If you’re a homeowner with a mortgage, it’s imperative you acquire homeowners insurance to protect you and your family against damages. Whether it’s theft or fire, home insurance is a must in the eyes of mortgage lenders and banks. They will want proof of the insurance before they sign off on your mortgage application and finance your Victoria home.
As you’re shopping around for homeowners insurance, you will realize how important it is to have affordable premiums as well as deductibles. The higher your deductible is, the lower your insurance premium will be. There are other notable tips to consider as you seek comprehensive and affordable coverage for your home. Keep reading below to learn how to shop for quality Homeowners Insurance in Victoria BC.
Don’t Be Afraid to Ask Questions
There’s no such thing as a stupid question when it comes to your insurance and protecting your investment. Your home is your biggest financial investment and, to secure it from potential damages, you need to know what the insurance covers. Ensure you know all the details and ask your financial advisor or a top realtor in Victoria BC for advice on how to proceed with a prospective insurance policy.
Some types of homeowners insurance offer basic coverage like theft, fire, water damage, and vandalism. Other homeowners insurance policies cover most risks to property and all of its contents. You should also know what isn’t included in the policy. This way you aren’t hit with unpleasant surprises after making an insurance claim. The average yearly cost for homeowners insurance in BC is $924.
Look for Liability Coverage
Your homeowners’ insurance policy should contain a liability portion that covers various incidents that happen at home. The liability portion lets you know of any legal responsibility arising due to unintentional actions that may hurt others. If you have things on your property like a swimming pool, you will need to obtain liability insurance.
Ask About the Potential for Additional Coverage
Whenever you have expensive jewelry, musical instruments, or special collectibles, you should inquire if you need additional coverage in your homeowners’ policy. You may also require extra coverage if you have computers or run a business from home. Additionally, your insurance needs may change over time due to family or financial situations. Home insurance never remains static, and its value could increase if you make home renovations or additions. Talk with your financial adviser to determine if the value of your home has increased over time. This is important to avoid being under-insured.
For more tips on how to enhance your home buying experience, connect with the best realtor in Victoria BC at your earliest convenience. Contact Brad MacLaren today for all your Victoria BC Real Estate needs!
