Breaking Down 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 their children learn about home insurance as well. How does home insurance work? Insurance companies estimate an annual premium that will cover the risk of your home, the premiums are based on how much your insurer will need to pay for future claims. For assuming the risk on your behalf, your premium will be paid by you either monthly or annually. Your paid insurance premiums are put into a pool, along with the other paid premiums. Pools operate for one…