Home Insurance 101
What you need to know about insurance as a first time home buyer
What you need to know about first time home insurance. As your Red Deer insurance broker, we’re happy to walk you through this exciting, and sometimes stressful, milestone in your life. Buying home insurance for the first time should be empowering and educational and we take pride in the time we spend to review your policy and ensure you have the right coverage for your risk.
Know your coverage.
We pride ourselves in taking time with your policy. We’re a little nosy too. Why? We want to know everything about your house so that you have the most accurate home insurance. Home insurance policies can be overwhelming and confusing, and we are committed to educating you about your home insurance policy so that you know what’s covered and what your best options are moving forward.
There are lots of homeowners discounts that we can help you take advantage of. The dual policy discount is a big one (combining your home and auto insurance with the same insurance company). Many companies offer a Non-smoker discount and alarm discounts, for this reason, we help you navigate these and make sure you maximize your discounts.
Find out how much coverage you need.
Determining the replacement cost on your new home is something we can walk you through. And remember, the replacement cost is different from your purchase price. It’s based on your square footage, your finishes, and current industry construction costs. Replacement cost is something we continually revisit and ensure it is up to date.
Take a video inventory of your contents.
Contents coverage is another important area of your homeowner’s policy. Because many items like jewelry, art, or wine may need extra coverage, we help you determine what items to schedule and which items are covered under your existing policy wording. Take a walk through your home and take a video of your possessions. Do this every year to keep it current.