By Durand. Home Insurance. Published at Saturday, March 31st, 2018 - 20:02:56 PM.
Home insurance for tenants is 3 times cheaper. If you rent a home, you can benefit from lower home insurance costs since you do not need all the coverages that a homeowner would need. Typical tenant insurance policy would be covering your liability (e.g. if you flood people who live under your unit) and contents of your home (e.g. expensive electronics, items of art, rare collection items). Average rental insurance costs in Ontario are $252/year ($21/month). Tenants insurance in other provinces would be comparable in terms of costs: $33/month in Quebec and $25/month in Alberta.
Before you buy home insurance policies, ensure you are satisfied with the terms. If the coverage benefits do not cater to your needs, your hard-earned money in the form of premiums could be a colossal waste. Read the exclusions (things not covered) thoroughly in order to understand the terms. You can read them online on the home page of the insurance brand. In general, the damage to your property caused by wear and tear are not covered. It is essential to understand that the list of exclusions can vary from company to company. Known by different names like 'Home Insurance and Home and Contents Insurance', it is a policy custom-made for persons like my colleague. By getting your home insured, you can be free of distress as the insurance plan will offer a complete protection against fire, theft, lighting, vandalism, and other unpredictable threats. Whether or not you visit your far-away house, you can sleep in peace in the other house or rented accommodation.
Another option you can try is the third type of homeowner insurance which is the HO-3. This is actually termed as the Special HO Policy. Unlike the other policies, this type specifically focuses on the structure of your house. More so, it is able to cover all the hazards that can cause damage to your house-except those hazards which are particularly cited by the insurance company from which you will buy the policy. On the other hand, if you want a total package, then you should do for the HO 5. This is actually the most extensive of all the homeowners insurance policies. And that is also why this is also the most expensive of all of them. This type of home insurance policy will give your home protection against practically every factor that might damage your house. The only exemptions are war, earthquakes as well as floods. The thing with this type of home insurance policy though is that not all insurance policies carry it.
Consider the findings reported by independent insurance agent association, Trusted Choice, in a 2009 national survey: "53 million household respondents 'admitted they are probably not taking advantage of all homeowners insurance discounts or said that they simply did not know' about policyholder discounts they likely qualify for." The survey also found that the largest percentage of respondents, about 26%, estimated they save 6-10% on their insurance premiums by using discounts. In fact, many insurance consumers could be saving significantly more-as much as 30%, according to independent insurance agencies, which often shop on behalf of consumers and help them find discounts and compare rates.
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