There’s no place like home

We consider several factors when determining your premiums, including:

• The size and location of your home
• Your home’s age, structure, heating sources, etc.
• How many claims you’ve submitted in the past
• Information about you (e.g., age)

A deductible is the amount that you agree to pay (out of pocket) for claims-related expenses before your insurance company pays for the remaining costs.

Let’s say there’s damage to your home and the total approved cost to repair those damages is $5,000. If you chose a $500 deductible when you purchased your policy, you would need to pay for the first $500 worth of expenses, and Economical would cover the remaining $4,500.

Tip: Choosing a higher deductible will lower your insurance premium. Just be prepared to pay for any costs up to that deductible amount when you need to make a claim.

We recommend reviewing your policy at least once a year, but there are certain times when you’ll need to contact your broker to officially update it:

• When your address has changed
• When you’re renovating or planning a construction project
• If you’re starting a home-based business
• When you acquire valuable belongings that require additional coverage
• If your home becomes vacant