MB Insurance Broker

Your home is the place where you live. It’s your haven, earthly abode, shelter, and investment. Like everything, It’s susceptible to damages, thefts, and natural disasters. Home insurance helps mitigate the financial brunt due to these damages. 

However, there are many misunderstandings about home insurance, which make the product confusing and complicated. Hence, people avoid home insurance or take the policy, overestimating its benefit. 

In this blog, I’ll clear four misunderstandings people have about Rbc home insurance, but first, see the wonders home insurance does for your property.

Also Read: How Desjardins Insurance Protects You From Tragedies

Amazing Ways Home Insurance Protects Your Property

1. Helps pay for lawsuits 

The world is getting weird daily, and you never know when you will be at the receiving end of a lawsuit. Your tenant may sue you for the slightest loophole, and they might win unexpectedly. Home insurance provides you with the financial coverage to bear these unforeseen expenses; you may be on the verge of bankruptcy without it. 

2. Protects your personal belongings 

Home insurance also pays for thefts and damages to personal belongings. Therefore, lessening damage to your wallet. 

3. Protects against natural disasters 

Natural disasters are the worst thing you can experience, especially in Canada. The unpredictable Canadian weather makes natural disasters inevitable. These disasters cost Canadians millions in terms of unrepairable property damages. Hence, home insurance acts as a backup for these hard times.  

6 Common Misconceptions About Home Insurance- The Sinister Six!

Here are the six most common misunderstandings about home insurance; once you read them, I promise they’ll  be a jaw-dropper  

1. Home insurance is compulsory.

Although car insurance is mandatory in Canada, the same is not the case with home insurance. Home insurance isn’t a government requirement; However, your lender may require it if you are applying for a mortgage. Hence, having insurance is better for meeting your lender’s requirements. 

However, at the same time, I’ll recommend getting home insurance, whether mandatory or not, as it protects against uncertain tragedies. So get a home insurance quote now! 

2. The landlord’s home insurance covers the tenant as well. 

Contrary to popular belief, your landlord’s insurance policy doesn’t cover your belongings. Home insurance quotes that the landlord buys only cover the building, not the tenant’s belongings. Hence, if you leave the gas open at night and a fire erupts, which engulfs your belongings, then I am sorry, my friend because you’re toast. 

Nevertheless, if you’re looking for coverage as a tenant, get yourself tenant insurance. Tenant insurance covers all your belongings; as a tenant, you don’t have to worry about a fire or a  short circuit damaging them. 

3. Changing your home’s look doesn’t affect your insurance coverage. 

If you think giving your home a makeover doesn’t affect your insurance coverage, my friend, you are wrong. Yes, a little creativity doesn’t hurt. If you feel like painting your bathroom wall yellow, go ahead. It’s acceptable to this extent. However, you may want to hold your horses and look back when looking to build a new servant quarter on your roof.

Your coverage is based on the previous look of your house. It doesn’t include the further  renovations you do. If you are going for a renovation, visit your home insurance in Ontario for a revision of your policy. The revision covers the new capital expenditure you do on your home.

4. You get coverage for your property’s market value.

The biggest misunderstanding people have about home insurance in bc is that you get insurance coverage based on your home’s market value which is not the case and shouldn’t be. For example, you own a property with a market value of $300,000; although it costs 300,000, it doesn’t take the same to rebuild your home. Hence, if you buy insurance on your market value, you are overpaying for your home. 

The best way to buy home insurance is to get an estimate of your home’s replacement value and quote this amount for coverage. You get the ideal coverage for your property by quoting the exact amount.

5. Home insurance provides coverage against pest invasions.

There is a thin line between regular wear and tear and large-scale damages due to natural disasters and thefts. Pest control falls in the area of daily maintenance. Hence, home insurance Grande Prairie companies don’t consider it their responsibility; rather, they expect you to deal with termite infestations promptly. 

Hence, get proactive in dealing with termites in your home before they cause any damage. Spray disinfectants, use boric acid, or use the typical cardboard box solution. These remedies will exterminate the termites and vermin in no time. 

6. Your insurance policy covers any belonging stolen.

Although home insurance indeed covers your belongings; However, this notion comes with strings attached. Grande Prairie home insurance quotes only give you compensation for the personal property coverage you take. 

So, if you have personal property coverage of $15000, and a robber steals assets worth $20,000, you won’t get cover for the leftover 5,000. Hence, get accurate personal property coverage without undervaluing your assets. 

Also Read: How Companies Like TD Bank Provide Coverage For Your Life, Travels And Property

The Way Forward – Why Getting An Insurance Policy Is The Best Course Of Action

Getting the best home insurance in Quebec is important for your home. It is a great investment which provides coverage against natural disasters, thefts, and lawsuits. However, there are many misconceptions about home insurance. 

Due to the misconceptions which surround home insurance, people avoid these policies. However, avoidance is not the solution. The best course is to seek information and then make an informed decision.

Informed decisions are the best, and the best source of information is your insurance broker. Sit with your broker over coffee and discuss your doubts and apprehensions. Brokers clearly define the terms and conditions of the policy and suggest the best solution for you.

Since brokers have been part of the industry for a long time, they know the market conditions and solutions to your problems. On the contrary, if you are new to insurance, take reviews from your loved ones. Ask them about the best home insurance quotes in Grande Prairie, and then make a decision.  

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