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Letter of Experience for Home Insurance

Here at Insurance Buddy we’re all about helping you to get the best insurance rates possible in Ontario, whether you’re looking to insure a vehicle or get coverage for your home or business.

In a previous post, we touched on what an experience letter is and how it can assist drivers with getting cheaper coverage for their auto insurance. Did you know that this letter of experience can also help in your quest for cheap home insurance?

What is an experience letter for home insurance?

As we talked about here for auto insurance, the general concept of an experience letter holds true for home insurance as well. This letter is a document that is almost like a recommendation letter for your experience with insurance coverage – it gives insurance companies information about what you are like as a policy holder. It covers things like how long you’ve had policies and coverage in your name, what claims you might have had and the specific details around those claims.

Being able to show a successful history of coverage can help insurers feel more confident in you as a possible client and in some cases may help you get better rates. When you’re shopping around and getting quotes for home insurance, be sure to ask if an experience letter is something the company in question would take into account when giving you price options

In what cases is an experience letter helpful?

Generally speaking, an experience letter can be especially helpful in instances where there may be some information missing about you as a policy holder, such as when you have moved to Ontario from another country or another part of Canada or if you had a period of time when you were not covered by an insurance policy.

First time home insurance policy

If you’ve just bought a new home (congratulations!) then you don’t have an experience under your belt when it comes to home insurance coverage. However, if you were renting and had rental or tenant insurance, this can count and you could request an experience letter for this type of related coverage.

If you’re looking to switch insurance companies or just wanting to do some comparison shopping, an experience letter can help a potential insurer evaluate risk in insuring you and hopefully as a result offer you better insurance rates. It’s always worth it to ask if providing one will potentially offer you additional savings.

How do I get an experience letter?

Have you decided that getting an experience letter is in your best interest as you search for the best insurance rates possible for your home? To get one, you just need to ask, either your current provider or past insurance companies. For each separate provider there will be a separate experience letter.

If you have further questions about how you can use experience letters when getting quotes for auto or home insurance, feel free to reach out to someone from our team. Or head over here to get a home insurance quote online.

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