Vancouver House Insurance Quotes and Rates
So you have found your dream home / condo / apartment, and now you need to set about getting insurance for the property. Where do you start? Who has the best rates?
There is no single company or broker that will offer you the lowest rates across the board. Different companies cater to different types of properties. Certain companies may offer more comprehensive coverage than others, but their prices may be higher. Certain companies may offer lower rates, but their coverage may not be as good, or they may be undervaluing the replacement cost of your home.
When it comes to home insurance, you need to shop around. Many people make the mistake of choosing the company that offers them the lowest rates - you also need to compare the quality of your coverage. When it comes to insurance, price isn't everything. Price and quality of coverage is.
Here are some tips that will help you to secure the best possible coverage and rates:
Tip #1 - Take your real estate listing with you when you obtain a quote. This will allow the broker/company to provide you with a much more accurate quote.
Tip #2 - If you are looking for just contents insurance, then try to determine an accurate replacement value for all of your belongings. Many people drastically underestimate the total value of their possessions. You'd be surprised at how fast the numbers add up.
Tip #3 - If you are purchasing a home and will have a mortgage through your bank, then ask them for a quote as well (if they offer home insurance), but be sure to tell them that you are planning on shopping around for a quote first. Banks will require that you have a home insurance policy in place before you take possession of the home. They are part-owners of your home (if you have a mortgage), and don't want your home to burn down without any coverage.
Tip #4 - Understand that they aren't THAT many insurance companies out there. Many brokers will deal with the same main insurance companies - Aviva, Gore Mutual, etc. To save yourself some time, ask before you obtain a quote which company that they deal with. If you don't, then you might end up with quotes from 10 different brokers that are all from the same company.
Tip #5 - Give yourself some time. Don't walk into an insurance office the day before you are to take possession of your new home and ask for a quote. Start the process weeks before, just in case there are any snags.
Tip #6 - Compare coverages. Once you have a fistful of quotes from a number of different companies, start to compare the levels of coverage. Again, go with the lowest cost policy without checking the level of coverage is a very bad idea.
Tip #7 - Ask questions about the insurance company. How long have they been business? Who do you call in the event of a claim? How responsive are they to questions? How contactable are they?
The process of obtaining quotes may be a bit tedious and tiresome, but it can pay off by saving you a couple of hundred dollars when it comes time to purchase your policy.
If you have access to a fax machine, then this can save you a great deal of time. Call up an insurance company or broker and ask to obtain a quote. Fax through your real estate listing and have them proper a quote for you. Then, they can simply call you back and tell you the amount of the quote, which saves you having to drive from broker to broker.
Also, once you have a policy, it doesn't hurt to obtain quotes on a yearly basis, especially if your rates seem to be increasing. Switching insurance companies is a very simple process that can be handled entirely by your new company and/or broker. Don't be afraid to move on to another company if you have found yourself a better deal.
Obtaining a home insurance policy isn't as painful as some people make it out to be. It's just a matter of obtaining some quotes, choosing a company, filling out an application and paying for your policy. Many companies also offer monthly payment plans.
Filed under: General Knowledge