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What Questions Do I Need to Ask When Shopping for Home & Car Insurance?

Home and auto insurance are two essentials that no one should try to do without. In fact, attempting to get by without finding and maintaining these types of coverage could lead to some serious legal and financial issues. The best approach is to find out what the different insurance companies in Toronto can provide and ask plenty of questions before accepting a policy offer. Here are some questions that need answers now instead of later.

Does the Policy Provide an Adequate Amount of Coverage for Average and Typical Events?

Whether the idea is to purchase separate policies for the home and the car or try to lock in a bundled arrangement with a provider, always make sure the scope of the coverage is enough to cover the costs of events that are more likely to occur. Ideally, the provisions will cover all or at least most of the expense, leaving the insured party with nothing more than a deductible to meet.

For example, what would the home insurance policy in the event that a fire destroyed part of the home? Would the provisions in the policy provide enough funding to undo the damage and get the home back into shape? If not, it's time to find a plan that will.

What Types of Events are Excluded?

No auto or home insurance plan will cover every possible event. In fact, there are likely to be some specific limits that are specifically not included. While this part of the process tends to be overlooked, the savvy insurance client will want to know what sort of events would need to be covered with special insurance plans or perhaps left uncovered altogether.

What would happen if a flood occurred? Would the terms of the Toronto home insurance plan cover the cost of undoing the damage to the home? How about replacing furnishings and clothing that were damaged by floodwaters? In terms of the auto insurance, would the insurance provider accept a claim that would allow the owner to replace a vehicle that was destroyed due to rising waters and debris?

It's not always about what is covered in the policy. Know what is specifically excluded before signing anything and there will be no unpleasant surprises down the road.

Are Discounts Offered?

In talking with an insurance agent in Toronto, find out what sort of discounts are available. Perhaps the presence of a security system or smoke alarms would merit a small discount on the home insurance premium. There may even be some discounts on the car insurance based on the client's driving record and any anti-theft equipment included in the car design. The only way to know for sure is to ask what sort of discounts are available and then work with the agent to determine if the client is eligible.

The selection of home and car insurance requires careful consideration on the part of the buyer. In the best case scenario, the right plan will serve the customer well for years. Sit down with an agent and discuss these and other matters before signing anything. In the long run, diligence on the front end will come in handy if one of those covered events comes to pass.

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