How to choose the best insurance for your home

Owning a home is a big responsibility and protecting it is a big part of that commitment. It can be tough to navigate how to buy the best insurance for your home or condo. You want to protect your home and everything inside of it but sometimes the process can be overwhelming. What’s the best type of home insurance policy? How much should you spend? Lots of things to consider.

Understanding the best home insurance for you

The best home insurance for you, is the one that meets your specific needs. We’re here to help you ask yourself the right questions so you can really understand what those needs are. Things like whether you have a finished basement, or if you run a home-based business. An extensive wine collection, valuable jewelry or even an expensive bike are all important things to think about. It’s even crucial to consider your pets when it comes to insurance. Completing an online quote, talking over the phone to an advisor or getting a personalized quote can also give you deeper understanding of the type of insurance that’ll work for you. Let’s look at a few other things to keep in mind when searching for the best home or condo insurance.

How to get the best rate for home insurance

Obviously, the cost of your insurance premiums is an important factor. But remember the best home insurance doesn’t always have to be the most expensive (it could include coverage you don’t need). Similarly, cheaper isn’t always better because it may be missing coverage you need. The most important part is understanding your unique needs. You can get affordable insurance by customizing it to meet your needs and your budget. It’s also a good idea to look at different insurance providers and see what products they offer. When you compare different home insurance providers or policies, here are some important things to consider:

What to look for when buying home insurance

  • Make a fair comparison - Make sure if you are comparing two policies from different companies, that the coverages and deductible are the same. Be sure both companies have accurate and identical information because factors like address, age of building, square footage and home monitoring system play a role in determining coverage and premiums.
  • Customer service – Can you contact someone at any time for help? Is there an app or a 24-hour claims support phone line? Can you manage your own policy online?
  • Suitable payment options offered – Make sure these suit your needs, whether it’s weekly, monthly or annually. And also double check there are no hidden fees or upfront payment options that are unclear.
  • Additional perks – What else can an insurance company provide for you? Can you bundle your insurance and get a discount? Or additional offerings such as TD Insurance Legal Assistance that provides complimentary legal advice when you bundle your home and auto insurance.
  • Products offered – This is a big one so we’re going to dive into it a little deeper down below. But you’ll want to look at base level insurance offerings, plus any add-ons or enhancements that allow you to customize your policy.

Types of home insurance products to consider

There are different products on the market to meet different needs. For example, TD Insurance offers the Million Dollar Solution® so you can make use of one flexible, overall amount of coverage for your home, belongings and any additional living expenses. Here are two more great options for home insurance:

Claim Forgiveness – this means you’ll be forgiven for your first claim and at renewal time, your premiums won’t increase as the result of this claim.

Enhanced Water Coverage – with such a large number of water-related claims, we offer better protection against everything from an overflowing bathtub to springtime flooding.

When looking at all the different factors, decide what’s important to you when it comes to getting the right home insurance coverage. There is no one solution that works for everyone. The best home insurance coverage for you depends on your needs and your budget. As a first step, it’s quick and easy to get a quote online - and it only takes a few minutes. And then from there if you need more help, a TD Insurance licensed advisor can help and answer any other questions you may have.

Are you a renter? Home insurance isn’t exclusively for homeowners. Finding the right kind of coverage is just as important for you. Here’s some helpful information about tenant insurance to help you navigate the process.