

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.
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:
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:
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.
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.
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:
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:
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.
Thanks for reading our article; I hope you enjoyed this month’s topic on home insurance quote questions. Here are some more ways to access more insurance information and tips:
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Posted in Home on November 8, 2023 by Harvard Western Insurance