What does Sudbury home insurance cover?
When you purchase home insurance, what you’re really purchasing is financial protection. Therefore, it’s understandable that you want to know what exactly your policy protects against. Although house insurance plans differ between policyholders, standard property insurance in Sudbury aims to provide coverage for dwelling, contents, and personal liability. The BrokerLink Sudbury team describes each of these three coverages in more detail below:
Dwelling coverage
Ontario home insurance policies typically consist of three main components, and dwelling coverage is one of them. What you need to know about dwelling insurance is that it is designed to protect your physical home (i.e. its structure and building). It does not, however, cover the land your home sits on or anything inside of it (the latter is covered by contents coverage, which we delve into next). Please note that dwelling coverage specifically protects against property damage caused by insured losses. The insured losses or perils that your policy may protect your home against include:
- Fire
- Lightning
- Smoke
- Theft
- Wind
- Car / aircraft impact
- Explosion
- Falling objects
Contents coverage
Next up is contents coverage. To protect both the outside and inside of your home, contents coverage is a must. This type of coverage provides compensation if the personal belongings in your home are lost or damaged due to an insured peril. Again, insured perils range, and only the ones you opt to include in your policy will be covered, but they can include theft, fire, wind, and more. Further, the items that contents coverage protects may be limited but usually include common household belongings like furniture, sports equipment, clothing, etc. If you have high-value items in your home, such as expensive jewellery, artwork, or a musical instrument like a grand piano, you may need to purchase additional contents coverage.
Personal liability coverage
Unlike dwelling and contents coverage which both protect your home from property damage, personal liability coverage aims to protect policyholders from the financial consequences of a third-party liability claim. There is nothing worse than battling a lawsuit, but that’s exactly what could happen if a third party gets injured on your property, or if your home somehow causes damage to another person’s property. In either scenario, you might be held liable, which could mean being forced to pay everything from defence or settlement fees to medical bills. But if you have a valid home insurance policy with personal liability coverage, your insurer may help cover some of these costs, alleviating your financial burden. Examples of costs that personal liability coverage may compensate policyholders for include repair bills, legal fees, and medical expenses.
What other home insurance coverage should I consider in Sudbury?
Sometimes, basic coverage is not enough. The experts at BrokerLink Sudbury understand that, which is why we can also help you find additional coverage for your home. For example, if you run a home business or want the peace of mind of knowing that the equipment in your home is protected if it fails, then you might want to add commercial coverage or equipment breakdown coverage to your insurance plan. Keep reading for more information on the extra property insurance coverage available to Sudbury residents:
Commercial business coverage
Businesses require commercial insurance, and homes require house insurance, but what about when the two merge? If you run a business out of your Sudbury home, it may be wise to add a commercial business coverage rider to your policy. This way, you will be covered in the event that a loss or damage occurs in your home due to your business. Without such a rider or endorsement, your insurer is unlikely to cover you for business-related incidents that happen on your property.
Equipment breakdown coverage
When a piece of equipment in your home breaks down, it can be a huge headache - not to mention expensive to fix. That’s why equipment breakdown coverage is so important. When you add an equipment breakdown endorsement to your Sudbury property insurance policy, you may be compensated if a piece of covered equipment suffers a mechanical or electrical failure. Examples of equipment that you could be compensated for include washers, dryers, furnaces, air conditioning units, heat pumps, boilers, refrigerators, ovens, home security systems, and more. If there is a specific piece of equipment you want to be protected, speak with an insurance broker to ensure it is included with your policy.
Sewer backup coverage
Avoid the financial repercussions of a sewer backup in your home by adding a sewer backup rider to your Sudbury property insurance plan. As you probably already know, a sewer backup can wreak havoc on your home. When sewage or wastewater makes its way up your pipes and out a sink, toilet, or other vessel, it can cause major damage. But with this type of coverage, your insurer may help cover the cost of the necessary repairs to ensure you don’t have to pay for the damage entirely out-of-pocket.
Your Sudbury property insurance policy may not cover these circumstances
As with any type of insurance, Sudbury house insurance policies have their limits. In other words, although they are designed to provide financial protection for you and your property, the coverage your policy provides is subject to certain terms and conditions. Understanding these terms and conditions is crucial as many insurance policies do not cover certain circumstances surrounding one’s home. For example, if your home is damaged while it is undergoing renovations or left empty for a certain period of time, your coverage may become void. To provide further insight into what may not be covered by Sudbury property insurance, the BrokerLink team has compiled the following list:
Home sharing
Home sharing has become a popular (and lucrative) revenue stream for many Sudbury homeowners. That said, home sharing also increases your risk as a policyholder. That is why some Ontario insurance companies refuse to cover damage or losses that occur as a result of home sharing - especially if you have failed to notify your insurer beforehand. So if you plan to rent out your home (or even part of your home) via a short-term rental platform like Airbnb or VRBO and want to be covered by your insurance policy while guests are staying there, you must notify your insurance agent or broker in advance. From there, they can give you expert advice on whether additional coverage must be purchased to ensure you are protected when your home is rented.
Empty home
If your Sudbury property is empty for long periods of time (e.g. more than 30 days in a row) but you don’t tell your insurance provider, your coverage could be voided. A vacant home increases a policyholder’s risk and can therefore increase your home insurance rates. Before you jet-set around the world, reach out to a local insurance broker or agent in Sudbury. If you don’t do this and a loss or damage occurs while you are travelling, your existing house insurance plan may not cover you, which would leave you to pay for the damage out-of-pocket.
Allowing your home to fall into a state of disrepair
Allowing your home to fall into a state of disrepair is another situation that could lead to a void in your property insurance coverage. If your house is damaged and you file a claim with your insurer, but your insurance company discovers that the damage occurred due to your failure to maintain the property, they may not cover you. For instance, if your roof is missing a shingle and you know this but do not fix it, and water eventually leaks into your home, causing damage, you will likely be on the hook for paying the associated costs.
Losses that occur during home renovations
One final situation in which your Sudbury property insurance policy may not cover you is if there is a loss or damage while your home is being updated or renovated. What many Sudbury homeowners fail to realize is that updates like renovations can affect your premiums. So before you tear down any walls or install new plumbing, be sure to contact your insurance broker or provider to inform them of your plans. They will make sure you are covered for the duration of your home renovation.
Here is a list of ways Sudbury customers can cut costs money on their home insurance coverage
BrokerLink aims to make home insurance as affordable as possible for Sudbury residents. To do this, we obtain and compare quotes for you, uncover lucrative house insurance discounts, and give you all kinds of advice for saving money on home insurance. In fact, BrokerLink’s team of fully licenced home insurance brokers in Sudbury has put together a list of money-saving tips below to help you get started now. Lower your Sudbury insurance premium by following these tips:
1. Review your policy regularly
Firstly, we suggest taking stock of your coverage whenever your policy is up for renewal. Regularly assessing both your policy’s existing coverage and your coverage needs can make you aware of coverage that may no longer be working for you and that you no longer require. By reviewing your policy, you might decide to cut back on certain coverages, which can make your insurance plan cheaper.
2. Pay off your mortgage
Did you know that some insurance companies offer homeowner’s insurance discounts to policyholders that have paid off their mortgages? If you are mortgage-free (i.e. you bought your house with cash) or you recently paid off your mortgage, speak with an insurance broker as soon as possible. Being mortgage-free shows your insurer that you are financially responsible and therefore less likely to file a claim. As a result, your insurance company might be willing to lower your premium.
3. Install a monitored alarm system on the premises
Monitored alarm systems make houses safer by deterring crime. As a reward for reducing the safety risks of homeownership, insurance companies often provide discounts to customers that have monitored home security systems on their properties. To ensure you qualify for alarm system discount and to find out how much of a discount you might be eligible for, get in touch with BrokerLink Sudbury today.
4. Do not buy a property with a swimming pool
Swimming pools might be fun, especially for families, but they are also risky. That is why home insurance policies are usually more expensive for properties with pools (especially unfenced ones). To keep your homeowner’s insurance premium down, avoid buying a home in Sudbury with a pool.
5. Purchase a Sudbury home that is located near a fire hydrant or fire station
The closer you are to a fire station, the lower your home insurance premium might be. In fact, residents who live in homes located very close to a fire hydrant or station may qualify for a discount on their homeowner’s insurance policies.
6. Don't be afraid to ask about other homeowner’s insurance discounts in Sudbury
You will never know unless you ask! Insurance companies offer a wide range of discounts to customers, so if you’re looking to save money on Sudbury property insurance don’t be afraid to explicitly ask a broker about any other discounts you might be eligible for. If you attended a certain university, worked for a specific company, are a non-smoker, or have been a loyal customer for many years, you may be eligible for a home insurance discount.
7. Seek advice from a BrokerLink Sudbury insurance advisor
Our last tip for cutting costs on homeowner’s insurance is to work with an insurance broker in Sudbury. Contact our local Sudbury branch to get started. You can count on us to help you navigate the world of home insurance and find you high-quality coverage at a reasonable price.
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FAQs about Sudbury house insurance
How do insurance companies in Sudbury calculate homeowner’s insurance premiums?
Many Sudbury residents don’t realize just how complex insurance premium calculations are. For instance, you might assume that the location or worth of your home is all that matters. In reality, insurance companies will consider many factors when determining your premium. Such factors include (but are not limited to) the following:
- The square footage of your home.
- The quality of your home’s construction (e.g. the quality of the materials it was built with).
- Your home’s location.
- Your home’s proximity to a fire hydrant, fire station, or other emergency service.
- Your personal insurance claims history.
- The coverage types, deductibles, and limits you want to include in your policy.
- The age of your home’s roof.
- The age and condition of your home’s plumbing system.
- The age and condition of your home’s electrical system.
I recently purchased my first home in Sudbury, Ontario. What homeowner’s insurance coverage should I buy?
The answer to this question is complicated as it depends on many factors like the features of your home, your budget, and your personal preferences. At the very least, it is recommended that all Sudbury homeowners purchased standard coverage that includes dwelling, contents, and personal liability insurance. However, if this isn’t enough and you want to be insured against other risks, then you may wish to consider an
all perils coverage or extra coverage in the form of overland flooding coverage, sewer backup coverage, commercial business coverage, or equipment breakdown coverage.
I rent a home in Sudbury. Do I still need homeowner’s insurance?
Renters in Sudbury should still consider home insurance. However, it is not a typical homeowner’s insurance policy you will need. Instead, it is a
renter’s or tenant insurance policy. This type of policy aims to protect the contents of your leased home, which is not usually covered by landlord insurance. Please note that some renter’s insurance might be a condition of your lease agreement, which means you will need to buy a valid policy to live in your rented home. Whether you rent an apartment, condo, townhouse, or single family home in Sudbury, contact an insurance broker to ensure you have adequate renter’s insurance coverage.
Are certain perils more important than others for Sudbury residents?
Some perils are important to have protection against no matter where in Canada you live, such as fire and theft. However, others, like earthquakes, hurricanes, or flooding, might be more dependent on the part of the country you live in. For Sudbury residents, insurance experts typically recommend adding flood coverage to your policy due to the city’s close proximity to Lake Huron coupled with the high amount of snowfall it receives each winter. Melting snow and being near a major body of water both increase the odds of a flood. Beyond adding flooding as a peril to your policy, it might also be smart to add a sewer backup rider as sewer backups often accompany flooding.
Is homeowner’s insurance required in Sudbury?
Homeowner’s insurance is not required by the municipal government in Sudbury nor the provincial government of Ontario. However, if you are buying a home with a mortgage or are renting your home in Sudbury, then it may be required. As an extra assurance, many mortgage lenders or banks require borrowers to purchase home insurance coverage, and landlords or property owners require tenants to purchase renter’s insurance coverage.
If you have any questions, contact one of our local branches.
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