Home Insurance in Barrie

A list of the most common home insurance coverages in Barrie

There are multiple types of home insurance in Barrie. Each home and homeowner has unique needs, which means their home insurance policy will differ from one another. For example, home insurance, vacation property & cottage insurance , condo insurance , and rental property insurance are not the same. Although all three of those types of coverage protect your property from physical damage, liability risks and more, they differ in offering the right fit for your needs. There are many popular types of home insurance in Barrie. There is a coverage type for everything, from dwelling coverage to contents and personal liability coverage.

Dwelling coverage

Dwelling coverage is the most common type of home insurance in Barrie. Property insurance is the term that comes up because it protects your home from physical damage. If a fire were to break out in your home and damage the walls or windows, the dwelling coverage portion of your insurance policy would help you pay for the necessary repairs. Remember, with dwelling coverage, you are only covered against damage caused by the perils listed in your policy. Barrie residents get to decide which perils allow them to get compensated, but the most common include the following:

• Fire
• Lightning
• Smoke
• Theft
• Wind
• Car / aircraft impact
• Explosion
• Falling objects

Content(s) coverage

Similarly to dwelling coverage, contents coverage allows you to protect your own home against property damage. However, this insurance coverage will compensate you if your personal belongings are damaged or lost instead of the house itself. In the event a thief breaks into your home in the middle of the night and steals expensive electronics or jewellery, contents coverage will supply you with enough money to replace them.

It’s important to know your coverage is limited to a certain amount, so you should ensure you choose a limit that aligns with the value of the items inside your home. If your home has many expensive items, such as musical instruments, jewellery, vintage wine, or artwork, consider high-value home insurance. Other factors to consider are if you have specific items like an engagement ring or high-valued artwork — add these times to your policy as floaters or riders.

Personal liability coverage

Personal liability coverage is also a common type of policy within home insurance in Barrie. In contrast to the other two types of coverage, personal liability coverage protects policyholders against third-party legal claims. These types of legal claims usually compensate policyholders when someone alleges bodily injury or property damage.

For example, if a guest visits your home and slips and falls while walking by your pool in your backyard, they could sue you for injury. However, this additional coverage option allows your insurance provider to help cover the legal costs of the claim and any applicable medical expenses. Without this type of home insurance coverage, you would have to pay to defend yourself in the lawsuit and more.

These are different coverage options available for your Barrie home. The ones you choose will determine how high your home insurance rates are and will affect your insurance history. For example, you will have a higher premium if you have more assets to protect. If you need help finding a property insurance policy that works for you, reach out to the BrokerLink team today.

Other types of property insurance coverage for Barrie homeowners

Insurance providers will also recommend a couple of other types of coverage that can be useful for Barrie residents. There are no downsides to additional coverage when it comes to protecting your home and personal property. Each coverage option listed can be added as a rider or an endorsement to your Barrie home insurance policy. They offer more protection against the risks of being a homeowner:

Home business coverage

Home business insurance is a type of commercial coverage add-on. Basic homeowner’s insurance will protect your home from losses or damage that results from business use. Home business coverage might be necessary if you work or run a business out of your home. Most homeowners think home business coverage only applies to business owners, but it can be the right coverage for other people as well.

For example, employees who work from home regularly or who have customers or clients visit their homes keep store product inventory in their homes or house expensive business-related equipment in their homes. If any of these scenarios apply to you, this might be an excellent opportunity to add coverage and get the right protection. However, if you choose not to obtain this coverage, if damage occurs, your insurance company will deny your claim, and you will have to pay out of pocket.

Equipment breakdown coverage

Equipment breakdown coverage protects homeowners if a piece of equipment in their house breaks. Suppose a piece of equipment breaks down due to an internal failure, such as a mechanical or electrical failure. In that case, it can be expensive to fix it on top of paying additional living expenses. Before you add this type of coverage to your home insurance policy, speak with a BrokerLink dedicated insurance advisor to ensure the types of equipment that are most likely to be expensive if they break down are covered.

Examples of equipment that can be covered by this policy include basic household equipment like refrigerators, dishwashers, washing machines, air conditioners, furnaces, ovens, dryers and more. While this does not replace appliances that break down or give up due to lack of maintenance, it can be helpful in the event that something sudden or accidental happens.

Sewer backup coverage

Sewer backup coverage helps pay for water damage caused by sewer backup. This type of water damage is often quite extensive, so sewer backup coverage is important. When customers add this type of coverage to their home insurance policies, their home insurance rates may rise.

However, you can get lower home insurance quotes by installing a sewer backup detection device in your home, such as a sump pump, which lowers the chances of an event happening. This coverage also allows you to receive coverage for cleanup rather than having to deal with the mess yourselves.

Overland water coverage

Overland water coverage is a type of flood insurance that provides coverage for policyholders in certain scenarios. It will come into effect if a nearby lake or river overflows, heavy rains, or rapid snow melt damages your home. Barrie sits on the beautiful Georgian Bay, leading to high precipitation, especially during the winter months. Consider all these factors when deciding whether or not to add overland water coverage to your insurance plan.

Homes are as unpredictable as the weather. Although these types of coverage are optional, you should consider getting them because a covered peril will not cost you as much if you have insurance. This is especially true if what ends up damaged has a high replacement value. Speak with a team member from BrokerLink to find home insurance policies that offer the right coverage at the right price.

How much does Barrie home insurance cost?

The cost of Barrie home insurance will vary between homeowners. That is because every homeowner and home is unique. Insurance providers will consider many factors when calculating home insurance premiums, including the age, conditions, and value of your home. At BrokerLink, we will work with your insurance company to determine a rate that suits your needs. Here are some of the aspects your insurance company will consider when providing home insurance quotes:

• How valuable your home is.
• How safe your neighbourhood is.
• How close your home is located to emergency services.
• The age and condition of the roof on your home.
• The type, age, and condition of the heating system that your Barrie home uses (older systems like oil tanks or wood stoves may lead to higher premiums).
• The type, age, and condition of the electrical system in your Barrie home.
• The type, age, and condition of the plumbing system in your Barrie home.
• Whether your Barrie home is equipped with a security system, and if so, what type of system it has.
• If there are any additional or detached structures on your property that need to be insured.

Many factors determine the cost of insuring your property. In Barrie, you should consider these aspects, especially if you are a first-time home buyer who hasn’t built up an insurance history yet. However, by taking care of your home, you will pay less for your insurance. Speak with a dedicated insurance advisor today to determine the policy that suits your needs.

Ways to lower your property insurance premium in Barrie

How do you save money on your home insurance in Barrie? Follow our suggestions to save more dollars annually. From bundling home and auto insurance to installing burglar alarms in your home, there are multiple ways to keep your insurance rates low. Here is BrokerLink’s list of tips to keep your Barrie property insurance on the low side:

Consult with a Barrie insurance broker

The first tip to saving money on Barrie home insurance is to enlist the help of a Barrie insurance broker near you. This is easy, thanks to BrokerLink. Simply get in touch, let us know your budget, and we’ll unlock discounts and give you advice on ways that you can keep your premium low. As home insurance specialists, we have a wide range of knowledge and tips that can help you find cheap home insurance at the drop of a hat. Plus, by working with us, you can rest easy knowing that you’re getting the most competitive rate for your Barrie home insurance policy. We shop around and compare policy options on your behalf to make sure of it.

Install a home security system on your property

Consider installing a home security system, such as a monitored alarm system or burglar alarm. It can protect your personal property and get you a discount on your insurance. If you don’t have one already, consider purchasing and installing one in your home. Once this is done, reach out to your insurance broker to notify your insurance provider.

Bundle home and auto insurance policies

Did you know that bundling your home and auto insurance can save you money? Your BrokerLink insurance advisor will tell you about the benefits of buying more than one insurance product from the same company. Bundling multiple insurance policies together can qualify you for a big discount. Many insurance companies across Ontario allow you to bundle packages. This gives you more affordable home insurance. By bundling home and auto insurance policies, you can save money on both at the same time. Mixing and matching between home insurance and motorcycle or multiple types of home insurance, e.g. if you own multiple homes, can save you money regardless of your home insurance history.

Select a higher deductible on your Barrie home insurance policy

When you purchase a home insurance policy in Barrie, you have to make multiple decisions. The most important one is based on deductibles. You need to choose a deductible for each type of coverage in your policy. Remember that higher deductibles lead to more affordable home insurance policies. A higher deductible comes with a bigger risk, but insurance companies offer a lower rate as a reward. Premiums and deductibles go hand in hand.

To keep your Barrie home insurance premium lower, you need to select a higher deductible. However, you should remember to only choose a deductible that you can afford to pay in the event of a claim. Think about your financial situation before choosing a higher deductible.

Make your Barrie home more eco-friendly

Making your Barrie home more eco-friendly can help you lower your home insurance rates. Home insurance companies in Ontario will lower your house insurance rate if you make an effort to reduce your energy consumption and overall carbon footprint.

One step you can take is installing solar panels in your home. Those working in the insurance industry will tell you that average home insurance costs can vary, but making your home more eco-friendly is a surefire way to qualify for a property insurance discount.

Equip your home with a sewer backup prevention device or sump pump

Let’s face it: water damage is expensive. Insurance companies will often lower your rates if you install sewer backup detection devices or sump pumps on their properties. Why? These water monitoring devices will reduce the odds of an expensive repair event like a sewer backup.

We’re in your community

At BrokerLink, the Barrie community is important to us. We are dedicated to uplifting and supporting the community in various ways. From giving back through a local charity to providing our customers with top-notch insurance services. Get in touch with us today to learn more about our values and the work we do for the community.

Contact us

At Barrie BrokerLink, we are here to offer you the coverage you need with lower premiums. Whether you are insuring your home, car, business, recreational items, or pets, we can help you find the coverage you need at an affordable price. Whether you are purchasing your first home or changing house insurance providers , we are here for you.

Contact us by phone, email, or in person at any of our Ontario locations today. No matter how you get in touch, a BrokerLink advisor can help you out. We encourage you to utilize our free online quote tool to get a competitive quote in minutes.

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Barrie home insurance FAQs

Is home insurance a legal requirement in Barrie?

Home insurance is not a legal requirement like car insurance is. That means it is not mandated by the province of Ontario. However, you will need it in certain situations. It is the best coverage to have as a homeowner, especially if you require a mortgage loan or are refinancing your mortgage in Canada. When you take out a mortgage loan, you have to sign a mortgage contract. The majority of banks and lenders stipulate that for the loan to be valid, the borrower must purchase a home insurance policy and maintain this coverage for the duration of the contract.

If you buy a home in Barrie with a mortgage and are still paying it off, you will often be contractually obligated to buy property insurance coverage. The other circumstance is when Barrie residents have to purchase home insurance if they are renters. Landlords usually make tenant insurance a condition of lease agreements. In other words, you will have to buy tenant and renters insurance to comply with your lease agreement.

How can I find a cheap Barrie home insurance policy?

There are many ways to find affordable home insurance in Barrie. Firstly, you should ask a dedicated insurance advisor to compare home insurance quotes. Another way to lower your premiums is by installing a monitored security system, sump pump, or sewer backup prevention device in your home. Like with car insurance, paying for your policy annually instead of monthly and ensuring your payments are made on time can lead to lower rates.

If you have multiple policies, you can bundle them together and buying a newer home with limited liability issues allows you to take advantage of home insurance bundle discounts. If this is your first home, you can ask an insurance professional about any home insurance discounts that apply to you — plenty are employment- and alumni-based.

What can I do to prevent a fire in my Barrie home?

There are important safety precautions you can take to prevent a fire in your Barrie. Add smoke detectors to every floor, test them periodically and replace their batteries as needed. You can also obtain fire extinguishers in high-risk areas of your home, such as your kitchen or furnace room. Hiring a professional to inspect your furnace and chimney annually and keeping one or more fire escape routes clear at all times. Additionally, you can avoid a major fire by never pouring water on a grease fire, never leaving open flames unattended, and never plugging too many appliances into a single electrical outlet. Learning about fire safety is another way you, as a homeowner, can protect your property.

What does my Barrie home insurance policy not cover?

Barrie home insurance does not cover you under all circumstances. There are many scenarios where damage or losses that occur will not be covered. Some coverages must be purchased separately from your insurance policy or added on afterwards, such as earthquake coverage. In more extreme cases, your insurance company may even have a reason to cancel your policy.

Exclusions between policies usually vary, but your home insurance will not cover the damages in the following situations: your home is left empty or vacant for 30 days or more on end, if your home is undergoing renovations, if you rent out your home or participate in home sharing, if you do not maintain your property and the damage caused by the state disrepair is a result of this. It also will not apply for a loss related to using your home for business purposes unless you add business use coverage or endorsements.

Where can I get a free Barrie home insurance quote?

You can get a free Barrie home insurance quote from an insurance agent or broker near you. Get in touch or go into their local office, request a free quote, and answer a few questions. You will receive your quote in minutes. Nowadays, you can obtain a free Barrie home insurance quote by contacting your nearest provider in one of several ways: online, in person, or over the phone.

If you have any questions, contact one of our local branches.