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As a homeowner who has a St. Catharines home insurance policy on their home, it is paramount you understand at least the general parts of the policy. Understanding your policy, just at the most basic level, can be the difference of you having to pay a large claim all by yourself, or the insurance company paying every nickel for you.

A homeowners insurance policy has many jobs to perform for you. However, its most supreme task that it must perform is to protect the structure of your home. Every homeowners insurance policy does not cover all the same risk. It is important you know where to find what is covered such as wind, fire damage, hail and theft.

The second most important task of the homeowners insurance policy is to provide liability protection for you and every permanent member of your household. Knowing just where to find these two coverages, and understanding them, could pay huge dividends in the event of an unforeseen accident to your home.

Understanding The Most Common St. Catharines Home Insurance Types

There are four main types of homeowner insurance policies in St. Catharines. These policies are no-frills, broad, basic or named perils, and comprehensive.

• No-frills – If you have a property that does not meet the normal standards of insurance due to extreme age or physical problems, the no-frills policy will be your best option. These policies can be a little bit spendy as the insurance company is taking a larger risk insuring them, so they charge a little more premium. If your best option is a no-frills policy, that is fine. However, you will save more money if you repair the issues, and upgrade your policy to a more standard type.
• Broad – If the coverage you need for your home doesn’t quite fit the coverage given in a no-frills policy. Or, you have decided you do not want to pay the premium associated with a comprehensive policy, or you find that the basic or named perils policy is just not what you’re looking for, the broad policy is competitively priced, and might be just what you are looking for.
• Basic or named perils – If you are great with your hands, and have some experience with building homes, or you are willing to accept some of the potential risks on your own shoulders, the basic or named perils policy is the one that could save you the most money in this scenario. It will only cover items that are specifically named on the policy. If you do not see the risk there, it is not covered.
• Comprehensive – As you can probably guess, this is going to be the most expensive policy of the four. This policy was designed to cover the structure of the home and all of its contents for all risks. The only risk that this policy would not cover are the ones that are on the exclusions page. If the risks are not on the exclusions page, there’s a great chance that it’s covered.

With these four St. Catharines home insurance policy types, there is a policy for everyone. Now that you understand the basics of a home policy, you have a lesser chance of finding yourself in a situation where you are forced to pay an entire homeowners claim out of your own pocket.

To learn more about St. Catharines home insurance, contact the experts Duliban Insurance Brokers at 855-385-4226. Our licensed professionals will be happy to answer any questions you have.