How to shop for homeowners insurance
If you’re about to become a homeowner, the first thing we want to say to you is: Congratulations! Owning your first property is an exciting milestone and having your own four walls will have made all the sacrifices that it took to get here worth it. The second thing we want to say to you is: Have you gotten homeowners insurance yet?
While having homeowners insurance isn’t mandatory by law in Québec, it’s highly, highly recommended. After all, you never know what accidents might happen: A strong storm might knock a tree onto your porch, your kitchen might sustain water damage, or a visitor might even trip and injure themselves while going up your stairs. All of these situations could potentially cost you a lot of money if you don’t have homeowners insurance. And while you don’t like to get too negative, it’s better to be prepared for a potential accident than to be caught by surprise.
But how do you go about finding the right homeowners insurance for you? What should you watch out for when choosing a policy? And how can you make sure you’re getting the best price? We’ve got some answers for you.
Choose your coverage
In Québec, there are usually two types of insurance coverage: Basic and Comprehensive. Basic coverage only covers events that are specifically named in the policy. So if the policy you’re looking at offers a basic coverage that covers theft, vandalism, personal liability, wind, and fire damage, then that’s what you’re insured for. If you think you won’t need any more than that, then you can save yourself some money: Basic coverage usually has a lower monthly premium. However, just be aware that if something happens outside of what’s specifically named in your policy, such as water damage, then you’ll have to pay for it out of your own pocket.
Comprehensive coverage, on the other hand, covers everything except events that are specifically excluded from the coverage. So if the policy says it won’t cover damage caused by wild animals or by vermin, then you can be sure that everything else will be covered. While comprehensive coverage is good for those who want to be prepared for all possible scenarios, it’s also more expensive. So evaluate whether you’re really at risk for something like earthquakes, forest fires, or floods, and choose your coverage accordingly.
Find that sweet spot between monthly premiums and deductibles
The thought of a high monthly premium can certainly discourage even the most open-minded insurance shopper. A common way to offset potentially high premiums is to choose a policy with higher deductibles. A deductible is a certain dollar amount you must pay out of your own pocket before your insurance kicks in when you make a claim. The higher the deductible, the lower the premium tends to be. Just be sure you’re choosing a deductible you can realistically afford. You don’t want to end up in a situation where you’re paying a prohibitive amount for an accident, thereby eradicating the whole point of insurance in the first place.
Shop around online
The best way to ensure you’re getting the best price out there is to shop around and get quotes from a variety of different insurance agents. Keep in mind that some providers might offer discounts that others do not, such as discounts for homeowners whose homes are new constructions, or for those who don’t have a mortgage. Other providers might offer a discount for new clients, or throw in some bonus coverage that others don’t offer. You won’t know until you compare prices!
However, this kind of shopping around can normally get very tedious and time-consuming. Usually you’d have to get a quote from an insurance agent, who’ll set up a call and chat your ear off when you really don’t have the time to spend 30 minutes on the phone. The thought of then doing that multiple times over to compare quotes can get old very fast. Thankfully, it doesn’t have to be like that.
YouSet gives you the opportunity to quickly and easily compare prices and policies from multiple insurance providers, all with just a couple of clicks on your computer or phone. All you have to do is answer a quick online survey to assess your coverage needs, and you’ll receive a bespoke list of policies that you can compare at your leisure. And once you find a policy and a price you like, you can purchase it right there on our website. The best part is that you can rest assured you’re getting the best price out there because YouSet will always find you the most affordable option for your needs. Curious? Come see us!
With YouSet, get a free online quote for an insurance that suits your needs and budget, in only 4 minutes!