What Type of Home Insurance Do I Need?

By on April 8, 2021

Trying to find the right home insurance plan can feel a bit like trying to escape from a labyrinth. Often seeming needlessly complex, the insurance market is actually relatively straightforward. All you need to know is what you actually want from an insurance plan. Here are some things to consider while shopping around. 

What Do You Want to Cover?

Before you rush into purchasing insurance coverage for your home, you need to consider what it is that you actually want to insure. Typically, home insurance can be split into two major camps: dwelling insurance and contents insurance. Today, many companies will be able to offer you comprehensive insurance for both dwelling and contents. 

Dwelling Insurance

Dwelling insurance only covers the structure of your home. This includes walls, ceilings, roofing, and fittings, but not appliances or anything you add to your property after you purchase the insurance. Dwelling insurance is usually relatively cheap if purchased as a stand-alone plan. This is because it is quite unlikely you will need to make a claim. It is certainly worth purchasing, though. If your roof caves in or you notice structural damage to your house, you’ll save lots of money if you have dwelling insurance. 

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Contents Insurance

For more comprehensive coverage, you’ll need to purchase contents insurance. Contents insurance covers your appliances and furnishings. It is the insurance you’ll claim if your house gets broken into or short circuits damage your appliances. 

What Are the Risks to Your Property? 

Not all houses are equally as safe from disaster, and the home insurance that you purchase should reflect this. If you live in a high-crime neighborhood, for instance, your insurance will cost a little more to reflect the likelihood of damage to your home. 

Suppose you live in an area susceptible to natural disasters. In that case, you will need to seek out an insurance policy that explicitly covers the kinds of natural disasters that might endanger your home. Severe weather, for instance, is a serious concern in Canada. In 2019, 1.3 billion dollars of damage to insured homes was caused by severe weather. It is certainly worth considering the unique situations that you are likely to find yourself in due to the location of your house before you go ahead and look for an insurance policy. If you are looking for home insurance in Montreal, it is wise to consider getting severe weather cover. 

Do You Go Your Own Way?

Most buildings in North America are of fairly recent construction and have standardized structural design features. There are, however, exceptions to this rule. Suppose you own a heritage property, a house that you have designed and built yourself, or a property of unique architectural value. In that case, you are going to need to get some specialist insurance cover. It is very important that you accurately note your home’s architectural and historical features before you seek to get a new insurance policy. This will enable the insuring agent to give you a quote accurately.

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What Type of Home Insurance Do I Need?