A list of the most common home insurance coverages in Barrie
Home insurance policies are not one-size-fits-all. Every home and homeowner is unique, and thus, so too is home insurance. That said, there are a few types of coverage you will find on almost any home insurance policy in Barrie. This is the case whether you are purchasing standard home insurance, vacation property & cottage insurance, condo insurance, or even rental property insurance. No matter what type of home you own or live in, it needs to be insured against everyday risk. The following three types of coverage do just that, protecting your property from physical damage, liability risks, and more. Continue reading to learn more about how the three most popular forms of home insurance in Barrie - dwelling coverage, contents coverage, and personal liability coverage - work:
Dwelling coverage is the first and most obvious type of home insurance in Barrie. It’s what you think of when you think of property insurance, as it protects your physical home from damage. For example, if a fire broke out in your home and damaged the walls or windows, it is the dwelling coverage portion of your policy that would compensate you for the necessary repairs. Please note that with dwelling coverage, you are only covered against damage that is caused by the perils listed in your policy. You get to decide which perils these are, though the most common are the following:
- Car / aircraft impact
- Falling objects
Like dwelling coverage, contents coverage is a type of home insurance coverage that also protects against property damage. However, this time, it covers you if your personal belongings are damaged or lost rather than the house itself. For example, if a thief breaks into your home in the middle of the night and steals expensive electronics or jewellery, it is the contents coverage portion of your policy that would come into play. With this type of coverage, you can be reimbursed for the cost of replacing the stolen items. As with any type of coverage, you are only covered up to your limit so you must ensure that you choose a limit that reflects the value of the items inside your home. If your home is filled with lots of expensive items, whether they be musical instruments, jewellery, vintage wine, or artwork, high value home insurance may be worth considering. If you have specific items such as an engagement ring or high valued artwork, it can be worth adding these items to your policy as floaters or riders.
Personal liability coverage
Finally, personal liability coverage is another staple of Barrie home insurance policies. Unlike the two coverages listed above, personal liability coverage is designed to safeguard policyholders against third party legal claims. The types of legal claims it most often compensates policyholders for are those alleging bodily injury or property damage. For instance, if a guest visited your home and slipped and fell while walking by the pool in your backyard, they could sue you for injury. If your home insurance policy contains personal liability coverage, your insurer will help cover the legal costs of the claim, along with any applicable medical fees. But without it, you would have to pay to defend yourself in the lawsuit and more.
Other types of property insurance coverage for Barrie homeowners
A few other types of property insurance coverage that Barrie homeowners may find worthwhile are listed below. Each type of coverage below can be added as a rider or endorsement to your Barrie home insurance policy and each offers broader protection against the risks that come with being a homeowner:
Home business coverage
Home business insurance is a type of commercial coverage add-on. Since basic homeowner’s insurance will not protect your home from losses or damage that occurs due to business use, home business coverage might be necessary if you work or run a business out of your home. Many people think that home business coverage is only for business owners, but it’s not. It can also be worthwhile for employees who work from home regularly, have customers or clients visit their homes, store product inventory in their homes, or house expensive business-related equipment in their homes. In any of these scenarios, you would need a home business insurance add-on if you wanted to be protected from risk. Without one, if damage occurred, your insurance company would likely deny your claim, leaving you to pay for the loss yourself.
Equipment breakdown coverage
Equipment breakdown coverage protects homeowners in the event that a piece of equipment in their household breaks. Specifically, it will pay to repair or replace the broken piece of equipment if it breaks down due to an internal failure, such as a mechanical or electrical failure. Before adding this type of coverage to your Barrie house insurance plan, speak with a BrokerLink insurance advisor to make sure that the types of equipment in your home are covered. Generally speaking, equipment breakdown coverage will cover most basic types of household equipment, such as refrigerators, dishwashers, washing machines, air conditioners, furnaces, ovens, dryers, etc.
Sewer backup coverage
Sewer backup coverage helps pay for water damage caused by a sewer backup. Since this type of water damage can be extensive, sewer backup coverage is important. While adding this extra coverage to your policy may result in a higher premium, you can mitigate this effect by installing a sewer backup detection device in your home, such as a sump pump, which reduces the odds of such an event occurring.
Overland water coverage
Overland water coverage is a type of flood insurance that also reimburses policyholders for the cost of water damage in certain circumstances. For the overland water coverage in your Barrie home insurance policy to kick in, the damage must have been caused by a nearby lake or river, overflow, heavy rain, or rapid snow melt. Since Barrie is located near a major body of water and experiences high amounts of precipitation, especially during the winter months, adding overland water coverage to your insurance plan might be a wise choice.
How much does Barrie home insurance cost?
The cost of Barrie home insurance is different from homeowner to homeowner. This is because each homeowner is different and so are their homes. Insurance companies consider a multitude of factors when calculating house insurance premiums, like the age, conditions, and value of your home. For more insight into how insurers determine rates, we have put together a list of factors that will be assessed when buying home insurance:
- 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.
Ways to lower your property insurance premium in Barrie
Saving money on home insurance in Barrie is all about keeping your premiums low. Luckily, there are several ways that you can do this, from bundling multiple insurance products into one to installing a burglar alarm system in your home. Keep reading to discover BrokerLink’s top tips for saving money on Barrie property insurance:
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
Installing a home security system, like a monitored alarm system or burglar alarm system, can make you eligible for a property insurance discount in Barrie. So if you don’t already have one, consider buying and installing one. From there, notify your insurance broker as soon as possible. For other home security tips that can save you money on property insurance, get in touch with BrokerLink.
Bundle home and auto insurance policies
Speak with a BrokerLink insurance advisor about the benefits of bundling, a practice in which a customer buys more than one insurance product from the same provider and qualifies for a major discount. Many insurance companies across Ontario offer bundling packages. These packages can be extremely cost-effective if you are someone who needs more than one type of insurance. For example, by bundling home and auto policies, you can save money on both your house insurance coverage and your car insurance coverage. You might also be able to mix and match between home insurance and motorcycle insurance or multiple types of home insurance, i.e. if you own multiple homes.
Select a higher deductible on your Barrie home insurance policy
When you buy a Barrie home insurance policy, you will need to make several decisions. One key decision is around deductibles. You will need to select a deductible for each type of coverage in your policy. The rule of thumb in the insurance industry is this: the higher the deductible, the cheaper the policy. By maintaining a higher deductible the policyholder accepts more risk, therefore insurance companies offer a lower rate as a reward. Premiums and deductibles directly correlate. Thus, if you want to keep your Barrie home insurance premium low, consider selecting a deductible on the higher end of the spectrum. That said, you should only choose a deductible that you can afford to pay in the event of a claim, so make sure to assess your financial situation before choosing one of the highest deductible options.
Make your Barrie home more eco-friendly
Taking steps to make your Barrie home more eco-friendly is a surefire way to save money on home insurance. Home insurance companies in Ontario reward policyholders who make moves to reduce their energy consumption and overall carbon footprint, such as installing solar panels. Therefore, if you can prove that your home is eco-friendly or that you update your home to make it so, you may qualify for a property insurance discount.
Equip your home with a sewer backup prevention device or sump pump
Since water damage can be costly, insurance companies may lower premiums for homeowners who install sewer backup detection devices or sump pumps on their properties. Why? These water monitoring devices significantly reduce the odds of a major event, such as a sewer backup.
We’re in your community
The Barrie community is at the heart of everything we do here at BrokerLink. We are dedicated to uplifting and supporting the community in every way we can, whether that means giving back through a local charity or providing customers with top-notch insurance services. Learn more about the values we embody and the work we do for the community by getting in touch today.
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If you’re a member of a group or association, you may be eligible for more discounts.
At Barrie BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible.
You can reach us by phone, email, or in person at any of our Ontario locations. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.
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Barrie home insurance FAQs
Is home insurance a legal requirement in Barrie?
No, home insurance is not a legal requirement the way that car insurance is. In other words, it is not government mandated by the province of Ontario. That said, it is situationally required, so you may still need to purchase it depending on your circumstances. The main circumstance in which Barrie homeowners are required to purchase home insurance is if they have a mortgage loan. When taking out a mortgage loan, you will need to sign a mortgage contract. Most banks and lenders stipulate in this contract that for the loan to be valid, the borrower must take out a home insurance policy and maintain this coverage for the duration of the contract.
Thus, if you bought your Barrie home with a mortgage and have yet to pay it off, you may be contractually obligated to buy property insurance coverage. The second most common circumstance in which a Barrie resident is required to purchase home insurance is if they are a renter. Landlords often make home insurance a condition of lease agreements. In this case, you may need to purchase tenant and renters insurance to comply with your lease agreement.
How can I find a cheap Barrie home insurance policy?
Keeping home insurance rates low is a priority for many Barrie customers. Thankfully, there are several strategies you can employ if you want to find cheap home insurance in Barrie. For example, you can install a monitored security system, sump pump, or sewer backup prevention device in your home, pay for your policy annually instead of monthly and make sure all payments are made on time, purchase multiple insurance products at once and bundle them together, buy a newer home with limited liability issues, and take advantage of home insurance tax deductibles. Of course, you can also ask an insurance professional about any home insurance discounts out there that may apply to you, such as employment or alumni-based discounts.
What can I do to prevent a fire in my Barrie home?
Important safety precautions you can take if you want to prevent a fire in your Barrie home include adding smoke detectors to every floor and testing them periodically, replacing the batteries as needed, hiring a professional to inspect your furnace and chimney annually, and storing one or multiple fire extinguishers in your home. Other tips to avoid a major fire include 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 of the utmost importance for every homeowner.
What does my Barrie home insurance policy not cover?
Barrie home insurance does not cover you under all circumstances. In fact, there are several circumstances in which damage or losses that occur will not be covered. In extreme cases, your insurance company might even have a reason to cancel your policy. While exclusions between policies vary, you should not expect your Barrie property insurance plan to cover you if a loss or damage occurs in the following situations: if your home is left empty or vacant for a period of 30 days or more on end, if your home is in the midst of renovations, if you rent out your home or participate in home sharing, if you fail to maintain your property and the damage is caused by the state of disrepair your home is in as a result, or if the loss related to business use of your home.
Where can I get a free Barrie home insurance quote?
You can get a free Barrie home insurance quote from an insurance agent or an insurance broker near you. Simply get in touch, request a free quote, answer a few questions, and you will receive your quote in a matter of 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.
More Ways to Find a Great Home Insurance Rate