Home Insurance Uncovered: Do Canadians Have Enough?

Kanetix.ca guide to shed light on the top home coverage misconceptions

TORONTO, March 11, 2016 /CNW/ - Is your home properly insured? While millions of Canadians carry a home policy that protects their contents and liability, their existing coverage may leave them wanting once it's time to make a damage claim.

Water damage, which is the leading cause for home insurance claims in Canada, can be especially financially hazardous; policies may only cover up to a certain amount, and may be limited to leaks that originate within the home. As the weather warms and floods become more prevalent, it is especially important that homeowners check their policies for possible coverage gaps.

"Because home insurance policies can greatly differ from insurer to insurer, homeowners may not realize what their current coverage entails," says Anne Marie Thomas, insurance expert at Kanetix.ca. "Often, these gaps don't come to light until it's time to make a claim – and owners face out-of-pocket expenses."

In an effort to better inform Canadians of their property coverage options, Kanetix.ca has released the Home Insurance Savings Guide: 21 Things That Impact Your Rate, as well as an infographic highlighting the highest-risk areas in the average Canadian home.

Ways to Save on your Home Insurance from Kanetix.ca

• Shop around: No two insurers are alike, and may base home premiums on differing factors. It's important to compare quotes from a number of insurers when selecting the best policy for you – a step that can potentially save hundreds of dollars.
• Ask for discounts: Do you live in a newly-built home, are a non-smoker, or are mortgage-free? Your insurer may offer you a cheaper premium. It never hurts to ask!
• Bundle up: Using the same insurer for home and auto coverage may qualify you for a multi-line discount of up to possibly 15 per cent on one or both policies.
• Safety first: Installing optional safety devices such as indoor sprinklers and monitored alarm systems can score you a cheaper premium.
• Extreme weather warnings: Live in a flood-prone zone? Inquire with your insurer about optional overland flood insurance, as well as add-ons that protect against sewer backup. Note that older pipes can lead to higher premiums as they pose a higher risk for leaks.

To learn more, consumers can visit the Kanetix.ca booth at the National Home Show from March 11 – 20.

About KANETIX®

Launched in October 1999, Kanetix was Canada's first online insurance marketplace and today provides over a million quotes per year to consumers looking for insurance, as well as comparisons for mortgage rates and credit cards.

The Kanetix.ca comparison service is a one-stop shopping environment for consumers. Each day, thousands visit the Kanetix website to comparison shop their various financial needs. Shoppers choose what they want to compare, obtain a quotation and complete an online application or, with the help of Kanetix connect with the provider to purchase or apply for the product over the phone.

Through its Software as a Service team, Kanetix is also the leading provider of online insurance quotation technology, developing online quotation systems, mobile solutions, actuarial tools and websites for many of Canada's largest insurance brands.

SOURCE Kanetix

For media inquiries, please contact: Tara Bolger, 416-929-2052, [email protected]