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Choosing the Right Home Insurance Provider in Vancouver

by admin

You spent a lot of time choosing the right home, and now that it’s time to protect that investment you should spend some time to carefully select the right home insurance provider. While many of the basic elements of a typically insurance product can be very similar across insurance providers, simple differences in wording could amount to drastic difference in their policies, coverage, and claims payout. Don’t wait for disaster to strike to find out that your insurance company isn’t all it was cracked up to be.

Home Insurance Vancouver

The types of standard home insurance in Vancouver are pretty consistent across companies. Depending on your situation, you may be interested in more economical coverage, such as a basic or no frills policy, or you may prefer additional peace of mind and coverage, at a higher cost, with a comprehensive policy. Generally, the levels of coverage are fairly standardized across insurers, with a few exceptions. Where the differences between insurers becomes apparent is in the details of their respective insurance contracts. Pay attention to details such as the terms of the contract, renewals, procedure for material changes, ability to add-on or increase coverage, specific policy exclusions (act of God, flood, earthquake), and your deductible.

Are You Dealing with a Broker or an Agent?

An insurance broker is an independent contractor who acts as a middle man between you and the insurance companies. An insurance agent works for the insurance company. Both will be able to advise you on a variety of insurance products, however an agent will only offer products from their company, whereas a broker will compare policy options from a number of companies. In either case, it is recommended to compare quotes from 3-5 insurers before selecting a policy.

How Are Claims Processed?

Home insurance is more than just something your bank makes you take out before you can secure a mortgage; it is there to protect you in the event of a worst case scenario. Many people select home insurance in Vancouver based solely on the lowest cost option, but there may be a reason for the discounted rate. Before you sign an insurance contract ask your agent specific questions about how claims are processed. Is their claims department company-owned and local, or do they sub-contract claims to a third party provider? This can have a major impact on how quickly your claims are processed and paid.