Home and tenant insurance have become critical components of living in today’s risk environment. What do you look for when buying and renewing your policy annually?
Through our years of service, Merit Insurance Services Ltd. has encouraged clients to take the time to read and understand the details of their policy, ensuring the policy closely matches their coverage requirements for both now and the long-term. From our experience, here are a few things to look for when reviewing your insurance policy.
Starting with the money, review your premium payment schedule to ensure it works for you - amount, coverage, due date - you can set up automatic credit card payments or withdrawals from your bank for additional convenience. Your premium may be reduced if your home has risk prevention features such as a fire alarm, burglar alarm, or sewer backup prevention.
Next, your deductible - the amount you will need to pay if you make a claim. Various deductible options are available, for example, you can increase the deductible amount to help reduce your premium.
Coverage is also tied to your premiums – how much will it cost to replace all of your belongings? Be sure to compile an inventory of your household items and be aware of special limits for items such as electronics, sports equipment, collectibles, jewellery, and fine art. Depending on the amount of protection you need, your premium will be determined accordingly.
Additional coverage needs a thorough review. Without items like ‘additional living expenses’, you would be totally responsible for any costs you incurred if you were displaced from your home. Depending on where you live, your property may be at risk for hail, windstorms, or sewage back-up where coverage for these types of risks are separate and there are specific coverage limits with different deductibles than your overall policy. Your policy should also contain an insured value on additional pieces on your property such as a garage, deck, gazebo, porch, greenhouse or shed. This will ensure you are fully covered if there is a loss to them.
Personal liability insurance is critical - providing homeowners with protection if a third party is injured on their property - protecting you from having to pay for that person’s care and any lost wages as a result of their injuries, including medical and legal costs associated with the incident (up to your coverage limit).
Other consideration include updating older electrical, heating, plumbing, and roofing systems to protect yourself from a risk while reducing your premium; If you’re a home owner, ensure your mortgage company is still listed correctly and if your mortgage is paid off, you may qualify for a discount; and, a home evaluation should be done every three to five years to ensure your policy reflects the current replacement value. Check this amount on your policy, including not just your home, but your belongings and additional pieces on your property.
Merit Insurance Services Ltd offers the best rates and coverage for your home, auto, and business in Edmonton. The peace of mind of knowing that you are well protected while saving money on your insurance is just a phone call away – call Merit Insurance Services Ltd. at 780-434-8763 today to select a plan that matches your needs with the lowest rates.