Home insurance evolves quickly, so from time to time, it's a good idea to bring yourself up to date on the subject. Here's a chance to do just that! The brief "True or False" quiz below will let you learn more about home insurance — and about how much you already know. All set?
Unlike auto insurance, you are not legally required to carry home insurance.
It is not mandatory under the law to carry home insurance. However, before giving you a mortgage, most banks require the property you are buying to be insured.
All forms of water damage that your home may sustain are automatically covered by your home insurance policy.
As a rule, a basic home insurance policy covers the most common types of water damage (a leak from a washing machine, a tap left running, etc. ). To protect yourself from incidents such as a sewer backup, additional coverage can be added to your policy.
When you do renovations it's always a good idea to advise your insurer.
Renovating a kitchen, adding a garage, finishing a basement – all such projects can increase the reconstruction value of your property. You should keep your insurer informed to make sure you continue to have sufficient coverage.
If you are a tenant, you aren't obliged to carry home insurance to protect your personal belongings in the event of loss or damage since your landlord is insured.
As a tenant-occupant, you must carry insurance if you want to protect the belongings in your apartment and also to benefit from civil liability coverage, which will prove very useful if you are liable for any damages caused unintentionally to a third party.
Belongings that are stolen from your car are covered by your home insurance policy.
Your home insurance covers the theft of belongings from your car as per the terms of your policy.
There are few ways to reduce your home insurance premium.
To save on your home insurance, you can, for instance, opt for a higher deductible, combine your home and auto insurance, or install a burglar or fire-alarm system. Your insurer can suggest other ways of reducing your premium.
If you have any other questions about home insurance, belairdirect representatives will be happy to answer them. And that's always TRUE!