Tips for Finding the Best Home Insurance Policy in Toronto: Comparison Shopping and Policy Features
Want to find the best home insurance policy in Toronto? If so, there are a few things you should know first. It’s important to look at the differences between policy features along with how to compare insurance providers.
Here at Marathon Insurance, we’ll take a closer look at those factors along with giving you some vital tips on how to find the best policy. Let’s get started!
How to Compare Insurance Policies?
Home insurance is just home insurance, right? Unfortunately, that’s not true. The coverage from one provider may not be exactly the same as another. This is why it’s important to look at the fine print and see exactly what you’re getting for your money.
The best thing to do is ask yourself why you’re getting home insurance, and what you want to be covered. For example, in Toronto, the earthquake risk is very low, but you may wish to ensure you’re protected from flooding.
It’s good to write up a list of everything you definitely want coverage for, everything you ideally want coverage for, and everything that you don’t think you need coverage for. You can then use this list to cross-check different policies.
You may get a quote that has a great price, but doesn’t tick all of your boxes. On the flip side, you may get a quote that looks a little high but actually gives you all the coverage you were hoping for. But with most insurers, it’s worth noting that you can add coverage options to suit your needs.
How to Compare Insurance Providers?
Sadly, there are many insurance providers out there who don’t provide an excellent service. Many common complaints are that the customer service was terrible, they made making a claim difficult, or they tried to refuse a claim for questionable reasons.
When choosing an insurance provider, it’s always a good idea to check their professionalism. Look at how they handle claims and with the reviews they have.
Along with checking out reviews, you can also ask friends or family if they have any recommendations. Another option is to work with an insurance broker who’ll be able to assess your needs and provide personalized guidance.
Balance Between Coverage and Affordability
In an ideal world we’d like to have every optional coverage option on our plan and be covered for every possible eventuality. For many of us, the reality of what we can afford is a little different and this needs to be carefully considered.
As we stated above, you should write down a list of everything you 100% want to be covered with no exceptions. When you look at a policy that has your minimum level of desired coverage, you can then look at optional extras.
For example, you have an engagement ring worth thousands of dollars that isn’t covered by your regular insurance. Here you may want to pay a little extra to have your high-value items covered and give yourself peace of mind.
Another example could be that you want to be covered for potential flooding and, although you don’t live in a high-risk area, want that protection. Both are an example where you may want to pay a little more.
What you don’t want to do is leave yourself vulnerable to a peril that has a high chance of happening. The bottom line is you should insure for everything that’s non-negotiable, then consider add-ons if it is affordable.
Home Insurance Tips for Finding the Best Policy
Hopefully by now you have a good idea of how to compare insurance policies and providers. Next look at some great tips to consider when buying insurance.
Compare Quotes – The most obvious tip is to compare quotes between different providers. Most see this as just comparing cost, but it’s also vital to compare policy features.
Read It Through – It may sound boring, but it’s a great idea to read through you’re the terms and conditions of a policy to ensure it’s right for you.
Check for Exclusions – Each provider will have their own policy exclusions. You’ll want to check what they are before accepting a policy.
Check for Discounts – Need other types of insurance? If so, see if there is an option to bundle your policies and get a cheaper combined payment.
Deductible – You’ll have to pay a deductible to make a claim. The higher the deductible, the lower your payments but with this comes financial risk. Adjust the deductible to something you’re comfortable with.
Consider Customer Service – The best home insurance policy isn’t just about cost and policy features. If customer service and reputation are important to you then make sure to check out reviews.
Review Annually – Don’t just let your insurance automatically renew. See if it’s still suitable for your needs or if you can get a cheaper quote elsewhere.
Specialist Insurance – Do you have a unique home? If so, you may want to consider specialist insurance for your specific property type.
The Best Home Insurance Policy Toronto – Final Thoughts
As you can see, there are many aspects to consider when it comes to home insurance. If you’re looking for a quote from a highly-rated home insurance company Toronto, get in touch with Marathon Insurance today to see how we can help you insure your home.