What are some reasons to buy home insurance in Temiskaming Shores?
Purchasing homeowners insurance, for a lot of residents in Ontario, is a no-brainer because their mortgage-lender likely required it. As such, it's easy to believe you're "forced" to get home insurance. Temiskaming Shores residents can benefit greatly from home insurance, whether or not it's something that is required for your situation. You should want it and believe it's vital to not go without, even if you have paid off your mortgage and no one is requiring you to carry it. It can be a huge gamble to go without home insurance and, of all things to gamble, no one wants to gamble their home.
Having house insurance to cover your property offers protection for damages on the inside and out. Whether your home is brand-new or it's older, it can be costly to do repairs on any unexpected exterior or interior damages. Home insurance offers coverage for a wide range of "issues" that could cause harm to your property.
Home insurance in Temiskaming Shores can also cover your personal valuables, your liability, and pay for your expenses during and after an emergency occurs. It's what's "there" for you in your time of need (as well as our brokers!) and can be the thing that makes or breaks whether or not you and your family can feasibly return to normal post-loss.
Common perils that a home insurance policy in Temiskaming Shores might cover you for:
Each home insurance policy is different. Since home insurance is not regulated in Ontario, nor anywhere else in Ontario, your decision as to what perils you want included or the level of coverage you desire is entirely up to you. In some cases, a mortgage company might request certain coverage(s) or perils insured, but generally you have the freedom of choice.
The list below includes some of the most common perils that a home insurance policy in Temiskaming Shores could insure you for:
When the temperature drops in the winter, there's the potential for the water in your home's pipes to freeze. When water freezes, it expands, potentially causing pipes to crack or even burst. Many home policies will cover damages for burst pipes, so long as the issue did not arise during a period of home vacancy or as a result of maintenance issues.
Theft and vandalism
When the worst happens and a break-in occurs, you can rest easy knowing that your home insurance may cover the damages to your property, as well as the loss of your precious valuables. Home break-ins can be mitigated by security systems, but sometimes things do happen, and you can be left financially floundering if they do.
Residential fire was one of the very first reasons why insurance became so popular. If a fire strikes, you could lose an entire room in your home - or your entire home. If disaster like this does happen to strike, you can rest easy knowing that most standard home policies include coverage for disasters like fire.
Although rare, lightning can cause damages to our homes. They can strike trees nearby and cause them to fall onto our homes, cause fire, or damage the structural integrity of our homes. Most home policies include coverage for lightning and storm damage.
What does my Temiskaming Shores home insurance cover?
Every policy is different, just the same as any home is different. Your home insurance policy may not be the same as the one the home one jump to the left has. It can be hard to know exactly what kind of coverage your home needs, but luckily there's always a BrokerLink insurance broker in Temiskaming Shores to help you out and lend you their expertise. The standard home insurance in Temiskaming Shores may include the following coverage(s):
This is easily the most important aspect of your insurance, as it covers the entirety of your physical dwelling. In the event your home is damaged due to an insurable peril, the "dwelling insurance" portion of your home policy may cover you for the repair or restoration costs. This list below encompasses some of the most popular insurable perils:
- Car/aircraft impact
- Falling objects
Personal liability insurance, or just liability coverage, is also an incredibly important aspect of your home insurance policy and is designed to kick in should a third party, be it a guest or a delivery person, injure themselves while attending your property, whether inside or outside your home. It may also protect you if you cause injury or property damage to anyone else on their property. Liability claims can be extremely expensive, but luckily the liability portion of your home can cover these fees (whether they see the inside of a courtroom or not) to prevent financial loss.
The belongings of your house need coverage the same way your home's physical structure does! If, say, a fire occurred, your home's physical dwelling may be damaged, but so would likely your contents, such as your furniture, electronics, appliances, clothing, and so on. Contents coverage may insure your home's valuables and belongings up until a certain limit against a range of insurable perils. Some items - like, for instance, a diamond engagement ring, or a priceless piece of art, may need special added insurance to be included.
What won't my Temiskaming Shores home insurance cover?
Although home insurance can cover a rather wide array of potential risks and losses, it does have its limitations. By definition, home insurance may only cover what is considered unexpected or accidental. Gradual losses or losses that occur overtime may not be covered by your insurance. You can discuss with your local home insurance brokers from BrokerLink what your policy specifically excludes, but we've included a list of common exclusions, just in case:
A vacant home is a vulnerable home. While every insurance company has different definitions for what constitutes a vacant home, generally speaking all insurers will disqualify any damages that occur during an undisclosed period of absence from coverage. This includes things like break-ins, burst pipes, water damage, infestation, and so on. There is coverage available for home vacancy; discuss with an insurance broker how to insure your home during a period of necessary home vacancy.
Illegal activities won't just be excluded from your insurance. They may even risk voiding your coverage altogether. Activities such as the growth, manufacturing, possession, storage, or processing of illegal substances, items, or narcotics can result in your insurer voiding your property insurance.
Although home-sharing is extremely popular and can be a great source of supplemental income for many individuals, it poses the risk of voiding your insurance if you fail to disclose your additional commercial activities to your insurer. With strangers travelling to and from your property the risk for loss or damage is much higher. You may be asked to purchase a specific endorsement, specialized to covering losses from short-term rental activities.
In your insurance agreement, you are expected to be a "good homeowner." This means acting as such and taking care of your property, tackling small issues before they worsen with time, and generally incorporating maintenance as part of your family's lifestyle. Issues that resulted from lack of maintenance or lack of care may not be covered by your policy.
Remodeling the kitchen? If so, be sure to keep your insurer in the loop. Many home renovations, especially larger ones like entire basement finishing projects or even the addition of a space may affect your home's value. You'll want that reflected in your policy to ensure your new update will be covered if something happens. Certain renovations, like renewing older home systems, may actually decrease your rates.
What is the average cost of home insurance in Temiskaming Shores?
You may find the exact cost of your insurance will vary based on a host of factors. However, the average range of home insurance in Ontario is between that of $1,250-$1,700. Some homes could pay more than this range, and some homes could pay less. It all depends on the characteristics of your home and those who live in - the details of which are explained further in the section below.
What factors will affect the cost of my home insurance in Temiskaming Shores?
No one policy costs the same. This applies to virtually any insurance policy; all policies are underwritten with a huge database of various statistics in mind, which are then used to gauge your potential risk or odds of making a claim. The riskier you are perceived as, the likelier the odds are that you will pay more for your insurance. It can all be an extremely complicated process, but BrokerLink is here to give you the inside scoop on some of the key factors insurers use to calculate your rates.
The following list comprises some of the most popular factors companies will look at during the underwriting process:
Your physical building and its contents
As you might imagine, the home you live in is a huge consideration when it comes to the total amount you will pay for your insurance costs. Things insurers will look at include the square footage (or size) of your home. The larger the space, the more there is to insure. Insurers may also look at the environment of where your home is, to see if it's near any high-crime areas, large bodies of water, or other hazardous factors.
They may also look at the total value of your property. Higher-value properties cost more to repair/replace, and so may cost more to insure.
The age and condition of your home is also taken into consideration, since older homes may have more issues that arise than if they were newer.
Finally, the contents of your home may also be taken into consideration, as the contents component of your policy will cost more or less depending on how much you need insured/if you have any special endorsements for certain belongings.
Your household members
Something else you may never have considered to be that important when rating your insurance premiums is the members of your household - and, of course, you. The individual holding the policy is also a "risk factor" that needs to be weighed when calculating rates.
Your insurance history may be weighed, looking at the number of claims you have made in the past. The more claims and the more severe they are, the higher your insurance may be. They may also look at any lapses in coverage and who you were insured with previously.
Your insurer may also examine the reasons for any past cancellations you've had. Cancellations due to an insurance company no longer offering a product or servicing a particular area may not be seen as negatively as if you were cancelled due to non-payment.
You may never pay the same amount for your insurance as your neighbour would, but it's BrokerLink's duty to ensure that our customers fully understand why they are paying the rate that they are paying. All our homes and experiences are very different, and so are our prices.
The best ways to save on your home insurance in Temiskaming Shores
Without having the prior knowledge of what factors go into your rates, it can be hard to know where you need to start on saving money. Fortunately, BrokerLink's own experts are here and more than happy to give you the inside scoop on how best to save your hard-earned cash. Home insurance is highly recommended, but you should never have to pay an arm and a leg for what we view as vital insurance coverage. We do our absolute best to get you the most affordable rates, including pitching the following tips and tricks:
Choose a higher deductible amount
This goes for auto insurance, business insurance, and virtually any other insurance policy - raising your deductible may qualify you for lower insurance rates. By taking on more risk and paying more out-of-pocket the need to make a claim decreases and your insurer will reward you by discounting your insurance slightly. Always choose the amount by which you raise your deductible wisely to ensure you can feasibly pay it off.
Pay your entire policy upfront
If it is financially feasible to do so, consider paying for the entirety of your insurance policy every 12 months. Each monthly payment has an administrative fee, which can be up to 3% of the premium payment. Multiply that payment by 5 or 11 times, and you can save that amount by choosing to pay for your entire policy in one single installment. Plus, it can be more convenient to do the whole thing at once than having to remember to pay each month.
Install smoke alarms, burglar alarms, motion detectors, etc.
Taking preventative safety measures, like practicing general fire safety, installing burglar alarms, and installing smoke and carbon monoxide detectors around your home may qualify you for lower rates. Ask your insurer or broker about which systems are approved for a discount, since not all systems are recognized by every company.
Bundle for better savings
If you have multiple insurance policies, purchasing those through the same provider can save you on your insurance rates. For example, bundling home and auto policies can save you typically up to 10-15% per policy (depending on your specific insurer!) Insurance companies want your return business. In order to get you back, they'll offer these discounts as incentives. Bundling can also provide you the convenience of having all your insurance documents and policies accessible through one, single location.
Renovate your home
This tip is especially pointed towards older homes, but renovating parts of your home, such as implementing storm shutters, reinforcing roofing material, etc., can help you save on your insurance rates. Also renovating older systems, like electrical and plumbing, can earn you a discount on your insurance, as newer systems are less likely to see issues.
Local Ontario Insurance Links
If you’re a member of a group or association, you may be eligible for more discounts.
If you are ready to begin insuring your home here in Temiskaming Shores, don't hesitate to reach out to us and give us a call. Or, if talking over the phone just isn't your thing, shoot us an email. If you'd prefer a more personal means of contact, come into our nearest local branch and chat with us about your insurance needs over a coffee. We are happy to accommodate whatever way you'd prefer to chat, and we can't wait to begin helping you.
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Temiskaming Shores home insurance FAQs
We understand if insurance just "isn't your thing." It's definitely ours! We want you to get all the benefits of working with a broker, so we're here to settle any concerns you may have, answer your questions, and give you all the best ways to save. Read on for some of our most frequently asked questions about home insurance coverage:
Am I liable for someone's injuries if they slip coming up my driveway?
You can be held liable if someone is injured on your property. Unlike the difference in landlord and tenant responsibilities
, you, as the homeowner, are generally held responsible for any accidental injuries or damages that occur on your property.
Why do I need to shop around for home insurance quotes?
You don't need to, but it's highly recommended you do. Shopping around, especially with a broker, gives you access to multiple insurance quotes, and thereby numerous options so that you can select from the best ones to get the best possible price.
If a neighbour accidentally drove their car through my backyard fence, would my home insurance cover me?
Yes, typically a policy will include car/aircraft impact as an insurable peril, and your backyard fence would likely constitute insured property.
How do I insure a vacation property or secondary property?
Vacation property and cottage insurance
looks a little different than your average residential home insurance. There may be different fixtures, the possibility of that residence being left unoccupied for several months at a time, etc. Ask your broker about how to insure a seasonal/secondary property if you own a cottage.
If you have any questions, contact one of our local branches.
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