Quick reference: Home insurance quote
Make sure you have this information ready before you submit your application for a home insurance quote.
Whether you’re the happy homeowner of a condo or a house, home insurance is essential. To save time when you submit your home insurance quote, have the following information on hand:
- Current insurance policy
- Municipal assessment
- Size of your home
- Spec sheet
- Purchase cost and date of your home
- Construction year
- Description of any renovations completed
- Description of previous damages
You will also be asked to provide information, such as the type and/or date of installation, for the following:
- Exterior siding and roof
- Water heater
- Central and backup heating
- Interior materials
- Electrical wiring
- Electrical box
- Alarm system
- Pool or hot tub
- Oil tank
- Sump pump and catch basin
More details on some of the items listed above:
Current insurance policy
Having your current insurance policy handy will give you quick access to information including the policy number, the cost to rebuild, your deductible amount, and the coverage you have under your policy. This will ensure you get the best insurance coverage for your needs.
Description of previous damages and any renovations completed
To establish your insurance premium, your agent will ask whether you have any previous damages to your home.
They’ll also want to know if renovations have been made to the house. Renovations could affect the value of your home. It’s important to mention this to your agent so that you’ll receive appropriate reimbursement in case of a claim.
Miscellaneous information about the home
Your agent may ask for more information about your home, such as the construction year and the cost you paid to acquire the home. Providing all this information will ensure you get the right price for your insurance premium.
Structure of your home
Your insurance company will also ask you what year your roof was installed. If your roof is reaching the end of its life, they may recommend you replace it due to the higher risk of water damage.
Water heater and type of heating
The year your water heater was manufactured can have an impact on your risk of water damage. Some insurance companies recommend that you get a new appliance after 10 or 12 years in order to be covered against water damage.
They’ll also want to know what type of heating you use. The risk of fire is higher with wood heating than with electric heating.
Also, if your home has an oil tank, you’ll need to mention that to your insurance company so that they can add additional coverage to your policy. You should also mention the manufacturing date of your tank.
Alarm system connected to a central station
If you have an alarm system, it’s important to mention it to your insurance company, as this reduces the risk of theft. Also, if your system is connected to a central station, that could reduce your insurance premium.
Pool or hot tub
You’ll need to add coverage to your insurance policy to cover your pool or hot tub. That’s why it’s important to mention this to your agent when you get your quote.
Drain pump (sump pump) and catch basin
Your insurance company will want to know whether you have a drain pump (sump pump) and a catch basin. It’s important to check whether you have these before you get your quote.
Don’t forget to make an inventory of your belongings.
Make a complete inventory of all of your personal belongings so that you can make sure that your coverage is enough to cover the total value. Some people make a complete list of their possessions, while others take pictures and videos. To help you create this inventory, the Insurance Bureau of Canada has created a property inventory form.
Home insurance spec sheet
To help you with your insurance shopping process, fill out the home insurance spec sheet. Keep this spec sheet with your insurance papers so you always have the information you need on hand.
Do you have all your information ready?
Now you’re ready to submit your home insurance quote application and decide what type of insurance you need!
Tips for saving on your insurance
You can save on your insurance costs by bundling your home and auto insurance. Discounts are also available if you have other products with the same insurance company. Certain factors, such as having an alarm system connected to a telemonitoring station or being a non-smoking home, can also reduce your insurance premiums. On the other hand, factors such as having an at-home business, the distance from your home to the closest fire station and the distance to the closest fire hydrant, can increase your insurance premiums.