Niagara Falls home insurance coverage
Although certain variations may be offered by different insurance companies, the two major categories that a house insurance policy covers are property and liability. If a covered peril results in damage to your home’s structure or its contents, the property insurance portion will help policyholders pay for repairs. As for the liability portion, it can defend you against lawsuits or accusations by covering any actions or incidents that occur inside the home you own or rent.
An insured peril is any risk or incident that your house insurance policy may cover. Depending upon the extent of your coverage, many types of risks could be covered by your insurance. The perils you choose to protect your property against will be greatly influenced by your personal circumstances and the area where your home is located. Depending on the level of coverage you select, the following risks might be included in your house insurance:
- Winter Freeze
- Power Outage
Three categories of home insurance
There are three home insurance categories that provide different levels of protection. The main differentiator between each category lies in what specific hazards are included and excluded. Therefore, it’s important to read them carefully. The three types of house insurance coverage that insurance companies generally offer range from standard to broad to comprehensive, though what each of them includes may vary between insurance companies:
The first and most basic form of home insurance is standard insurance. Depending on your insurance provider, it may cover damage to your property caused by events like lightning, fire, windstorms, and hail. The types of perils covered by standard home insurance may also vary depending on where your house is located. Just be mindful that your agreement can only provide coverage for risks that are expressly stated within your contract.
With broad home insurance, you can secure your home against various risks for more customized risk protection. Your home is safeguarded with more extensive coverage from risks like vandalism and theft in addition to the common perils included in standard house insurance. Broad insurance may also provide protection against unanticipated events, like a burst water line. Board coverage also requires any risks to be clearly stated in your contract, so be certain to double-check your terms and conditions with your insurance advisor to see what is and isn’t covered.
Your home will be protected against harm brought on by a multitude of insured perils if you decide to purchase comprehensive house insurance. With comprehensive insurance, unless a risk is expressly excluded in your policy conditions, your house is presumed protected. Many homeowners choose comprehensive insurance just for the peace of mind that comes from knowing their home will be safeguarded when facing an unanticipated disaster.
To assist you in understanding the various factors that must be considered when purchasing house insurance, we advise having an experienced insurance expert on your side. One of the most effective methods of learning about all the insurance options and determining which one is most important for your house is by speaking with an insurance broker in Niagara Falls.
Here’s what to expect from your standard home insurance policy in Niagara Falls
Ontario home insurance policies typically cover three traditional types of coverage—dwelling, personal liability, and contents. To assist you in better understanding what to expect from your Niagara Falls house insurance, our specialists at BrokerLink have provided summaries of each below:
Dwelling coverage safeguards the house’s actual frame. This simply means that if a listed risk, such as fire, wind, theft, or a falling object, damages the actual structure of the house, your residential property insurance may be able to help. However, keep in mind that this form of coverage only includes the actual building. It does not cover the home’s contents or the land it’s on. Other dangers that are included in dwelling coverage are explosions, lightning strikes, collisions with vehicles or aircraft, and smoke damage.
Personal liability coverage
If a resident of Niagara Falls has personal liability insurance, they are shielded against liability claims, such as those brought by visitors who claim to have been hurt or to have had their personal belongings damaged while on the homeowner’s property. This form of coverage is vital because, as the homeowner, you can be held responsible if an event on your premises results in injury or property damage.
Even before factoring in possible settlement fees, medical bills, and repair costs, paying for litigation fees by yourself could be financially devastating. But, if you have personal liability insurance, your homeowner’s insurance policy will help cover these costs. Your insurance company would assist in paying for various costs, including medical and legal costs, up to your coverage limit.
Your possessions, such as electronics, clothing, athletic items, furniture, jewellery, and more, may be covered by contents insurance. Your insurance may pay for the expense of replacing or mending any damaged personal belongings if they are lost or destroyed in your house as a result of an insured peril, such as fire or theft.
There is typically a set limit per item for contents coverage, as well as an overall limit. Suppose you own any expensive jewellery, works of art, or other valuable possessions. In that case, it is best to speak with your insurance advisor about a supplemental policy to make sure you have enough contents coverage. Furthermore, you can choose to add certain objects to your coverage as floaters or riders. This can increase their protection in case of an unexpected loss.
Additional home insurance coverage options
BrokerLink is aware that, depending on your specific circumstances, house insurance may not provide the level of security you require for your unique needs. This may be particularly relevant to any homeowners who require high-value home insurance. Luckily, with our various add-ons, endorsements, and riders, there are many options you can add to your home insurance plan if you wish to enhance your coverage further. Some of these extra coverages include business use, sewer backup, and equipment breakdown. Below are a few benefits of these endorsements:
Business use coverage
If you perform any task at home that allows you to earn an income, whether it be full-time or a side hobby, it is typically considered as using your house for business reasons. Generally speaking, running a business out of your home, no matter how small, would not be covered by a standard house insurance policy. With the help of business use coverage, financial security would be provided for any property loss or damage brought on by your operations.
Sewer backup coverage
The idea of a sewer backup scares many homeowners. This is because if one should occur, sewage or wastewater may build up and escape through a sink, toilet, or basement drain, causing water damage to their home. Fortunately, acquiring an endorsement for sewer backup can assist homeowners in covering any damage-related repairs. To help you avoid future flooding, read up on our recommendations for home flooding prevention.
Equipment breakdown coverage
It is no secret that everybody who’s ever owned their own property is familiar with the astronomical cost of repairing or replacing malfunctioning equipment. Financial issues can arise rapidly as a result of equipment failure, especially when it occurs suddenly, such as when the central air decides to call it quits in the middle of a heatwave or when a freezer stops running. There is why we strongly recommend all homeowners consider adding an equipment breakdown endorsement to their policy.
What your home insurance may not cover in Niagara Falls
Your home insurance policy will not protect you from every potential risk you face, as even house insurance has limits, which are always specified within the terms of your policy. To assist you in identifying any limitations in your contract, you might want to consult an insurance professional before or after obtaining your coverage. Also, it’s important to take notice of any changes to your exclusions any time you renew your homeowner’s insurance policy. The following circumstances are typically not covered by any house insurance policy:
Whenever a homeowner anticipates leaving their house unoccupied for more than 30 days, they must inform their insurance company. An unoccupied home would typically involve an insurance premiums increase because there is a much higher risk of insurance claims for vacant properties. Also, most insurance providers require that homeowners name a person to visit their home every 72 hours. If you choose not to appoint someone, your insurance can deny a claim for any losses or damages that occurred while your house is empty.
When a homeowner makes an insurance claim, the risk that the insurer would reject the claim is very high if it turns out that the homeowner’s negligence caused the damage. The likelihood that your claim would be rejected is significant, for instance, if it turns out that the water damage your submitted claim is for was caused by a leaky ceiling pipe that had been clearly leaking for a long time but was never fixed. Therefore, to protect not just your home but also your insurance coverage, ensure basic maintenance around your house is regularly performed.
Considering the greater risk involved, your insurance may not include coverage for damages caused by home renovation work. As such, it’s best to consult your insurance broker about the level of protection you require while having work done on your house. When the job is over, don’t forget to inform your insurance provider in case the new home upgrades will require additional coverage.
When you know you’ll be gone for a while, renting out your house may seem like a simple and quick way to supplement your income. However, make certain to inform your insurance provider, even if it’s for a short time, like a weekend, or a long time, such as throughout summer break. When you rent, your house is more vulnerable to theft and damage, and neglecting to inform your insurance company could result in the cancellation of your home insurance.
Here’s how you can save money on your Niagara Falls house insurance
At BrokerLink, we spend a great deal of time assisting our customers in locating reliable insurance at an affordable price. To further assist you in saving money, we also investigate any potential cost-saving possibilities that you can qualify for. If you would like to find out even more ways to lower the price of your Niagara Falls insurance premiums, take a moment to read the following tips. These suggestions cover a range of subjects, including bundling home and auto policies, considerations to make when buying a house, routinely assessing your policy, and more:
Bundle house insurance with other policies
Inquire about bundling your home insurance with other policies you own, such as your auto insurance, tenant and renters insurance, business insurance, and or even vacation property & cottage insurance. Bundling these policies together can help you significantly reduce the cost of your insurance premiums, saving between 5% and 15% on each policy (depending on your insurer).
Consider the following
One popular consideration when house hunting is whether or not to buy a home with a pool. However, pool owners pay more in insurance premiums than homeowners without one due to the significant liability risks connected to pools, especially when they're not fenced in. As a result, you can save on your insurance premiums by opting for a home without a permanent pool.
Also, if the house you’re looking at buying is located in a remote region, it could be advantageous to consider where the closest fire station or a fire hydrant. The proximity of a firehouse or hydrant could mean the difference between repairing smoke damage and total home loss. For this reason, some homeowners can qualify for an insurance discount when emergency services are close to their homes.
Review your coverage regularly
We strongly advise you to reexamine your coverage on a frequent basis, especially before you renew it. By doing so, you may discover that you are paying for insurance options that you no longer need. If you’re unsure, speak with one of our licenced insurance brokers to help you determine which coverage types you can remove from your policy.
Install a home security system
You may qualify for a home security system discount on your house insurance if you commit to setting up a monitored home alarm system in your home. But before making any purchases, ask your insurance specialist about any restrictions on this discount. Most insurance providers maintain a list of specified security products that comply with their requirements.
Increase your policy deductible
Although house insurance assists policyholders financially for a variety of insured perils, homeowners are required to cover what’s known as an insurance policy deductible before their insurer will cover the rest of the claim. The deductible amount is at the policyholder’s decision, but typically one for house insurance is around $1,000 to $2,000.
Get advice from a Niagara Falls BrokerLink insurance broker
Locals of Niagara Falls will be overjoyed to learn that they can qualify for several types of insurance savings. For instance, loyal customers, nonsmokers, and group members can all be eligible for certain discounts. To find out more about how to lower the cost of your house insurance, get in touch with one of BrokerLink’s insurance brokers today.
By consulting with an insurance broker in Niagara Falls, you can find top-quality house insurance with ease. Each of BrokerLink's registered insurance brokers is committed to assisting you and your family in locating the best house insurance solutions. They all have years of expertise behind them and an outstanding track record of providing amazing customer service.
Why work with a BrokerLink broker
We are more than aware of how difficult acquiring house insurance can often be, given the expansive section of Niagara Falls insurance options. Because of this, your local BrokerLink is prepared to simplify things for you!
With the assistance of our top-notch customer service, in-depth insurance knowledge, and unparalleled resources, we make sure that everyone has a worry-free insurance experience. In order to accurately assess and handle your house insurance needs, we strongly advise that you consider working with a BrokerLink insurance broker. Here’s why:
Our brokers are independent of insurance companies
The needs of our clients are always given first priority by our BrokerLink team. Before presenting you with fair and honest advice on the right coverage for your property, we assess and evaluate your particular needs. Instead of concentrating solely on one specific type of insurance, as insurance agents do, our insurance brokers compare quotes from several reputable insurance carriers to provide you with the best coverage at the most affordable prices.
Our brokers help when the unthinkable happens
In our role as insurance brokers, we serve as a liaison between our customers and insurance carriers. In order to get you back to your regular life soon as possible, we also assist you with making and submitting any insurance claims.
Our brokers are home insurance experts
Since 1991, the BrokerLink team has been dedicated to finding insurance policies that meet the needs and budgets of our customers. We are experts in all things Niagara Falls insurance and can ensure you receive the most competitive rate on your policy.
We’re in your community
Getting involved in the community is a big part of who we are. We live and work in your community. We love meeting our neighbours!
Local Ontario Insurance Links
If you’re a member of a group or association, you may be eligible for more discounts.
At Niagara Falls 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 quote tool that can provide you with a competitive quote in minutes.
Get a home insurance quote [phone]
FAQs on Niagara Falls home insurance
Do I need house insurance in Niagara Falls?
Although there isn’t a law that requires the purchase of house insurance in Ontario (unlike auto insurance, which is mandated), it remains one of the greatest ways to safeguard your home. Because of the financial security house insurance offers against a number of risks, plus the added comfort that comes from knowing that your livelihood is protected against the unexpected, acquiring house insurance remains a popular move for many.
I rent a condo in Niagara Falls. Can I still buy home insurance?
Absolutely. Renters, homeowners, those who lease, and more can buy house insurance. If you’re a tenant, your landlord may have already required you to purchase renter’s or condo insurance
, anyway. Remember that the landlord’s insurance policy does not cover a tenant’s personal items, and that’s why possessing your own insurance is so crucial. An insurance professional can assist you with confirming that your coverage meets the terms of your lease.
Is house insurance tax deductible in Canada?
In some circumstances, you might be able to write off your house insurance on your taxes, whereas, in others, you may not.
If you have any questions, contact one of our local branches.
More Ways to Find a Great Home Insurance Rate