Home Insurance Quote Saskatchewan: Application Questions
Congratulations on your new home! Now that you’ve secured your dream property in Saskatchewan, it’s time to focus on protecting it with the right home insurance coverage. But where do you start? Navigating the realm of home insurance quotes can be overwhelming, especially in a province like Saskatchewan, where factors like extreme weather conditions and geographic location can impact rates and coverage needs.
Let’s review some essential tips and information you’ll need to obtain the best home insurance quote for Saskatchewan residents. Before you shop around or compare home insurance companies, you’ll want to ensure you have all the details about you and your new home ready. You need that information to start the quoting process.
Factors that Affect Home Insurance Quotes
Your Personal Information
When applying for home insurance, insurance brokers must understand who will be occupying the property and who is on the title. It affects the type of coverage you will need, and the lawyer will need this to be accurate as well for mortgage/contract purposes. If the occupancy of the house is declared incorrectly, it can lead to invalid coverage. Suppose someone on the land title is missing from the policy pages. In that case, the lawyer will request that you revise the insurance to include them. Here are the top details your home insurance broker will require:
- Full names and dates of birth of homeowners, spouses, and other individuals occupying the property.
- Previous insurance history, including policy numbers, insurance companies, effective dates, cancellations, and any previous claims.
- Mortgage lender information and/or your lawyer’s contact information.
- Previous addresses from the last five years.
Information About the Property
Providing accurate information about your new home is crucial to obtaining a home insurance quote. Some of the details you may be able to acquire from your realtor or home inspection if you’re unsure. Here are the key details your home insurance broker will ask about:
- Possession date: This is the date your insurance needs to start. Refer to your lawyer if you need clarification on the date. It can be next to impossible to change once the application goes through.
- The complete property address, including the postal code (this may be a land location, depending).
- Year the home was built and any major renovations.
- Square footage of the home.
- The physical shape of the home (rectangular, square, L-shaped) and the type of home (bungalow, split level, etc.).
- Siding material (vinyl, stucco, etc.).
- Roofing material and the date of the last replacement.
- Information on the interior and exterior of the home, such as the number of bathrooms, finished basement, attached garage, deck, etc.
- Details on material type and years of plumbing, electrical, and heating system updates.
- Any loss prevention measures in the home, especially related to water (sump pumps, backwater valves, etc.).
To help you start collecting this information, see our fillable pdf form to help you collect some of the necessary information you will need to start your home insurance application.
Other Factors that Affect Home Insurance Quotes
Home Insurance in Regina vs. Rural Communities
The proximity of your property to a responding fire hall plays a significant role in determining home insurance rates. If your property is located within city limits such as Regina or Saskatoon, it is automatically considered “protected.” However, if your property is in a town, on an acreage, or in farmland, you need to know the nearest responding fire hall and if fire hydrants are nearby. Depending on the distance from these factors, the price of your property quote may be affected.
Additional Information for a More Accurate Quote
While the information on your property mentioned above is essential for determining the rebuilding value of your home and assessing the general risk level, there are a few additional details you should provide for a more accurate home insurance quote:
- Discounts: If you have a monitored alarm system, provide a copy of the alarm certificate, as many insurance companies offer discounts for monitored alarms.
- Additional Coverage: If you have appraisals for special belongings like jewelry and fine arts, address them early in the quoting process. Specialty items may require additional coverage, which can impact the price.
- Business Exposure: If any business risks are associated with the property, such as running a daycare or operating a repair shop from your garage, be upfront about these details to ensure proper coverage.
How to Compare Quotes and Find the Best Home Insurance
Now that you have the necessary information to obtain home insurance quotes let’s explore how you can compare them to find the best coverage for your needs. Follow these steps to make an informed decision:
- Review your current insurance policy if you have one. This will allow you to reevaluate your current coverage and identify any missing or inadequate aspects.
- Provide identical and accurate information when requesting quotes. Consistency is key, so ensure the details you provide, such as square footage, number of bathrooms, and type of home, are consistent across all quotes.
- Select the same coverage options across all quotes. To compare apples to apples, make sure the coverages requested on every quote are identical.
- Pay attention to limits. Check the limits for home and detached structures and what extra expenses they cover in case of incidents. Additionally, compare limits for specialty items like bikes, boats, and jewelry, as well as coverage for identity theft.
- Understand what is not covered by each insurer. Carefully review the exclusions of each policy to avoid any surprises. Some insurers may exclude certain coverages, such as overland water coverage for flood, depending on your location.
Common Misconceptions about Obtaining Insurance Quotes
All insurance companies quote at the same price: Home insurance premiums are not regulated by the government, and different insurance providers can set their own pricing rules. That’s why you’ll see variations in costs when shopping around.
My broker took forever to process my policy. They are lazy and/or incompetent: Finalizing an insurance policy can be complex. It may take longer for underwriters to review applications at certain times, especially during peak periods. This delay is not necessarily due to laziness or incompetence but rather the result of high demand and backlogs.
Mortgage companies will cancel your old insurance policy when you move: When you sell your home, your mortgage company will cancel your home insurance policy. However, homeowners are responsible for cancelling their policies whether you’re selling your home or switching carriers. The only way for the insurance company to cancel your policy without your approval, for example, is for non-payment, which you don’t want. Cancelling a policy for this reason can leave a black mark on your history and make it more difficult to obtain insurance quotes in the future.
Obtaining home insurance quotes in Saskatchewan requires thorough preparation and understanding of the factors influencing rates and coverage. You can get more accurate quotes by providing accurate personal information, property details, and any additional factors affecting insurance. Remember to compare quotes carefully, ensuring coverage consistency and attention to limits and exclusions. With this knowledge, you can make informed decisions and secure the best home insurance coverage for your new home in Saskatchewan.
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