FAQs

• Do you have to buy home insurance?
  You only have to buy Home insurance if you are applying for a mortgage. But if you are purchasing a home without a mortgage and decide not to purchase Home insurance be warned: your home is your most valuable asset and unexpected situations like floods, theft, and crime happen. You should still make an effort to protect yourself by purchasing Home insurance, even though it’s not mandated by the government or the bank.
• What is a disappearing deductible?
  Some insurers offer a reduction in your deductible for every consecutive year where you don’t make a claim until eventually you don’t have a deductible at all. However, if you ultimately need to make a claim again, the deductible will be restored to its original amount.
• How are home premiums calculated?
  Each insurer calculates your premium differently. Some common consideration factors include: Location; Condition/age of home; Number of years in home; Heating method; Fire-fighting support for location; Requested limit; Number of claims; And more.
• When do I need to update my policy?
  You should always review your policy on an annual basis. Beyond that, you should also notify your broker in the event of the following scenarios: Address change; Renovation; Addition of a home-based business; Purchase of high-value assets.
• I just renovated my home, how will that impact my insurance policy?
  Certain renovations –such as replacing your roof—could mean that you’re eligible for a discount. Renovations could also mean that the value of your home has increased and that you need to make sure that you are still adequately covered by your policy. Always consult your broker if you are planning on making any renovations to ensure that you are still getting the best coverage at the best possible price.