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Home insurance 101: Discover how home insurance works

Are you new to insurance? Or do you just want to know a little more about it? We’re here to help.

Insurance may seem a bit complicated, but once you’ve got a handle on the basics, it gets easier and you can start making confident, informed choices for yourself. After all, knowledge is power.

What is home insurance?

Home insurance is your way of being able to cover the expenses that come up if something unexpected happens to your home and your belongings, like a fire or a break-in. It’s also there to protect you if you accidentally hurt someone or damage someone else’s property anywhere in the world. At belairdirect, we offer three types of insurance: homeowners, condo owners, and tenants. Although home insurance isn’t required by law, it’s a good idea to have it. A little protection for the things you cherish can go a long way towards peace of mind.

Home insurance helps you cover the expenses that come up if something unexpected happens to your home and your belongings, like a fire or a break-in. It's also there to protect you if you accidentally hurt someone or damage someone else's property anywhere in the world.

belairdirect offers homeowners, condo owners and tenants insurance. Although home insurance isn't required by law, it's a good idea to have it. A little protection for the things you cherish can go a long way towards peace of mind.

Why do I need it?

We strongly recommend that you have home insurance because it can help with potentially huge expenses caused by an unexpected event that involves you or your home. Let's say there's a fire in your kitchen. The fire's damage spreads from the kitchen to the living room, bedroom and your neighbour's property. Your expenses can quickly add up if you need to replace furniture, clothing and housewares, and arrange for repairs to the walls, floors and ceilings in both your and your neighbour's home. The insurance premiums you pay help cover these expenses.

Who has to get it?

No one is required to have home insurance, unless specifically required by your hypothecary creditor/mortgagee, but it's certainly recommended.

Although you're not required to have home insurance, unless requested by your creditor or mortgagee, it's highly recommended.

How do I get it?

There are a few ways to get insurance. You can go through an insurance broker, who offers insurance products for various insurance companies. Or, you can go through a insurance agent, who works for a single insurance company and only sells that company’s insurance products. Or, you can buy coverage directly from an insurance company through their website or call centre, with the help of an insurance agent. When you get home insurance through belairdirect, we’ll ask for some information about you, your home, the things you own and the area you live in.

There are a few ways to get insurance. You can contact an insurance broker, who offers insurance products for various insurance companies. You can go through an insurance agent, who works for and sells the products of a single insurance company. Or you could save time and money by getting coverage directly from an insurance company through their website or by speaking to a licensed agent in person over the phone. Or you get coverage directly from an insurance company through their website or by speaking to a licensed agent in person or over the phone.

When you get home insurance through belairdirect, we'll ask for some information about you, your home, your belongings and your residential area.

How do you calculate my premium?

Everyone's insurance premium reflects their unique situation. When we calculate your premium, we look at factors like the type of residence, the value of your belongings, the area where you reside and how long you've been living there. If you have prized collections, expensive pieces of art or jewelry or other special items you need coverage for, your rates might differ from the rates of someone who doesn't need special coverage.

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