It is important to keep insurance in mind while shopping for a new home and throughout the entire buying process. The team at Caldwell Roach, along with your Realtor, can help you during the process and advise you what things can affect your rates and insurability.
Here is a checklist to follow throughout the buying process:
If you are currently renting, it is important to have a tenant’s package in place to protect your liability and your personal property. Caldwell Roach Insurance can provide you with a comprehensive tenant’s package to suit your needs.
Age of the house
Older homes often have features like decorative ceilings that can be quite costly to replace and may cause the cost of your insurance to increase slightly. If available, make sure you get replacement cost coverage in your policy. Also, check to see if the older home has been updated to comply with current building codes.
Condition of the roof
Be sure to check the condition of the roof. A newer roof that is in good shape will be more appealing to insurers and could end up saving you money.
Plumbing, heating and electrical systems
Recent upgrades to these systems make your home safer and less likely to suffer fire or water damage.
Homes equipped with smoke, fire and burglary alarm systems that ring to an outside service may qualify for a discount on your home insurance. Also, strong doors, dead bolt locks and window can help keep your possessions safe!
Check the house’s loss history report
Ask the current homeowner for a copy of the home’s insurance loss history report. This will provide information on claims filed and answer questions such as “are there any past problems with the home and was it properly repaired?”
Get the house inspected
A thorough inspection of the home is very important. The inspector will check the general condition, show any potential problems and suggest upgrades. If the home is well-maintained, there should be no problem getting insurance. However, if the inspector raises questions, the insurance company probably will too.
The Caldwell Roach Insurance team will let you know if the house will qualify for insurance and give you an estimate of the premium.
Have your broker shop around for the best coverage
Caldwell Roach Insurance shops Canada’s top insurance companies to get you the best rates. Our knowledgeable and experience team works with you to find the best insurance for the most unique situation - yours.
Take the highest deductible you can afford
The deductible is the amount that you, the insured, is responsible for on each loss before your insurance company will make payment. The higher your deductible, the lower your premium will be.
Ask about available discounts
Ask your broker if you qualify for discounts such as multi-policy, claims free or credit scoring discounts.
Get enough insurance
Make sure you take the time to properly insure your home. It is important to make sure you have enough coverage to:
Rebuild your home in the event of a total loss
Replace everything in it
Protect your liability in case someone is injured on your property
Ask about additional coverage
Sewer back-up, Overland water coverage and special riders for jewelry can further enhance your homeowners insurance policy.
Properly maintain your house
It is important to manage risk within your home. Ensuring that your home is safe, can give you peace of mine and potentially save you money.
Keep your insurance up to date
Let your broker know about alterations, additions and improvements you make to your home to ensure you have the coverage you need.
Caldwell Roach Insurance
Here for you.