Some myths, facts and confusion about home insurance
Lowdown on home insurance in 2014 In this article you will understand the lowdown on home insurance. Home insurance can be confusing. The following are some of the most common misconceptions about home insurance in Canada to help you weed through what's fact and what's fiction What is home insurance? The home insurance policy is usually a term policy-a policy that is in effect for a fixed period of time. The home insurance payment the insured makes to the insurer is called a premium. The insured must pay the insurer the premium for their home insurance each term. Most insurers charge a lower premium for home insurance if it appears less likely the home will be damaged or destroyed: for example, if the house is next to a fire station, or if the house is equipped with alarms and sprinklers. How does home insurance protect? Your home insurance usually safeguards you in two ways: financial loss and personal liability. Financial Loss Your home insur...