Home Insurance FAQ

The cost of insurance varies and will depend on the type of coverage you need.

To get an idea of how much you might pay for home insurance, get a free quote today.

There are various kinds of home insurance that cover general and specific kinds of damage to your home.

Home insurance could cover:

• damage or loss to your home

• damage, theft or loss of your personal possessions

• personal property stolen from your vehicle

• damage or injury to others who visit your home or property

• accidental damage you cause to somebody else’s property

You can also buy specialized insurance to cover a condominium, home business, or other kind of property or valuables found in your home.

Coverage will vary depending on the type of policy you have.

Home insurance can cover your home and its contents in the case of theft, loss or damage to the inside and outside of your home or property.

It could also help you cover additional living expenses if you're temporarily unable to live in your home such as living in a hotel or a rental home.

A home insurance premium is the amount you pay monthly or yearly to keep your home insured.

Typically, you would purchase home insurance before closing on your newly purchased home.

This ensures that you have coverage on your new property from any incidents that may occur.

In certain circumstances, a financial institution won’t fund a mortgage or line of credit before your home is insured.

Make sure to ask questions about your home insurance needs with your mortgage advisor, financial institution or financial specialist when you are buying a property.

Once you understand your home insurance needs, an insurance company will normally pre-approve the policy and then wait for your closing date to send your proof of insurance.

While the government doesn't require you to purchase home insurance, your mortgage-holder probably will - at least enough to cover its share of ownership.

There are various kinds of home insurance that cover general and specific kinds of damage to your home, and you should research your options carefully.

You can also buy specialized insurance to cover a condominium, home business, or other kind of property or valuables found in your home.

Home insurance may also include liability coverage for people who are hurt on your property.

A home insurance deductible is the amount that needs to be paid by you to cover the repair or replacement of your covered property before your insurance pays the rest.

A home insurance quote is an estimate of the premium you’ll pay for a home insurance policy.

Since a home insurance quote is only an estimate based on a variety of factors, it may not be the final price you end up paying for coverage.

For example, if you disclose different and/or additional information to our licensed insurance brokers that was not inputted into the quoter, or you decide that you may need different coverages, your quote could change.

Start your free online quote now.

The building itself has a lot to do with how your home insurance premiums are set.

Many things about your home are taken into consideration, including:

• Its age and size

• Type of building (detached, semi, high rise, etc.)

• Type of construction (brick, stucco, wood, etc.)

• Type of heating system

• How close it is to a fire hydrant or fire station

• Where it is located

Also, other factors are taken into consideration such as:

• Your claims history

• Your insurance history

• Any mortgages

• Number of families in the dwelling

• Any home businesses

Home insurance premiums can change due to a variety of factors like home improvements, changes in claims history, environmental factors, rising claims costs in your area or trends in the insurance industry.

Get a free online quote now.