(NC)—When was the last time you read your home insurance policy? Granted, it's not as much fun as curling up with the latest Harry Potter novel, but it's a good idea to take a close look at your policy every year and rethink your insurance needs.
So the next time your renewal notice comes in the mail, take the opportunity to ensure you're getting the best coverage for the best price. Shop around. Visit a few brokers and agents. You might also make use of several on-line shopping tools.
There are several things you can do to lower your premium. Here are some tips:
• raise your deductible
• install smoke detectors
• install a centrally monitored burglar alarm (ones that just make noise aren't good enough)
• buy home and auto insurance from the same insurer.
One occasion when you're forced to think about homeowner's insurance is when you're buying a house and insuring it for the first time. If you're in this position, be prepared to answer a lot of questions about your new home. For example, insurers are interested in details such as the size of the house, the materials used to build it and whether it has a wood-burning fireplace.
Insurers need this information for two reasons – to calculate how much it would cost to rebuild your home if there were a catastrophe and to determine the likelihood of there being a catastrophe.
Ask questions of your own. Find out what you're covered for and what you need additional coverage for, such as sewer back-up. Some items, such as jewelry, may need to be insured separately.
Whether you're buying a new policy or renewing an existing policy, remember this: An educated consumer is an empowered consumer. Ask questions and shop around.
For more information on insurance related topics, visit Insurance Bureau of Canada web site at www.ibc.ca.
- News Canada
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