You’re finally ready to sign on the dotted line and close one of the biggest transactions of your life – getting the keys to a new home. In a hot housing market like the one in Burnaby, climbing onto the homeownership peak is an accomplishment worth celebrating. However, once the party’s over, it’s time to think about how to protect your investment. And that’s where home insurance factors in.
If you are taking out a bank mortgage, you will need to have your home insurance lined up before closing. With so much going on, home insurance probably isn’t a priority – but it should be. Googling home insurance and picking the first company that pops up on your feed might be the simplest solution to your home insurance search; however, it might not be the right one.
When you were looking for your home, you probably enlisted the help of a realtor, who researched and vetted potential properties for you to view that matched your wish list. That’s what home insurance brokers in Burnaby do, except with insurance rather than real estate.
Before we get into the details of why you should always work with an insurance broker, here’s the TL DR version:
- Insurance brokers in Burnaby are free to clients
- Brokers work with many insurance companies, not just one
- Brokers work for you, not the insurance companies
- Insurance brokers can help you choose the right type of home insurance
- Brokers can help you save money on your home insurance
That sounds great, right? You might be thinking, ‘hey, what’s the catch,’ but there is no catch, just great service and invaluable experience.
It Costs Nothing to Use an Insurance Broker in Burnaby
If you used a realtor when you bought your home, you did not have to pay that agent a fee; the sellers paid their commission. If you use an insurance broker to help you find your home insurance, their fee is paid by the insurance company – it doesn’t cost you anything. So, while you are gaining the benefit of a licensed and registered insurance professional, you don’t have to pay anything for it, and it may even end up saving you money (more on that in a minute).
Insurance Brokers Bring You Options
An agent working for a big insurance company can only sell you products from that insurer. An insurance broker is not tied to any specific insurance company and can therefore offer your products from various insurers, depending on what type of coverage you need. No need for you to sit at your computer for days filling in the same forms a hundred times over trying to get the best quote; your insurance broker will take care of all of this, bringing you multiple options in minutes.
You’re the Boss
Insurance brokers in Burnaby work for their clients, not insurance providers; when working with a broker, you are in charge. This not only benefits you while you are shopping for insurance, but many brokers will maintain relationships with their clients, which has long-term benefits. Your insurance broker may remind you when it’s time to renew your coverage and update you on any changes, and they can help you navigate the claims process if you ever need to submit one. They can make changes to your existing policy if you ever need to update your coverage, such as if you renovate your home or invest in expensive jewelry.
Brokers Can Help You Chose the Right Coverage
Do you know the difference between basic, broad, and comprehensive insurance coverage? Is your new home located in an area at higher risk of flooding, are you interested in adding earthquake insurance to your policy, or do you plan on renting out your basement suite as an Airbnb? These are the types of questions you may not have even considered, let alone researched, but they are the exact types of questions your insurance broker is there to help you answer.
A Broker Can Help Save You Money on Your Home Insurance
Because they know the ins and outs of home insurance, your insurance broker can help get you the right coverage at the best price. There can be significant cost differences based on the type and level of coverage you choose; your broker will help ensure you get all the coverage you need without paying for things you don’t. And because they regularly work with multiple insurance companies, your insurance broker may be aware of promotions, discounts, or other cost-saving tricks that you haven’t heard about.
There’s no doubt about it; working with insurance brokers in Burnaby is the best way to get great home insurance at a great price. Best of all, it won’t cost you a dime to do it.