Homes face different types of threats such as damage from fire, windstorms, natural disasters, flooding and vandalism. The same risks apply to your possessions inside the home. A home is the biggest investment many families make. By paying insurance premiums, they guard against the risk that their home and its contents will be damaged or destroyed.

It’s worth noting that you may want to get flood insurance even if your home isn’t near the river or lake. Look at the history of your home and your Brantford neighborhood to see if flash flooding has been a concern.

You can get various types of home insurance in Brantford. A comprehensive policy usually won’t cover floods or earthquakes, but you can get separate coverage for them.

• Comprehensive home insurance: Get this for the most extensive coverage. It costs the most, but you receive coverage for most perils and losses relating to your home’s structure and the contents inside. Interestingly, not all homes qualify for this type of insurance. For instance, if your wiring is antiquated or your home is older than 200 years, insurers may direct you toward other types of insurance.
• No-frills home insurance: You receive basic coverage, but your mortgage lender or bank might not approve this type of coverage.
• Named perils home insurance (also referred to as basic home insurance): This sort of coverage offers compensation for perils named specifically in the policy.
• Broad home insurance: Get this insurance if you’d like something in the middle of named perils and comprehensive. Your personal property is covered against named perils, and the structure of your home is covered for physical damage and loss.

You could end up overpaying for your home insurance if you’re not aware of some tips or tricks. Here’s one: Many insurers give customers a discount for carrying multiple policies with them—life, car and home insurance, for example. Ditto if you insure multiple homes/properties with the same insurer.

Insurers also like to see that you’re safety minded. Many give discounted rates if you install devices such as smoke alarms. Some also give discounts for water damage prevention devices such as valve controllers and leak detectors (water damage is expensive!).

Another option is to increase your deductible. You’ll pay less in monthly premiums. The tradeoff is that you must pay more out of your pocket if you make a claim or that a claim won’t reach the deductible threshold.

Some organizations and universities work with insurers to give discounts to their members/alumni. Maybe you qualify for savings this way.

Seniors might qualify for a discount that goes up to 15%. Adults as young as 50 may qualify if they work fewer than 25 hours a week.

You may also get discounts for having your mortgage paid off and for a limited claim history. Discounts do vary from insurer to insurer, so be sure you’re getting everything you qualify for.