Home Insurance

Getting the Right Home Insurance

You finally have a beautiful home in the Annapolis Valley and you worked very hard to earn it. This is one of the biggest investments you can make and over the years it will increase in value. This is why you need to protect this important asset from the many hazards it may face in the future. But how do you get the best policy and avoid paying too much money for coverage? The answer may be easier than you think, but first let’s take a look at some good reasons to get your policy from a professional insurance broker.

Karen and Lloyd loved their new home and why not? They rented a tiny apartment for years and slowly saved up enough money for a down payment on a house. The couple bought their house 5 years ago and it needed quite a few repairs and upgrades. However, they managed to make some major improvements and their home is very comfortable. It is something they are very proud of.

Not long ago, Lloyd became concerned when their insurance rates went up for no apparent reason, and it raised their house payment quite a bit. To save money, Lloyd wanted to get the cheapest possible Home Insurance policy he could find. However, Karen warned him not to take chances with their lovely home.

Karen had just read an online article about the benefits of using an insurance broker and she talked Lloyd into visiting a local broker. The couple visited with an insurance professional and he explained to them about the importance of carrying more liability insurance. Lloyd was skeptical at first, but when the broker showed them he could raise their liability coverage and lower their annual premiums, he got Lloyd’s attention, and they also discussed the importance of replacement cost coverage.

Only three months after the couple took out a new Homeowners Insurance policy, they suffered a major disaster. Faulty wiring in the basement caused their lovely house to be destroyed by fire. However, since the couple had replacement cost coverage, they were able to build a brand new home and today it is one of the most beautiful homes in the neighborhood. This stresses the importance of seeing the right insurance person for your home.

Defining Home Owners Insurance

Home Insurance policies cover your home, outbuildings and your contents for “direct loss” or damage caused by insured perils, which may be stated individually or merely described as “all risks”. It also protects your legal liability issues – the personal liability portion of your policy applies at your home or anywhere in the world to bodily injury you may unintentionally inflict on others or to accidental damage you may do to their property.

Who Needs Homeowners Insurance?

If you are making monthly mortgage payments on the place you live, you need to insure it. In fact, you could not take out a loan unless you proved to the lender that you had full insurance on the property. However, even if you own the place free and clear, you should still insure it to protect your home investment. This includes these types of residences:

  • Residential houses
  • Luxury homes
  • Condos
  • Duplexes (if you own your unit)
  • Vacation homes
  • Cabins
  • Manufactured homes

3 Types of Home Owners Insurance Policies

There are 3 types of policies with different levels of coverage and premiums:

  • Named Perils
  • Broad
  • Comprehensive

A comprehensive policy covers both the building and contents for all risks that are not specifically excluded.

A named perils policy is a policy the you would choose if you are inclined to save money by carrying more of the financial risk yourself. A named perils policy covers only those perils, such as fire and theft, that are specifically included in the policy.

If the comprehensive policy costs more than you want to pay and you find the named perils policy too risky, a mid-price compromise would be the broad policy which provides “all risk” coverage on the buildings and “named perils” coverage on the contents.

Optional Insurance Coverage

You’ll need to make some decisions when it comes to these coverage options:

  • Deductible amounts – you can choose a higher deductible to lower your premiums
  • Higher liability limits – this can include an Umbrella Insurance policy that will give you more liability protection.
  • Earthquake coverage
  • Sewer or septic backups
  • Overland water coverage

Where Can I Get the Best Home Insurance?

If you are looking for low premiums and maximum coverage options, check with an experienced insurance broker at Russell Insurance Group Ltd. We offer many benefits to our customers, such as:

  • Affordable premiums – we have access to many top companies and will search all the rates, to bring you the lowest.
  • We work for you – an insurance broker is on your side and looking out for you. This gets you the best deals on Homeowners Insurance.
  • Claims assistance – you are not alone when you come to Russell Insurance Group Ltd, not even when it’s time to file a claim.
  • Small town service – because we live in the same community, we can offer you personal service that is unmatched in the Annapolis Valley. You can call us and ask questions and we are more than happy to serve you.
  • More than just Home Owners Insurance – we can get you great deals on your Auto Insurance and Business Insurance too. We also have some excellent Travel Insurance policies we can show you.

To talk to an experienced insurance professional at Russell Insurance Group Ltd, you only need to call us on the phone. Our home office number is (902) 847-3274.

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