Information to Have at the Ready For a Hassle-Free Home Insurance Quote

Need an insurance quote for your new home? In addition to your renewal and the description sheet for your house, here are the items you should have on hand for a quick and easy home insurance quote!

1. Your renewal

Having your most recent insurance policy at the ready gives you a basis to compare your current coverage with the coverage offered by your broker. While it’s fairly easy to compare premiums, you should first make sure to compare the coverage offered, which differs from one insurer to another.

2. The description sheet for your new home

First of all, if you’ve recently purchased a new home, congratulations! Second, keep in mind that the description sheet for your home contains plenty of key information that will simplify the quote process. You can even ask your real estate broker for the Declarations by the Seller (DS) form, which provides information such as the year the heating system and hot water tank were last replaced and any issues with the property.

3. The dimensions of your home and the number of storeys

This information is needed to calculate the cost of rebuilding your property, also referred to as the insurable value of your home. Our role is to ensure that the insurable value of the building is enough to cover all damage in the event of a claim. However, since the beginning of the pandemic, the cost of construction materials has increased, which has a direct impact on the cost of rebuilding your home. Everything is more expensive, including insurance claims. Correctly calculating this amount is crucial if you want to be fully covered if a loss were to occur. For more details, read our article on this topic.

4. Other relevant information about the home

It’s true, we ask for a lot of information for your first insurance quote. But it’s for your own benefit! This additional information is required to understand your needs. It includes:

  • The year your home was built
  • The type of primary and auxiliary heating system
  • The year your home was renovated
  • The date the plumbing, hot water tank and roof were last replaced

Why? This is usually because the insurer wants to know whether the home is kept in good repair. The insurer also wants to check whether certain features of your property are insurable based on its underwriting standards. Some good examples include aluminum wiring, cast-iron or Poly-B pipes and fuse boxes.

Additionally, some types of coverage are not available once a material has reached its estimated service life. One example is if your roof is over 25 years old. In this case, aboveground water coverage will no longer be offered, since the risk is too great. Another example is the exclusion for hot water tanks over 10 years old. It’s important to be aware that every insurer has different standards. One insurer may deny you coverage, while another may accept without hesitation. This is the advantage of working with a broker: we’ll find you a solution!

5. Your claims history

It’s important to declare any claims you’ve made over the last five years. If an insurer discovers you’ve withheld information, they may refuse to reimburse you in the event of a claim. It’s better to disclose what you know! In addition, if you’ve never had a claim, you will generally qualify for a discount.

6. Your background (criminal record, bankruptcy)

When we talk about your background, we’re referring to a criminal record, bankruptcy, cancellation for non-payment, etc. It’s important to let your insurer or broker know about anything that may affect the premium or the insurer’s willingness to insure you, as mentioned above.

To conclude, if you have all the required information at the ready, your Lareau broker will be able to handle your file more efficiently and you’ll find that the process goes much more quickly!

Bonus: three types of coverage that can be added to your insurance policy for complete peace of mind:

  1. Did you know that earthquakes are excluded from your standard policy? By adding this coverage, your home and belongings will be protected from damage incurred as a result of an earthquake.
  2. Excess liability coverage. This coverage extends the limits of your underlying car and home insurance policies in the event of a civil liability lawsuit arising from damage or bodily injury you cause to another person.
  3. Legal expenses insurance. This coverage provides legal protection in the form of financial assistance. In the event of a dispute, it will allow you to reach an amicable or legal resolution. It’s important to check with your broker to find out which areas are covered.

For any questions about the types of coverage you can add to your policy or to check that your coverage meets your needs, don’t hesitate to contact your broker.

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