How do I get home insurance in Owen Sound?
Ready to purchase homeowners insurance in Owen Sound? BrokerLink has a team of highly qualified insurance brokers who specialize in home insurance. We are confident that we can provide you with a tailored insurance solution, whether you require ordinary homeowner’s insurance, tenant insurance, insurance for your rental property, or even insurance for your second home.
Owen Sound home insurance coverage
Having a house insurance policy remains one of the greatest methods to safeguard your property and personal items, even though the province has not mandated homeowners to have Ontario home insurance. Home insurance is unquestionably a wise investment due to the financial security it provides against a variety of dangers and the added peace of mind that comes from knowing you are covered against the unforeseeable.
However, many mortgage lenders in Owen Sound require homeowners insurance as a condition of their loan agreements, so some home buyers may still need to buy it before they apply for a mortgage. Additionally, landlords may require tenant and renters insurance before processing your rental application.
Although each policy’s coverage is different, typical plans in Owen Sound often contain the following:
Dwelling coverage
Your home’s physical structure is protected by what’s called dwelling coverage. Your Owen Sound home insurance policy’s dwelling coverage may protect you if an insured risk damages your property. Typical risks covered by dwelling insurance include theft, fire, smoke, wind damage, lightning, and more.
Contents coverage
The contents within your home, such as your personal belongings, are protected by contents coverage. It can provide coverage for your items, such as furniture, clothing, electronics, sporting goods, jewellery, and other objects, in the case of damage or loss. It does not cover high-valued items, however, so if you own any expensive jewellery or artwork, ask your insurance broker about additional coverage.
Personal liability coverage
A homeowner can be held liable if a guest injures themselves while visiting their property. Personal liability insurance can assist in paying for medical bills or legal fees that the homeowner may be held responsible for. Also, if the homeowner accidentally causes damage to a neighbour’s house, their personal liability insurance can protect them there, too.
Additional Owen Sound home insurance coverage
Standard home insurance can protect your home from many unanticipated disasters, but it might not always offer the level of protection you need. BrokerLink provides a variety of coverage types for homeowners that need more extensive coverage options. The following are some instances of supplemental insurance, including sewer backup coverage, business coverage, and equipment breakdown coverage:
Sewer backup coverage
Homeowners in Owen Sound have the option of including sewer backup insurance in their home insurance policy. If you have this coverage in your policy, the cost of restoring damage or cleanup from damage in your home caused by a sewer backup can be partially covered.
Business coverage
If you manage a home-based business, you may wish to obtain business insurance. Damage caused by business operations is typically not covered by the bulk of standard Ontario house insurance plans. Consequently, your insurance company might not pay for something that took place as a result of your home business unless you include a business coverage endorsement in your policy.
Equipment breakdown coverage
When a piece of equipment malfunctions in your home unexpectedly, equipment breakdown insurance becomes necessary. This coverage add-on may provide coverage for equipment like your washer and dryer, kitchen appliances, HVAC systems (air conditioner, furnace, heat pump, etc.), and home security systems. This additional coverage, which is typically excluded from standard Owen Sound home insurance policies, might be useful, especially when you consider how expensive it can be to replace or repair broken household items and equipment.
What your Owen Sound home insurance may not cover
The majority of house insurance policies include personal liability coverage, dwelling coverage, and contents coverage. But did you know that there are several scenarios in which your standard property insurance coverage won’t cover or that it can even become void? Because of this, it’s essential for homeowners to know what’s not covered by their house insurance plan, particularly in circumstances that can invalidate their coverage:
A vacant home
If your home will remain empty for more than 30 days straight, you must notify your insurance provider immediately. Having a house sit vacant can potentially lead to an insurance premium increase as well. Therefore, if you travel for extended periods throughout the year, make sure you let your insurance broker know before you leave.
And since most insurance companies require you to have someone checking in on your house at least once every 72 hours, don’t forget to leave their contact information with your broker as well. Should you choose not to have someone checking in on your home for you, your insurer may deny a claim if you experience a loss or damage to your home while you’re away.
Failure to maintain
Your house insurance coverage might become invalid if you choose not to maintain your house and instead let it fall into ruin. For example, by ignoring known damage to your roof, if you submit a claim for water damage at a later date and it is determined that the cause was the neglected roof damage, your insurer can deny your claim.
Home sharing
House sharing has become extremely popular (think Airbnb and VBRO). Many homeowners are remodelling their properties to rent them out for additional monthly income. Just don’t forget to tell your insurance advisor because not doing so could result in the cancellation of your homeowner’s insurance.
Renovations
Lastly, your house insurance plan might not cover you if an error during a renovation results in property damage. Therefore, if your property is undergoing renovations, we recommend informing your insurance broker even before the renovations begin because these updates can also impact how much your house insurance might cost.
How you can save money on your Owen Sound home insurance
At BrokerLink, we’re committed to helping homeowners discover reliable insurance coverage at affordable prices. We are dedicated to finding every possible way to save you money since we understand just how much you value it. We love comparing prices for you in order to get you the greatest value. To help you not overspend on property insurance, we are also pleased to offer some expert advice below on how you can save more money on your home insurance:
1. Bundle your policies
When shopping for multiple varieties of coverage in Owen Sound home insurance, vacation property & cottage insurance, business insurance, auto insurance, consider buying each one from the same insurance provider. As a reward, you could save upwards of 15% on each policy by bundling them together.
2. Increase your policy deductible
While insurance is meant to protect you in the event of a loss, you nonetheless have certain obligations as the policyholder. Your deductible—the sum you must pay toward an insurable loss before the insurance provider gets involved—comes into play here. You get to choose the value of your deductible; the typical range for a home insurance deductible is $1,000 to $2,000. Having said that, you should not increase your deductible unless it is financially feasible, no matter how much your insurance rate may decrease.
3. Make annual insurance payments
Instead of paying monthly for your insurance, consider paying it annually. Some insurance companies will offer you a one-pay discount if you decide to pay annually, while other insurance companies may raise your monthly payments by an additional 2-6% in financing fees.
4. Consider all factors in your home purchase
Were you aware that just by having a pool, your homeowner’s insurance premiums are higher? This is because swimming pools pose a risk to insurance providers—especially pools that are not fenced in. Mind you, we’re not trying to imply you shouldn’t have a pool. Absolutely get one. It’s just something to keep in mind while house hunting in Owen Sound!
Another factor to consider is whether the house is within close proximity to a fire hydrant or fire station. If it is, you could receive a home insurance discount. While proximity isn’t as significant within urban areas, if your house is located in a rural neighbourhood, it can make all the difference between small and severe fire damage should your house catch fire.
5. Consult with a BrokerLink insurance advisor
Finally, if you want to reduce the price of your home insurance, we suggest contacting a BrokerLink insurance specialist. Each broker on the BrokerLink staff is licensed and regulated and dedicated to locating the best possible policy for our customers. We spend time learning about your needs so that we can locate an Owen Sound home insurance plan that suits your unique needs. Furthermore, we do the footwork for you, which simplifies the process of buying home insurance. If you desire an insurance specialist at your service who will shop around and uncover savings on your behalf, the experts at BrokerLink are exactly what you need.
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Is home insurance in Owen Sound mandatory?
In Ontario, homeowners are not required to have home insurance. Despite this, many homeowners still discover that they need homeowners insurance for other reasons. For example, mortgage lenders frequently require it as part of their loan agreement. This is so that, in the event of a loss, having homeowner’s insurance provides additional protection for both you and them. As a result, if home buyers wish to obtain a mortgage, chances are high that they will need home insurance first. Additionally, landlords in Owen Sound have the right to require tenant insurance in their rental agreements.
Here’s why you should work with an insurance advisor at BrokerLink
Given the abundance of choices, we understand that looking for homeowners insurance in Owen Sound can be frustrating. BrokerLink, however, is ready to make it easy. We provide our customers with a stress-free insurance experience because of our first-rate customer service, extensive insurance knowledge, and unmatched resources. Here’s why you should strongly consider working with an insurance broker in Owen Sound for all your insurance needs:
We are independent of insurance companies
First of all, insurance brokers act independently of insurance companies. This makes it possible for our BrokerLink insurance brokers to prioritize the needs of our customers at all times. We carefully consider your unique needs and provide unbiased, straightforward guidance on the appropriate protection for your home. By acting separately from an insurance company, we can compare quotes from various insurance providers instead of selling one specific type.
We can help you when the unthinkable happens
As brokers, we act as a middleman between customers and insurance companies. If you need assistance with filing a claim, BrokerLink is here to help. After a claim, we can ensure that you can resume your usual life as quickly and easily as possible.
We are home insurance experts
Lastly, we are home insurance specialists. Since 1991, the BrokerLink team has been dedicated to assisting customers in obtaining insurance coverage that meets both their needs and budgetary constraints. Given the fact that we are experts in everything relating to Owen Sound insurance, we can ensure that you will receive the most competitive price on your policy.
Local Ontario Insurance Links
If you’re a member of a group or association, you may be eligible for more discounts.
We’re in your community
Our commitment to the community is at the core of who we are. We are Owen Sound locals who love being acquainted with our neighbours!
Contact us
We at Owen Sound BrokerLink are available to assist you with all of your insurance needs. Let us guide you in discovering the best coverage for your house, car, business, recreational equipment, and pets.
You can contact us by phone, email, or visit us in person at any of our locations across Ontario, and one of our BrokerLink insurance brokers will be happy to help you with your insurance needs. We also suggest you try our free online quote generator! In just a few minutes, it can provide you with a free estimate on home insurance! You only need to provide us with some basic details about your house and the coverage needs you have for it.
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FAQs
What are the benefits of Owen Sound home insurance?
Although residents in Owen Sound are not required to get home insurance, it nevertheless has several benefits. A quality home insurance policy will specifically insure your home and its contents against physical damage as well as safeguard you against third-party liability claims. Based on the terms of your policy, your insurance could also insure you in the event of loss or damage due to a sewer backup, business use, identity theft or equipment failure. Basically, having extensive home insurance coverage may help you avoid having to pay for losses or damages out of pocket.
What risks does home insurance cover in Owen Sound?
The perils that are generally covered vary based on the type of coverage you purchase. Depending on your insurance plan, you might be covered against disasters such as fire, theft, and some weather-related damage.
How much does home insurance cost in Owen Sound?
Insurance companies are required to consider a range of factors when setting premium rates. Because of this, how much each person will pay varies substantially. How much you could pay for house insurance will depend on a range of variables, including your neighbourhood, your claims history, the value of your home, how big your home is, how many people live there, and the policy deductibles, limits, and coverage options you choose.
I recently bought my first home in Owen Sound. What type of home insurance do I need?
To put it simply, it depends on the unique details of your property, plus your insurance preferences and the amount of risk. Residents of Owen Sound are allowed to choose their policies and the level of protection they desire because there is no law in Ontario requiring homeowners to obtain house insurance.
But it is strongly recommended that every homeowner obtain a home insurance plan that, at the absolute least, includes basic coverage: dwelling, contents, and personal liability coverage. To learn more about other possible coverage options in Owen Sound, reach out to a local insurance advisor.
If you have any questions, contact one of our local branches.
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