It’s important to protect all the things you’ve worked hard for your home, your car, and your personal belongings from unexpected loss.

That’s why most sound financial plans include home and auto insurance protection. This kind of protection can help provide the resources you will need should a fire, an accident or a break-in happen in your home or car. And it can mean real peace of mind for you and your family.

To make good decisions, you need good information. So, here are nine things you should know about insurance for your home and auto.

All auto insurance is not the same.

Regardless of the kind of motor vehicle car, minivan, SUV, motorcycle, motor home or other recreational vehicle you must insure it before you drive. But all automobile insurance policies are not the same.

While specific coverage details may vary, it’s important to know which type of coverage you have, to make sure you have the right protection in place:

• Collision provides coverage in case your vehicle is involved in a collision or accident.
• Comprehensive provides coverage for your vehicle against damage caused by a variety of defined perils that typically include theft, fire, falling or flying objects, and vandalism.

Minimum coverage may not be enough.

Your vehicle must carry a minimum amount of liability coverage an amount that is determined by the province in which it is registered. This is to ensure there is a minimum amount of money available if someone makes a successful claim against you. However, if the claim is for more than the minimum, you will have to pay the difference. That’s why many drivers choose the security of liability coverage that is more than the minimum coverage required by law.

Discounts can help to reduce your insurance premiums.

Most insurance providers have a variety of discount programs that can reduce your cost of insurance:

• If you place your home and auto insurance with the same insurer, most companies will give you an additional discount.
• Insure all your family’s vehicles with the same insurer and you may qualify for a multi-vehicle discount.

The higher your deductible the lower the cost.

In case of a claim, the deductible is the amount you have to pay out of your own pocket before your insurance kicks in. By choosing to pay a higher deductible, you can lower your premiums. To decide how high your deductible should be, consider the maximum amount you can pay if your vehicle is involved in an accident.

The safest drivers get the best rates.

Moving traffic violations such as speeding or at fault accidents directly affect the amount of the premiums you pay. One of the most important things you can do to manage the cost of auto insurance is to maintain a clean driving record. This applies to everyone who is listed as a regular or occasional driver of your insured vehicle(s).

There is insurance coverage for every type of home.

Whether you own or rent your home, there’s an insurance policy that can help protect what you have earned. Homeowners, condominium owners, and tenants all have a variety of insurance choices available which means you can customize the coverage to meet your specific needs.

Home insurance protects much more than just your home.

Home insurance is also called property insurance because it includes protection for valuable belongings both inside and outside your home. Within the policy limits, property insurance typically protects your home and/or contents against covered damage and loss to:

• Your personal belongings
• Your outbuildings, such as a garage or shed
• Your greenery and landscaping
• Clean-up after a loss

Property insurance can also include coverage for personal liability if someone is injured on your property or in your home, and if damage is caused to someone else’s property.

You can get special coverage for special things.

For those things that have special emotional and/or financial value, you can add special coverage to your home insurance policy. Jewellery and collections of almost any kind can be listed on your policy to provide special coverage limits that are above the maximum amount your policy would otherwise provide.

It’s important to keep records and to keep them up to date.

It may seem like more paperwork, but if you ever have to make a claim you will be thankful if you keep good records. Serial numbers and receipts are always good to have and photographs or a videotape of your belongings can be a real help in identifying the things that are missing after a loss occurs. Keep your records in a fireproof box or a safety deposit box, and remember to update your records each time you make a major purchase.

To make good decisions you need good information. Contact a licensed insurance representative to review your home and auto insurance needs.