What home insurance in Ottawa covers
What does Ottawa home insurance cover? In insurance terms, your policy will cover a wide array of different perils. A "peril" is essentially a risk or an event which your home could have coverage for. What perils your Ottawa home insurance covers may vary based on your insurance provider, what you purchased, and your individual needs. Not all homeowners are eligible for certain coverage options. For example, residents living in popular floodplains may not be able to purchase overland flood insurance. An insurance broker from BrokerLink can help you out personally when it comes to choosing the best options for your needs. They may advise against or for certain options. Ask about certain perils if you feel that a specific risk is relevant to you. An Ottawa home insurance broker from BrokerLink will give you the advice and assistance you need to get the best coverage. They really know insurance, and they'll get to know you, which means you'll never be left to figure it out alone.
Although the sampling of perils recorded below doesn't constitute all of what your Ottawa home insurance policy could cover, it lists some of the most common perils:
- Power Outage
- Winter Freeze
You should be aware of what is typically covered, the same way you should be aware of what isn't. Each insurance company will provide coverage differently.
Note: the standard policy will not include protection for maintenance costs, infestation, or wear-and-tear.
Ottawa home insurance categories
Depending on the level of coverage you choose to purchase and which insurance provider you purchase through, the extent of your protection may vary. Some policies will cover what seems like everything under the sun, and some policies may only cover your basic dwelling against common perils. In Ottawa, home insurance may be classed into three categories. Note the differences in how perils are excluded or included in these categories:
Basic coverage for residents of Ottawa is designed to cover your property up until a specific limit for a number of common perils, including lightning, windstorms, fire, and hail. It may vary from policy to policy, but basic policies, as the name suggests, tend to be very bare-bones. Make sure to read the wording of your policy to familiarize yourself with what exactly is covered in your plan.
This category goes a step above basic coverage but is not quite as extensive as comprehensive. It serves as a "generalized" form of coverage for your property. For broad coverage, you'll have protection against everything that was listed under basic coverage, in addition to add-on coverage for vandalism and theft. It may also include coverage for certain unforeseen damages, such as burst pipes. Be sure to chat with your broker about what is included or excluded from a broad insurance policy, as a peril must be named to be covered.
Despite being the most expensive coverage, comprehensive home insurance in Ottawa offers the most extensive protection. It will cover your property for any peril that is not specifically excluded on your documents. Many residents of Ottawa choose to purchase comprehensive coverage, as this is one of the most advanced forms of protection to have and can give you, as the homeowner, peace of mind knowing you'd be covered if something unexpected happened.
How much home insurance in Ottawa costs
There's no way to put a price point on a comprehensive policy because all homes are very different from each other. It may cost you half as much to insure your home as someone else's property. Essentially, every insurance company will take into account the different risk factors that they perceive from your scenario, whether those factors are to do with your home itself or you and your household members and use those to price your insurance. Ottawa homeowners will find that the best way to see how much their Ottawa home insurance premiums will cost them is to get a free home insurance quote. BrokerLink, with all its connections in the insurance industry, can get you the best deal on your coverage and save you from paying more than you need by finding you the right fit. If you're still worried about cost, take a look at what companies will judge when you're purchasing coverage.
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Here is how your home insurance rates in Ottawa are calculated
All Ottawa residents may see a variation in their premiums simply due to the fact that they each live very different lives and have very different homes. Your insurance premiums vary based on your needs, your life, and the kind of home you have. To save on costs, it's essential to know what goes into those costs.
Below is a compilation of the main factors which will affect your insurance costs:
1. Who you are and household characteristics
Who lives in your home? Is it just you, or do you have any family members with you? Most companies will consider the various characteristics of you and your family members when judging your insurance rates. They may look at:
- Your insurance record: If you have an inconsistent insurance history, a lack of insurance history, or multiple severe claims in a short period of time, your insurance company may flag you as high-risk and you'll see an increase in your rates.
- Past claims: Being claims-free is the best way to get cheaper home insurance in Ottawa, but that isn't always possible. You may pay more for your insurance if you have a lot of high-cost claims in your recent history.
- Cancellations: Some cancellations are inevitable and not your fault, such as if your provider stopped servicing your area or if they stopped offering home insurance. But, if you were cancelled due to non-payment, you may see a raise in your rates.
2. Your home and its characteristics
Whether you live in a mansion, a bungalow, or a duplex, the characteristics of your home will impact the amount you will pay for your insurance. Insurance companies may consider the following characteristics:
- The value of your home: The cost it would take to repair or replace your home fully is a significant factor in how much your insurance will cost you. The higher value of your home, the more it would cost you to insure it completely.
- Where your home is located: insurance rates are cheaper for homes that are near a fire station or fire hydrant and more expensive if you're near hazardous environments, like large bodies of water, high-crime areas, and so on.
- The condition of your home and its age: Generally speaking, older homes with outdated systems (plumbing, electrical, heating) will cost more to insure than newer homes.
- The contents of your home: Your home insurance in Ottawa will contain a contents portion, which is more or less depending on the overall value of what is insured. Some high-value items may even need additional coverage to be protected.
Most home insurance policies have different statistics or will weigh certain variables differently. Since there is so much variation between each company, doing comparison shopping is a must to ensure you're getting the best coverage options for your situation. Knowing how your rates are determined is also a great way to cut costs.
Here's how to cut down on costs for your home insurance in Ottawa
There are plenty of different contributing factors which impact how much you will pay for your insurance. Your home insurance premiums in Ottawa can be a daunting thing to think about, but with a bit of knowledge and an expert in your corner, there's no reason you shouldn't be able to get an affordable price on your coverage. BrokerLink has widespread market access, which helps you to be confident that the options you will receive come from the best possible place. In addition, our insurance brokers will advise you on the best ways to cut costs.
We're not just here to help you get amazing coverage. We're here to help you get comprehensive coverage that is priced sufficiently for you and your situation. Check out our array of tips below to help you make a more informed decision when it comes to selecting your coverage:
1. Look after your home
Ottawa homeowners are expected to look after their homes properly. This means doing any necessary renovations to keep your home up-to-date, tackling any smaller issues before they worsen with time, and doing general maintenance. This can reduce your risk of needing to make a claim overall, increasing your chances of remaining claims-free and therefore winning you reduced insurance premiums.
2. Purchase additional policies through the same insurer
If you also had an auto insurance policy, as an example, consider switching insurers so that all your policies are through one provider. Not only is this far more convenient than if you had them through separate insurers, but it may also win you a bundling discount on each policy of 10-15%.
3. Install a security system in your home
Some security and monitoring systems may qualify you for a discount on your Ottawa home insurance. This is because they reduce the risk of vandalism and theft, and moreover may even serve as a deterrent because many systems have a visual marker such as a sticker or a sign. Not all systems are approved, so be sure to ask your broker about which system to install.
4. Choose a higher deductible
Your deductible amount may impact your insurance premiums. More often than not, the higher your deductible, the lower your premiums. If you need to make a claim, most of the time you will be required to pay out a deductible before your insurer pays the remaining amount of the loss. This amount varies between $250-$1,000, on average. Choosing a higher amount may reward you with lower premiums, but be sure it's an amount within reason so that you're always capable of paying that deductible.
If you have any additional questions about prices, give us a call or request a free Ottawa home insurance quote today.
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Local Ontario Insurance Links
If you’re a member of a group or association, you may be eligible for more discounts.
Here, at Ottawa BrokerLink, our insurance brokers are more than happy to help you find amazing home insurance. Ottawa is our home too, so we have a deeper knowledge of how to find you incredible, comprehensive insurance based on your needs. The act of insuring a property goes beyond finding a quote and choosing a policy. Our experts will continue to remain in your corner, advising you whether you need insurance for your business, car, pets, or recreational items.
We're in your community
Ottawa is such an incredible place to live, and we only know that from personal experience. Your broker may very well be your neighbour. When it comes to insider knowledge, we have the expertise and experience that you require to make an informed decision. With over 200+ branches in Canada, BrokerLink's widespread presence helps us to gain a deeper understanding of what our customers need most.
Easily one of the greatest things about choosing a BrokerLink insurance broker for your Ottawa home insurance is that you'll get the pleasant experience of working with a true and tried expert. We give you the inside scoop on benefits and discounts, which can help you save money, while also finding you the right coverage for your circumstances and home. With us, it's all a seamless experience. Begin with a visit to one of our local branches, an email, or simply picking up the phone to call us during our working hours. We're happy to chat with you about your insurance needs in whatever form.
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Ottawa home insurance FAQs
We want to get you back to normal, whatever normal looks like. While we would never expect you to know everything there is to know about insurance, we believe in the importance of knowledge. Our insurance experts are just one aspect of fully understanding your insurance needs. We've compiled a list of some of the most frequently asked questions about property insurance in Ottawa:
Do I need to purchase Ottawa home insurance if I am mortgage free?
You don't need to purchase insurance if you have already paid off your mortgage, but it is still highly recommended that you do so to save yourself some serious headaches if anything unexpected ever happens. Not only is it a great way to preserve your peace of mind, required or not, but it can save you a lot of money if an accident does happen. Also, many insurance companies offer mortgage-free discounts!
How do I choose the right protection for my home?
The "right amount" of coverage for you and your family may not be the right amount for the next household over. It greatly depends upon your home and circumstances.
Does my Ottawa home insurance cover damages from excessive rain?
Water damage is tricky. Most standard policies will cover water damage from rain if it has entered your home as a result of a peril that is covered. For example, if your roof was broken because a tree fell onto it, and the damage from the tree was covered, any consequential damage from rain entering your home through the hole in your roof would likely be covered. It all boils down to how the rain enters your home and the kind of damage it causes. If the rainwater results in a flood, that would not be covered - unless you already had flood insurance. Your home insurance will never cover damages that happen over time or are gradual, such as rain damaging your home due to weakened shingles you failed to repair.
Will my home insurance cover damage from smoke?
Fire damage is covered by virtually every home insurance policy, from your most basic coverage to comprehensive coverage. But what about, say, wildfire smoke? Smoke damage is included in a standard homeowner's insurance policy. The smoke doesn't even need to have come from a fire within your own home to be covered, either. If your neighbour's home caught on fire and the smoke entered your home, you would also have coverage for any damage that the smoke ended up causing.
What are the benefits of comparing multiple home insurance quotes?
Getting multiple quotes is a great way to assess the differences between different insurance companies. By choosing a broker you can get multiple quotes from the same place. Not every insurance company is the same nor does it weigh risks the same way, which is a great reason to assess the benefits of different providers and choose what makes the most sense for you.
If you have any questions, contact one of our local branches.
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