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How to choose the best home insurance for your coverage needs
Owning a home is a big responsibility and protecting it is an important 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 feel overwhelming. What’s the best type of home insurance policy? How much should you spend? There are just some of the things to consider when buying home insurance.
Looking for the best home insurance for your house or condo?
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 having a finished basement, running a home-based business, and owning personal valuables like jewellery, watches, or even an expensive bike can have an important impact on your coverage needs. It’s even crucial to consider your pets when it comes to insurance. Let’s look at a few other things to keep in mind when searching for the best home or condo insurance.
How much will affordable insurance cost?
In your search for affordable home insurance, finding figures for the average cost of home insurance can be a great start, because average premiums can help provide a rough estimate of what your insurance costs might be. Keep in mind, though, your premium will depend on several factors such as the coverage you need and the deductible you choose, so your costs might be higher or lower than the average cost.
The best home insurance won't always be the most expensive option: A higher cost might mean you're getting coverage you don’t need. Similarly, cheaper isn’t always better either, because a low price might be missing the specific coverage you need. That's why it's important to understand your unique insurance needs, so you can get affordable insurance by customizing your coverage to meet both your needs and your budget.
How to find the best home insurance
The best home insurance isn't just about finding the cheapest rate. While you don't want to overpay for home insurance, a lower-priced option isn't the best deal if it means you're sacrificing the coverage you need. Here are some tips for picking home insurance that balances price with service and coverage.
Compare quotes
It's a good idea to compare quotes. Make sure you're making a fair comparison though: Look at both the price plus the coverage being offered. A higher-priced quote might cost more because it includes more coverage — but if it's coverage you need, that makes it the better option than a lower-priced quote that skimps on that coverage.
Check out online reviews
Online reviews can also help you find the best home insurance for your needs. Check to see how an insurer scores on things like:
- Customer service. Whether you have questions about your coverage or need to file a claim, you want to be able to easily contact your insurer for help. For example, do they offer several contact methods? Can you reach customer support 24/7?
- Online policy management. Does the insurer offer an online portal or mobile app that lets you manage your own policy? Being able to manage your policy yourself is both convenient and efficient.
- Payment options. Make sure the payment options offered meet your needs, whether it's monthly or annually.
- Hidden or unclear fees. Look for customer mentions of hidden fees, or a lack of clarity about what any specified fees include.
Ask about discounts and perks
Of course, price plays a role in finding the best home insurance for your needs. So, make sure you check for any perks or discounts you may be eligible for. For example, at TD Insurance, you can get a discount if you bundle your home and auto insurance — plus, you'll get TD Insurance Legal Assistance as an additional perk for bundling your insurance with us. We also offer over 30 ways to save on your home and car insurance.
Types of home insurance products to consider
There are different products on the market to meet different needs. For example, TD Insurance offers homeowners 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 first claim.
Enhanced Water Coverage – With such a large number of water-related claims, our Extended Water Damage Coverage offers 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.
How can I get an online home insurance quote today?
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, talk to a TD Insurance licensed advisor. They 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 tenants. Here’s some helpful information about tenant insurance to help you navigate the process.