Why should I purchase home insurance in Quinte West?
Home insurance in Ontario is not mandated or regulated the same way that auto insurance is. For homeowners, insurance is optional and may contain any number of inclusions, coverages, additions, etcetera. Since home insurance coverage is not regulated, the amount you purchase and what type you purchase is entirely up to you.
That being said, there are circumstances which may require you to purchase some level of property insurance. If you're a first-time home buyer, you may have opted to utilize a loan from your bank to afford the total cost of your property. This loan is called a mortgage, and many mortgage lenders or financial institutions will have you purchase property insurance as part of their loan agreement. This is not unlike how a landlord might have a tenant acquire renters insurance, per a condition of the lease.
Even without a mortgage, having home insurance to protect your property is a good idea. Read on or discuss with BrokerLink to learn about the minimum insurance requirements to best protect your property.
How to get the best type of insurance for your home in Quinte West
Owning a home is a great thing, since you now have an asset to your name, but it can also come with its own set of risks and exposures. As a new homeowner or even a second or third-time homeowner, you are likely aware of the various perils your home might be exposed to.
The following list comprises some of the most common perils a standard home insurance policy could insure you for:
Interestingly enough, fire was one of the first reasons insurance started to gain its popularity. In modern days, they have become far less frequent thanks to the presence of mandatory smoke detectors, but they still have the potential to burn down homes and devastate lives. Even the tiniest of in-home fires can cause tremendous damages.
In Ontario, it can get cold. The cold, over time, can lead to damages that can cause damages to our home. As the temperature begins to plummet, your home's pipes might be at risk of freezing. When the water in these pipes freezes, it can expand and even cause the pipes to burst. This can cause significant water damage to your property.
Theft and vandalism
Theft and vandalism, similar to residential fire, is sometimes mitigated with burglar alarms and monitoring systems, but not entirely. Theft and vandalism can cause minimal damage to your home besides the theft of a few objects, or it can be a break-in event that smashes windows, vandalizes property, and leaves you financially floundering.
What is covered by my Quinte West home insurance?
Since home insurance in Quinte West, nor Ontario, is not mandated, it's also not regulated. As such, there is no minimum amount of coverage required, and many homeowners choose to opt out of its purchase due to the added costs it presents in today's economy. Choosing to remain uninsured may result in a bigger loss than if you had purchased the necessary coverage you required! A standard home policy may include the following:
This is the first and foremost important portion of your home insurance. Quinte West residents' homes would be nothing without the physical structure. If your home's building is damaged as a result of an insured peril, the dwelling portion of your coverage would help you out. The following list contains some examples of insured perils:
- Car/aircraft impact
- Falling objects
Liability coverage, or personal liability insurance, is perhaps the most important coverage and is designed to come in clutch should a third party ever injure themselves while attending your physical property. A third party could be anyone: a relative, a friend, door-to-door salesman, or even just a delivery person. If such an event occurred, you might be left on the hook for the medical and legal fees. Home insurance's liability portion covers these fees, and may also insure you if you caused damages to another person's property or their bodily injury outside of your own home.
Where dwelling insurance covers the physical structure of your home, contents coverage may insure your property in the event of damage or losses to its contents, such as any utensils, clothing, electronics, furniture, sporting equipment, and so on. Certain higher value items, such as artwork or collectibles may need add-on coverage to be insured, as they may exceed the limit of what your contents coverage will insure your belongings for.
What is excluded by my home insurance in Quinte West?
There are always limitations to any insurance policy, whether that's home insurance, auto, or otherwise. As much as we wish it could, insurance cannot cover every possibility under the sun. Most policies feature personal liability coverage, dwelling coverage, and contents coverage, but it won't cover every possibility that exists. It is vital to speak with your insurance provider to ensure that they can fill you in on all the exclusions and inclusions of your personal insurance policy.
Below are some samplings of what your insurance policy may not cover you for:
As the homeowner, you're expected to look after your property. Unlike tenant's insurance, you're held liable for any damages or issues to the physical property - not just your contents. If your roof is damaged or wearing, you are the one on the hook for doing any necessary repairs to keep it in check. If damages occurred due to lack of maintenance, your claims will likely be denied by your insurance company.
Some insurance companies won't provide protection for specific perils, perhaps as a result of them being too great of a threat or because they do not fall under the scope of accidental or sudden. Uninsurable perils may also be something like a flood when your home is situated in a floodplain. It's unlikely you will be able to get covered against flooding, if this is the case.
There are some conditions under which a vacant home may be covered, such as if you had a vacant home endorsement or policy, or you simply went on vacation, but generally leaving a property empty for a long period of time without first informing your insurer or acquiring the necessary protection may result in impacted rates and potentially voided coverage. If a loss or damage occurs while you are away, you may not be covered.
If you run your own business out of home, you are probably already enjoying the convenience of no commute, all the space to yourself - but potentially voided home insurance? Running a business out of home, having clients come to visit you at home, or keeping inventory at home may be cause for claims being denied if the damages or losses can be linked back to your business. You will need to acquire a specific endorsement or a separate policy, depending on the circumstances of operating your own business from your personal property.
If you are planning to do any updates or modifications to your home, you may need to first consult with BrokerLink's insurance brokers. Some renovations or modifications will update or increase the value of your home, which needs to be reflected in your coverage. Some heavier-duty renovations may leave your home exposed during a time of construction as well, which may call for added insurance during this period. By the same token, keep in mind that some renovations and upgrades will actually decrease your home insurance rates!
Renting out a portion of your home to potential short-term tenants can offer a lot of benefits. Supplemental income, a way to pay off your mortgage with very little effort, etc. Unfortunately, while this can offer an added monthly cash flow, it can void your home insurance policy if you begin home-sharing without first consulting your insurance advisor.
What's the average price of home insurance in Quinte West?
Although the cost of home insurance in Quinte West ranges based on a huge number of factors, you'll find most homes may pay anywhere between $1,250 to about $1,700 for their insurance each year. Some homes may pay more than this range, some homes less. It depends on a few things, which are detailed further in the section below.
What key factors impact the cost of my home insurance in Quinte West?
During the quoting process, you may be asked a lot of questions or be required to fill out a number of different fields so as to acquire information about your household and specific home. Of course, if life changes later on, you will also need to inform your broker of these new changes to ensure that your coverage may remain current and you won't risk having your policy voided. Doing an annual review of your coverage is always a good idea.
Here are some of the key factors which may be impacting your home insurance rates:
You and your household members
As the homeowner, there's a lot about you and those that you live with which may affect your rates for your Quinte West home insurance. Those characteristics are as follows:
- Your insurance history: How long you have been previously insured, who you were insured with, and any lapses in coverage may be noted by your insurer.
- Previous claims: Similar to auto, your claims made will affect your insurance rates. The more claims you make, the more your insurance will go up.
- Cancellations: If you fail to make payments, you may be cancelled for non-payment. This can negatively affect your insurance rates and may even make it difficult to get insured again in the future.
Your physical property
The home that you live in may also be a factor in how much you will pay for your insurance. See below for some of the things about your home that could be considered:
- The square footage and size of your home: How big is it? The more there is, the more there is to insure.
- The value of your property: The more your home costs overall, the more it may take to rebuild or restore entirely.
- Your home's age and condition: Older homes are more likely to be damaged in weather events or storms than newer, sturdier homes. Older homes may also be built from materials that are now more difficult to acquire.
- Your home's contents: What your home contains and the overall value of its contents may affect your insurance costs.
- Home's environment: Where your home is situated, if it's in a high crime/high claim environment, near a large body of water, or near a fire station/fire hydrant can all play a role in your rates.
This is all to say that you may never pay the same rates as the home a jump left. Your neighbour may even have a similarly built home, but their own characteristics, the contents of their home, and perhaps their insurance experience is all very different, hence resulting in very different premiums.
Top tips for reducing rates on your home insurance in Quinte West
Saving money on your home insurance in Quinte West is no walk in the park. At least, not without the aid of BrokerLink's special insurance advisors. Finding insurance online is just one part of the overall journey. We do our best to help you find the best possible rates for your hard-earned buck. See below for our top tips on how to save a bit of cash on your insurance:
Bundle and save!
Bundling home and auto policies, or home and renters, or any other policy you have - (save pet insurance, which doesn't qualify!) can help you to save up to 15% per policy, depending on the insurer that you're with. Many insurers will attempt to incentivize your return business by offering discounts on added policies, so it's wise to take advantage of this if you have any other insurance policies!
Upgrade your home
Home and auto hail damage protection, in the form of storm shutters, storing your vehicles indoors when a storm is incoming, or even reinforcing your roofing material with storm-resistant shingles can do wonders for your insurance rates - both for your vehicle insurance and for your home. Ask a broker for more advice on how to save by upgrading your home to bolster its resistance against hail and storms.
Invest in a security system
Some security systems, whether they're to monitor for smoke, carbon dioxide, a combination, or used to alert the homeowner if there's a break-in may qualify you for an insurance discount. Since this is one added layer of safety that can help to mitigate property losses, many insurers will award approved monitoring systems with a considerable discount.
Raise your policy deductible
Upping your policy deductible is a surefire way to reap lower insurance costs, and this tip actually applies to all of your insurance policies in Quinte West. However, note that since your insurance deductible is the amount you will need to pay before your insurance company pays the remaining amount for your repairs, avoid raising your deductible too high. You never want to be in a situation where you cannot afford your deductible and therefore risk having your claim denied.
Pay annually or semi-annually rather than monthly
When you make a payment, part of that payment is an administrative fee - usually up to 3% of that premium payment. By eliminating that payment 5 or 11 times, you can save considerably on your insurance overall. In order to do so, simply opt to pay once a year. Some insurance companies will also offer up to a 5% additional discount off your policy in the event that you pay in full upfront. This not only eliminates that administrative fee multiple times, but it's also more convenient and, for many, saves them that concern of forgetting to make a payment.
Whether you're buying your first home and looking for coverage that fits your specific needs or you've been around the block before, there's always value in working with a broker to ensure you get protected the way you need to be protected. We specialize in all different kinds of insurance products, and as self-proclaimed insurance nerds, we have all the insight you need on how to get the greatest coverage for all your personal property.
We're in your community
One incredible benefit of choosing BrokerLink, other than all the latest and greatest ways to save money, is that we have over 200+ branches throughout Canada, meaning that one of your neighbours could very well be a BrokerLink insurance broker in Quinte West. We know just how to help insure you, because we know exactly what it's like to meet you. We can't wait to meet our neighbours here in Quinte West. Give us a call, get a quote, or come visit us in person to begin.
Local Ontario Insurance Links
If you’re a member of a group or association, you may be eligible for more discounts.
When you are ready to begin, reach out to BrokerLink during our business hours either over the phone, by email, or come to visit us at one of our local branches. We offer three means of connecting because we understand that discussing your insurance needs the "traditional way" isn't always possible for everyone's busy life. However you choose to get in touch, we are more than happy to get to know you so we can designate you the best policy at the best price.
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Quinte West home insurance FAQs
We would never expect you to become insurance experts. After all, that's our job. We understand if you have any confusion about what is included in your policy and are happy to answer any questions you may have. We have compiled and answered a few of some of Quinte West resident's most frequently asked questions below:
How does renovating my home affect the cost of my insurance?
There are a few things to consider when renovating your home
. Renovating your home, for one, can increase the overall value of your home and therefore necessitate some changes to your policy. But renovating your home can also help you decrease your rates as well. Some upgrades, like renewing older systems (plumbing, electrical, heating, etc.) can win you a discount on your insurance.
Is insuring a vacation property the same as insuring my primary residence?
Why do homes that have a pool pay more for their insurance?
If your property has an in-ground pool, many insurance companies will choose to include the value of that pool in the total replacement cost of your home. This means your home will cost more to insure than it would if it didn't have a pool. Also, pools come with an increased liability risk. Guests could slip and fall on wet surfaces, drown in the pool, and can attract unwanted attention from potential thieves and trespassers. Some homeowners who have pools on their property may pay between $25-$75 more each month to insure their pool. That's $300-$900 extra each year!
If you have any questions, contact one of our local branches.
More Ways to Find a Great Home Insurance Rate