How much do you understand about home insurance?

With all the news about natural disasters and failed home insurance claims making the news lately, now is the perfect time to educate yourself on the protection your home has, and that includes home insurance. According to Insurance Bureau of Canada (IBC), half of Canadians want to better understand home insurance. Further to that, 90% of Canadians think it’s important that their children learn about home insurance as well.

Could you possibly afford to replace absolutely everything you own? Recovering from even a partial loss, like having your home broken into and many possessions stolen, would cost more than most people could manage on their own. Home insurance protects you from having to pay out a huge amount at once, often at the very worst time emotionally.

A responsible and profitable financial plan is all about asking the right questions so you can make informed decisions. Of course, working with a professional will always make this process go a lot smoother. So here’s some crucial questions you can ask your insurance representative, when looking into home insurance:

1. What does my policy cover?
2. Is there a specific kind of insurance for the type of home I live in (e.g., house, condo or apartment)?
3. Are there risks I can’t buy insurance for?
4. What optional coverage is available?
5. Should I make a claim for every loss?

If you’re looking for more information on home insurance and how to better educate yourself on it, you can visit the IBC website here. If you have financial questions about homebuying or home insurance, I’d be happy to share my knowledge and resources with you, so feel free to contact me. Alternatively, you can always reach me on Twitter as well.

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