Property insurance , including house insurance as well as insurance for renters, is a way to ensure your peace of mind and to protect you against devastating financial loss should your house and its contents be damaged, destroyed or otherwise rendered useless due to any type of disaster. In addition, property insurance protects your assets in the event of a robbery or other criminal act.
The amount paid per month or per year for insuring a home and its contents is very minimal compared to the coverage which you are getting in return. Thousands of dollars in property coverage are often available for a few hundred dollars a year, and even one moderate loss can more than pay for the entire amount of premiums that were paid over a period of years.
When purchasing house insurance , make sure the policy is issued by a reliable Canadian or international carrier. Most of the large multinational insurance companies offer competitive and comprehensive policies to Canadian homeowners and renters, and goverment insurance companies make policies available in some provinces as well. A reputable and licensed insurance broker can help you find the best price on the amount and type of coverage that is best for you, and banks and online sites often are also good sources for quotes on insurance coverage for your property.
While the price of a policy can be reduced by accepting a higher deductible, make sure that you can afford to take the risk of one or more losses that could fall below the deductible. For instance, if you select a policy with a deductible of one thousand dollars, make sure you realize and are prepared to absorb losses of up to that amount. While absorbing a loss of one thousand dollars as part of a claim for fifty thousand dollars may not matter to you, it may mean a lot when all that was lost was a nine hundred dollar computer or rug that you just don't have the cash to replace no matter how badly you need it after it is stolen or damaged.
A home insurance policy can also protect valuables such as laptop computers and cameras that are not always used in the home, as well as watches and jewelry when worn outside the home, through special riders that are available at a very reasonable cost. Check the policy you are considering to see what additional coverage can be added to protect valuables which may not be automatically included in the main policy.
Insurance which covers losses or damage to your home and its contents is practically a must for any homeowner or renter, and the premiums paid per year are a small price to pay for peace of mind in the event of a disaster or criminal act that would otherwise require payment of thousands of dollars for replacement or restoration of items that are vital for day-to-day living.
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