As a first time home buyer, shopping for home insurance Calgary can be a daunting task just like finding that perfect home where you will get to live and raise your family. As one of the most important detail when buying a home, insuring your home early is a must to avoid making that last frantic call to an insurance broker.
To help you shop and select the best home insurance Calgary, we have compiled the following tips that will help you save time and money.
1.Choosing the best home insurance provider
To protect all your favorite things – your new home and valuables – you need to select the best home insurance provider in Calgary. The first thing you need to know is the reputation of the company especially when it comes to honoring claims.
To know about their reputation, make a quick search on the internet for customer reviews. How are the reviews? Positive or negative? If the negative reviews are more, avoid the company.
Other things to check include rating on BBB, payment options, availability of dedicated 24/7 emergency claims line and no hidden fees.
2.Determine your rebuild cost
To know the cost of home insurance, you must first determine the cost of rebuilding your home and your valuables. To get this data, talk to your bank or mortgage broker. They usually conduct property valuation once an agreement has been reached and before the approval of your loan.
Using the valuation, you can learn the rebuilding cost. As a result, you will get to know the minimum amount required to insure your new home.
It is important to ensure that your valuables – electronics, jewelry and priceless art-are insured too. Don’t forget to check if the policy comes with a home rescue service.
3.Understanding the exclusions
In each policy, there are a number of exclusions and as a first time home buyer, it is important to note them. By doing so, you will be in full compliance with the contract between you and the home insurance Calgary provider.
For instance, if you are planning on renovating your home before moving in, it is wise to declare so. This is because additional cover may be required. In case you are planning on moving in at a later date (more than 2 weeks) turn off all the utilities – water and heating. Remember, if your home is unoccupied for more than 30 days, your insurance cover may cease to be valid.
As a first time home buyer, there are a few things you need to avoid when it comes to shopping for home insurance in Calgary. First and foremost, avoid cheap covers. Remember, cheap is always expensive in the long run. Next, you need to know your excesses. Failure to do so can be costly to you. Lastly, don’t forget about the letter of indemnity.