Basic home insurance policy for your Fort Erie home
The right home insurance policy is just a click away thanks to BrokerLink. Our team of experienced brokers is here to help our customers find the right policies for their homes. To better understand how home insurance works in Fort Erie, including what it covers, we have put together the following list. From dwelling coverage to personal liability coverage, check out what you can expect from a typical home insurance policy in Fort Erie:
Let’s dive into dwelling coverage first. Dwelling insurance is central to many home insurance policies. It protects the physical structure of your Fort Erie property (please note that while dwelling coverage is designed to safeguard the building of your home from damage, it does not protect the contents of it or the land it sits on). This type of coverage protects your home against damage caused by a specific set of perils. Your policy will outline these perils in detail and as a policyholder, you can choose which to include, however, the most common perils dwelling insurance protects against are as follows:
- Car / aircraft impact
- Falling objects
As mentioned above, dwelling coverage does not cover the belongings inside your home. Instead, that is where contents coverage comes in. Contents coverage offers financial protection should you suffer a loss related to the belongings in your home (so long as the loss occurred due to an insured peril). Personal belongings covered by insurance policies ultimately vary but often include common household items like furniture, clothing, electronics, jewellery, sporting equipment, and more.
Personal liability coverage
Personal liability coverage is the third key component of most Fort Erie home insurance plans. It protects against third party liability claims, typically related to property damage or bodily injury. For example, if a guest injures themselves while visiting your home, they could sue you - even if you had nothing to do with the accident. Simply by virtue of the incident happening on your property, you could be held liable. In such a scenario, you might be forced to pay for the costs of the accident, which could include medical expenses, repair bills, or legal fees. But if you have a Fort Erie house insurance plan that includes personal liability coverage, your insurer may help cover the costs, preventing you from having to pay for them all on your own. Even better, personal liability coverage on home insurance plans can also protect policyholders against claims stemming from damage that your home caused to a neighbouring home.
Additional Fort Erie home insurance coverage options
Fort Erie homeowners might be interested to learn that there are several coverage options available to them beyond the basic coverage (dwelling, contents, and personal liability) listed above. Many insurance companies in Ontario offer extra coverage to homeowners for added peace of mind. Some of the most popular coverages include business coverage, equipment breakdown coverage, and sewer backup coverage. We break down some of these coverage types below:
1. Commercial coverage
If you operate a business out of your Fort Erie home, then commercial coverage might not only be important but essential. It is worth noting that most basic homeowner’s insurance policies in Fort Erie do not cover policyholders for losses that occur due to business operations. In other words, if an accident, such as property damage or bodily injury, occurs and is related to your home business, your home insurance policy may not cover you (even if the incident occurred in your home). In such an instance, having a commercial business coverage rider on your home insurance policy will come in handy.
2. Equipment breakdown coverage
Another additional coverage option worth considering is equipment breakdown insurance. When you purchase this type of coverage and add it to your Fort Erie property insurance plan, you may be financially protected if a piece of household equipment fails. The terms and conditions of equipment breakdown insurance vary between insurance companies. However, many plans cover sudden or unexpected failures for washers, dryers, refrigerators, ovens, furnaces, heat pumps, air conditioners, and home security systems, among other types of common appliances in Fort Erie homes. Should any of the covered equipment fail, your insurance provider might step in and help pay to repair or replace it.
3. Sewer backup coverage
For added peace of mind, Fort Erie homeowners may wish to add sewer backup insurance to their policies. By adding this coverage to your house insurance plan, your insurer may help pay for the cost of repairs if your home is damaged due to a sewer backup.
*Although some of the coverages mentioned above can be purchased separately, in the context of home insurance, they are often added as endorsements or riders to existing property insurance policies in Fort Erie.
What may not be covered by your Fort Erie property insurance policy
As with any type of insurance, home insurance policies in Fort Erie have their limits. In other words, you cannot expect your policy to cover you in all circumstances. The circumstances in which you may not be covered are usually outlined in the policy’s terms and conditions. Understanding the terms and conditions of your Fort Erie homeowner’s insurance policy is crucial to avoid having a claim rejected or your policy cancelled. For example, if your Fort Erie home is damaged while it is undergoing renovations or left vacant for a certain period of time, your policy may become void. Below, the BrokerLink team breaks down a list of situations in which your house insurance coverage may be voided:
Home sharing has become extremely popular in Fort Erie and throughout Canada thanks to platforms like Airbnb and VRBO. However, many homeowners fail to realize that home sharing is one circumstance your insurance policy may not cover. That is because home sharing increases your risk as a policyholder. Therefore, some Ontario insurance companies will not cover damage or losses that occur as a result of home sharing - especially if you have failed to notify your insurer in advance. So if you plan to rent out your Fort Erie property for any length of time and want to be covered by your insurance policy while renters are staying there, be sure to notify your insurance agent or broker beforehand. An insurance expert can then advise you on whether additional coverage is needed to ensure you are protected when your home is rented.
If your Fort Erie home is going to be empty for 30 consecutive days or longer, we urge you to get in touch with your insurance company or broker. Many homeowners do not realize that having their home sitting vacant can increase their insurance rates. This means that your home may not be covered by your existing house insurance plan when it is empty. So before you embark on an extended getaway, speak with your broker about vacant home insurance and be sure to contact a local insurance broker or agent. If you fail to tell your insurance company of your plans and a loss or damage occurs while the home is vacant, your insurer may refuse to pay out your claim, which can have serious financial ramifications for your wallet.
Failing to maintain
A third scenario in which a Fort Erie house insurance policy may become void is the homeowner fails to maintain their property and it falls into disrepair. For example, if you discover that a shingle is missing from your rooftop but you refuse to do anything about it, and it results in water damage to your home, your insurer might be within their rights to void your coverage. In such an instance, they may conclude that your failure to maintain your home is what led to the damage, and under the terms of your policy, they may not be required to pay out your claim accordingly. Therefore, if you want to avoid having to pay for damages out-of-pocket, it is important to properly maintain your home.
Updates and renovations to your home (while they are happening)
One final instance in which your Fort Erie house insurance plan may not cover you is if damage occurs during a renovation or home update. If damage occurs while your home is undergoing an update or renovation, no matter how minor, your existing plan may not protect you. For this reason, it is crucial to speak with your insurance agent or broker. They can help you understand the terms and conditions of your policy and will inform you whether your current policy covers damage caused by home renovations. If your policy does not feature this type of protection, a broker can walk you through your options to ensure you are covered.
Tips for saving money on Fort Erie home insurance
BrokerLink is on a mission to make home insurance as affordable as possible for Fort Erie residents. To do this, we obtain and compare quotes for our customers, unlock house insurance discounts they didn’t even know they were eligible for, and share some of the industry’s best-kept secrets for saving money on home insurance with them. To get started, BrokerLink’s team of experienced home insurance brokers in Fort Erie has compiled a list of money-saving tips. Reduce your insurance premium instantly by following the tips below:
1. Add a home security system
The first way to pay less for Fort Erie house insurance is by adding a home security system somewhere on the property. Some insurance companies in Canada provide security system home insurance discounts to policyholders, so long as they purchase systems that meet their conditions. To learn more about how to qualify for a home security system discount, among other types of discount, contact BrokerLink Fort Erie today.
2. Bundle home insurance with another type of insurance to save
A second way to save money on Fort Erie property insurance is to bundle multiple policies together (note: this tip actually applies to many types of insurance). By purchasing more than one policy from the same insurance provider, whether you wish to buy home insurance + car insurance, home insurance + business insurance, or even two different types of home insurance coverage, you might receive a discount of up to 15% per policy.
3. Increase the deductible on your Fort Erie property insurance plan
Increasing the policy deductible on your Fort Erie property insurance plan is another tip for saving money on insurance. For those that don’t know, a common rule in the insurance industry is that the higher your policy deductible, the lower your premium is likely to be. That said, you should never raise your deductible without thinking about the potential consequences. To learn more about both the benefits and consequences of increasing an insurance policy deductible, call your local insurance broker or agent.
4. Avoid additional fees by paying for your Fort Erie home insurance policy annually rather than monthly
Paying for your Fort Erie home insurance plan yearly versus monthly is another tip for saving money on any type of insurance. You may be surprised to learn that many insurance providers charge extra fees (which can be high) for every payment made. Thankfully, policyholders might be able to avoid being charged these additional fees by paying for their insurance plans annually (i.e. in one installment) rather than monthly (i.e. in twelve installments). If you are unsure about the payment structure or applicable fees at your insurance company, contact a local insurance broker or agent for clarification.
5. Consider all factors when looking for a swimming pool
Save money on your Fort Erie home insurance policy by not buying a property with a pool. Not only will maintenance have to be performed on your pools to ensure that they are running properly and kept clean, swimming pools, especially those that are unfenced, are a major liability risk. This means that the premium on your home insurance policy is likely to be higher if you have a pool in your backyard.
6. Buy a home near a fire hydrant or fire station
Some insurers in Ontario offer discounts to customers whose homes are located near emergency services, like fire hydrants or fire stations. If you’re interested in saving money on home insurance and you live near a fire station or other emergency service provider in Fort Erie, don’t forget to tell your insurance broker or agent. They can let you know of the terms and conditions that must be met to qualify for this type of home insurance discount.
7. Enlist the help of experienced insurance brokers at BrokerLink Fort Erie
The last tip for saving money on property insurance in Fort Erie is to enlist the help of a local insurance advisor from BrokerLink. The BrokerLink Fort Erie team is made up of fully licenced insurance advisors that have the resources and expertise to help you find a great policy. In other words, you can count on them for great coverage at an affordable rate. Save time as well as money on Fort Erie home insurance by giving BrokerLink a call today.
8. Advise your advisor of additional interests
If you are mortgage free or have your home secured in another way you may be eligible for a discount on your home insurance policy. Be sure to advise your broker or agent if this situation arises. When your bank or mortgage company releases their interest, forward a copy of the letter to your insurance company to let them know you are the sole owner of the property.
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If you’re a member of a group or association, you may be eligible for more discounts.
At Fort Erie 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 one of our locations throughout Ontario. 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 home insurance quote tool that can provide you with a competitive quote in minutes.
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FAQs on Fort Erie property insurance
Is Fort Erie home insurance required?
Unlike auto insurance, which is government-mandated in Canada, home insurance is not a legal requirement. That said, it may be required by a landlord or mortgage lender. For example, landlords can make renter’s insurance a condition of a lease agreement while mortgage lenders can make home insurance a stipulation of a mortgage loan. Therefore, some Fort Erie customers may be required to purchase house insurance, especially those who rent their homes or buy homes with help from a mortgage.
How much money does Fort Erie home insurance cost?
The amount of money that Fort Erie policyholders will pay for a home insurance policy ultimately varies. This is because there is no flat rate for all home insurance policies in the area. Rather, insurance companies use many factors to calculate the individual insurance rate for each customer. The following is a list of factors that insurance companies will likely consider when calculating your Fort Erie house insurance premium:
- Your insurance claims history.
- The precise location of your home.
- The value of your home.
- The size of your home (in square feet).
- How many people live in your home.
- The deductibles, policy limits, and coverage types you choose to include with your policy.
I am a first-time homeowner in Fort Erie. What type of home insurance do I need?
This is a hard question to answer considering that the type of home insurance someone needs changes from person to person. To determine this, you will need to consider your personal preferences, budget, risk level, and the unique characteristics of your new house.
For more FAQs, visit the BrokerLink FAQs page.
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