If you’ve recently purchased a new property, you’ve probably had to renew or update your home insurance. While quote generators can quickly give you a ballpark of what you will be spending on your policy, speaking with an insurance expert will take longer but will be an investment to ensure you are getting the right protection.
Whether you’ve just purchased your first condo in a downtown high-rise or are moving with your family to an acreage in the country – your home insurance policy needs to be tailored to your needs. As one of the biggest financial investments that you will make in your lifetime, it is imperative to take the time to build a home insurance policy that will keep you covered — from catastrophic weather events (such as flooding and hail) to personal liability protection.
Acera Insurance advisors collect detailed information about your home, insurance history, potential risks and personal information. This enables them to build accurate and comprehensive coverage to ensure that any potential claims will be covered.
We Help You Manage Risks
Each home and its contents are unique and obtaining a full understanding of your property enables our advisors to customize your policy and recommend additional coverages that you may want.
When we have the full scope of your home, we can help you to properly manage your risks. This includes knowing the location, the year it was built, the type of property it is and the building materials used. This information also allows your advisors to perform a risk assessment based on the collected data to ensure that your premiums are accurately calculated. By collecting comprehensive information, Acera Insurance advisors can match you with the best insurer for your property at a price that fits your budget.
It’s important to note that purposefully providing inaccurate details about the conditions of the property could put you at risk for fraud in the event of a claim. If you don’t know the answers to some of the questions an advisor asks when applying for home insurance, it may be necessary to get the information through an inspection or appraisal. Our advisors are also available for in-person consultations to help gather the information needed for an accurate home insurance quote.
What Advisors Need to Know
You will likely be asked to provide information about the home that includes:
- The home’s address and how long you have owned it
- The year the home was built
- The type of home (single detached, townhouse, etc.)
- The square footage and number of storeys
- If you are living in the home or if all or part will be rented out
- The home’s purchase price or current market value
- Estimated rebuilding costs of the home (your advisor can help you determine this amount)
- Estimated cost of replacing your belongings
You will also be asked construction details about the property. When speaking with an advisor, you should be ready to provide the following:
- The construction material(s) used to build the home
- The age and type of roof
- The type of heating, plumbing and electrical system
- The age of your furnace and hot water heater
- If any upgrade or renovations have been done and when
- If there’s a wood-burning fireplace, trampoline, pool or other specified risk
- If there are additional structures such as a deck, shed or garage
- If there are risk-mitigation devices such as a sump pump, sewer backup valve, water alarm and/or security system
- Distance from a fire hydrant and fire station
You will also be asked to provide personal information that could include:
- Personal information such as your name, age and occupation
- If you have a mortgage and if so, the provider of that loan
- The date you will require home insurance by
- Your insurance history, including previous claims
- Your contact information
Understanding Your Coverage
The coverage will depend on all the details provided for your home. Insurance is designed to cover unexpected events that may arise and by working with our advisors to create a comprehensive policy this will help keep you protected in the event of an incident.
If you have any questions or updates to your insurance policy, contact your Acera Insurance advisor.