upon such information or advice. The Personal recommends using caution and consulting with experts with respect to the proper use, installation and storage of any products referred to herein.