Home insurance solutions made for Vaughan homeowners
Tailor-made property insurance is our specialty here at BrokerLink. That means that when you get in touch, one of our insurance advisors will work to find a policy that meets your specific needs. For instance, if you own a seasonal property and are looking for help finding vacation property & cottage insurance, we can help. Similarly, whether you rent your home, own your own place solo, or want help finding options for married couples, BrokerLink Vaughan is here. We can find personalized coverage for all Vaughan residents.
Are there any home insurance requirements I should be aware of in Vaughan?
There might be. Home insurance requirements are not provincially mandated like car insurance, which makes answering this question a bit trickier. Requirements for home insurance ultimately vary from person to person, as it depends on factors like whether you own or rent your home and whether you have a mortgage on your home or not. Generally speaking, if you bought a Vaughan home with a mortgage and are still paying off that mortgage, you probably need to have home insurance. Your mortgage lender likely made this a condition of the lease agreement. Meanwhile, if you rent a home in Vaughan, the odds are pretty good that you need to purchase tenant insurance, though it’s not a guarantee. Some landlords require it while others do not. If you aren’t sure whether you need tenant insurance or what tenant insurance is, check out BrokerLink’s complimentary tenant insurance guide and call BrokerLink to have a broker review the terms of your lease agreement.
Three important types of home insurance coverage in Vaughan
Did you know that there are three main components to home insurance in Canada? That’s right, you will quickly learn that most Vaughan home insurance policies contain three coverage types: dwelling coverage, content(s) coverage, and personal liability coverage. Even the most basic policies usually have this coverage. Further, even if you purchase a different type of home insurance, like high-value home insurance or vacation property & cottage insurance, you will still likely need this coverage. Keep reading to learn more about these three important types of home insurance coverage, including what makes them so vital:
Why is dwelling coverage so important? Mainly because it protects your home from property damage, which is one of the biggest risks your home faces. More specifically, this type of insurance can cover you if your entire home or a portion of it is damaged by a named peril. Named perils, also known as covered perils or insured perils, are specific causes of damage that your home can be protected against. Some of the most common are:
- Car / aircraft impact
- Falling objects
Content(s) coverage is another type of home insurance coverage that is important for Vaughan customers to have. This type of coverage protects you if the personal belongings in your home, such as furniture, electronics, sporting equipment, and more, are lost or damaged due to an insured peril. Insured perils for contents coverage are often similar to dwelling coverage, meaning that in the event your belongings were stolen or damaged due to fire, wind, smoke, etc., you could receive compensation from your insurance provider. Please note that standard contents coverage may not be enough to cover personal items of extremely high value, like artwork, vintage wine, and fine jewellery, so if you have any such items in your home, make sure to inform an insurance broker and they can give you advice on the best coverage for you.
Third party liability coverage
Personal liability coverage, also referred to as third party liability coverage, is important for a wide range of insurance policies, not just home insurance. However, for home insurance, it is especially important as it can protect homeowners from third party claims of bodily injury or property damage. Since claims such as this can easily turn into lawsuits, which are often expensive, having this type of coverage in your Vaughan home insurance plan is vital. With this type of coverage, your insurance provider may step in to cover the costs of legal fees, medical fees, and repair bills up to the policy limit.
Extra Vaughan home insurance coverage for added peace of mind
Dwelling, contents, and personal liability coverage are not the only types of home insurance coverage available to Vaughan policyholders. In fact, the following is a list of extra coverages that you will frequently see on Vaughan home insurance plans:
- Business coverage: This is ideal for policyholders who operate businesses out of their homes, as well as some policyholders who work from home regularly. Business coverage can be purchased as an entirely separate policy or added to an existing home insurance policy as a rider or endorsement, each insurance company is different when it comes to business coverage.
- Equipment breakdown coverage: Is your worst nightmare the thought of your refrigerator breaking down overnight? Then equipment breakdown coverage might be for you. When you add this type of insurance to your home insurance plan, you can be reimbursed in the event that a piece of equipment in your home, like your washer, dryer, oven, furnace, etc., breaks down due to a mechanical or electrical failure and needs to be repaired or replaced.
- Sewer backup coverage: There is nothing worse for a homeowner than experiencing a sewer backup - especially without insurance. Thankfully, sewer backup coverage exists to help Vaughan policyholders pay for the cost of water damage in the event that this worst-case scenario occurs.
- Overland water coverage: Ontario is known for its heavy snowfall come winter, which is what makes overland water coverage so important. This type of flooding coverage offers protection against flooding in your home that is caused by a nearby lake/river, overflow, heavy rain, or rapid snow melt.
Ultimately, if you need help deciding whether to add extra home insurance coverage to your policy, BrokerLink can help. Give us a call and one of our friendly brokers will be pleased to assess your situation and offer their professional opinion on the best home insurance coverage for your needs.
Don’t expect your Vaughan home insurance plan to cover the following
Just as Vaughan policyholders must be aware of what their home insurance policies cover, they must also be aware of what their home insurance policies do not cover. The following is a list of circumstances in which you may not be covered by your property insurance plan. In other words, if you were to file a claim related to any of the following, your insurance provider may reject it:
- Renting your home to guests: If you rent out your home to guests, a process known as home sharing, your insurance policy may not cover you for damage caused to your property due to these guests.
- Leaving your home empty for an extended period: If you are going away for an extended period of time, during which your home will be left vacant, your insurer may not cover you if your home is damaged or the victim of burglary. You must inform them of your plans to vacate the home to ensure you have the necessary coverage.
- Neglecting your home: If you do not take care of your home properly, and this lack of care results in damage to your home, your insurance company may be within its rights to deny your claim.
- Renovating your home: Home renovations can increase the risk of damage, which is why Vaughan policyholders should not assume that their property insurance policies cover them for losses related to home renovations. We strongly urge you to notify your insurance broker or agent before beginning renovations.
How can I save money on Vaughan home insurance?
If you’re looking to save money on Vaughan home insurance, then you’re in luck. The BrokerLink team has put together a list of tips to help you avoid overspending on home insurance. With the tips below, you can qualify for a wide range of insurance discounts, lower your premium, and more:
- Whenever your home insurance policy is up for renewal, review it carefully to see if there are any coverages you can afford to remove or reduce
- Bundling home and auto policies and get up to 15% off on each policy
- Select a higher home insurance deductible or raise your existing deductible by $500 or $1,000
- Pay for your Vaughan property insurance policy upfront in one installment
- Avoid buying a Vaughan home that has a swimming pool
- Install a monitored security system and fire alarm in your Vaughan home
- Prioritize fire safety by purchasing a Vaughan home near a fire hydrant or fire station
- Install a sewer backup prevention device in your home
- Contact an insurance broker and ask for more information on home insurance discounts in Vaughan (e.g. non-smoker discounts or discounts through your employer, volunteering,, or educational institution)
We’re in your community
BrokerLink Vaughan is here for you. We consider ourselves to be a part of the Vaughan community, and we don’t take that responsibility lightly. We will do everything we can to meet your insurance needs, whether that involves finding you a new policy, helping you renew an existing policy, or simply providing you with a complimentary quote.
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If you’re a member of a group or association, you may be eligible for more discounts.
At Vaughan BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible.
You can reach us by phone, email, or in person at our Vaughan location, conveniently located on Director Court. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.
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Vaughan home insurance FAQs
How can a Vaughan insurance broker help me?
A Vaughan insurance broker can help you in many ways. First and foremost, they can help you find great coverage for your Vaughan home at a price you can afford. Beyond helping you find a top-notch policy, they can also help with other tasks, like submitting a claim with your insurer, renewing your policy, reviewing your policy before it’s up for renewal, updating your coverage, and more.
What home insurance coverage do I need as a tenant in Vaughan?
If you rent a home in Vaughan, then the type of home insurance you might need is called tenant insurance or renter’s insurance. Both terms refer to the same type of insurance policy, a policy that is designed to cover those who rent residential properties, such as condos, apartments, or townhomes. A quality tenant insurance policy can protect your personal belongings from property damage and protect you from third party liability claims.
What perils should I add to my Vaughan insurance policy?
We recommend that all Vaughan policyholders add common perils like theft, fire, wind, smoke, lightning, falling objects, etc. to their home insurance policies. However, if you are looking for comprehensive coverage, then additional perils might be worthwhile. Some policyholders like the peace of mind of knowing that they are covered in an even wider range of scenarios. That is why some customers choose to add extra coverage to their Vaughan home insurance plans, such as overland water coverage, sewer backup coverage, business coverage, and equipment breakdown coverage.
What is the best insurance company for home insurance in Vaughan?
The best insurance company for home insurance in Vaughan varies from customer to customer. Since each customer has their own unique home insurance needs, it is impossible for one company to be the best option for every customer. To find out which insurance plan best suits your needs, contact an insurance broker who can shop around and compare policies for you.
How do deductibles work for Vaughan home insurance?
A home insurance deductible works the same as a car insurance or a business insurance deductible. A deductible is the amount of money the policyholder pays in the event of a claim. This means that if your home is damaged and you file a claim, and your insurer approves that claim, you will have to pay your deductible before the insurance company starts compensating you. Say the damage was worth $1,500 and you had a $500 deductible. You would be responsible for paying $500, and your insurer would pay the remaining $1,000. Make sure to choose your home insurance deductibles wisely, as they can significantly influence the cost of your policy. Policies with lower deductibles tend to be more expensive than policies with higher deductibles.
How do I know what home insurance coverage my Vaughan home needs?
This depends on the condition of your home, how much coverage you can afford, and how risk averse you are. For instance, if you have an older home with a heating, electrical, or plumbing system that is in poor condition, additional coverage might be needed. However, if you are on a tight budget and your goal is to simply purchase a policy that complies with your mortgage lender’s requirements, then a more basic policy that only features dwelling, contents, and personal liability coverage might be your best option.
Lastly, if you’re a particularly risk averse homeowner and you want the peace of mind of knowing that your policy covers you against a wider range of risks, adding additional coverage like equipment breakdown or sewer backup might be for you.
How do I renew my Vaughan home insurance?
Renewing your Vaughan home insurance policy is relatively easy, especially if you enlist the help of a broker. A broker can walk you through the entire process and can even give you advice on whether to update your policy before renewing it. If you want your home insurance policy to automatically renew, you can speak with your insurance agent and enrol in automatic policy renewals. When you select automatic policy renewals, your new policy will begin at the moment your old policy expires. This can be a great way of preventing a lapse in coverage. However, it is always recommended to review your coverage with a broker before renewal time to ensure it still makes sense for you.
Is Vaughan home insurance mandatory?
Vaughan home insurance is not government mandated, but that doesn’t mean it isn’t required. Banks, mortgage lenders, and lenders can all require Vaughan residents to purchase home insurance. If you took out a mortgage to buy your home or you are a Vaughan renter, you may be contractually obligated to purchase a valid home insurance policy.
What is the best way to find quality home insurance at a reasonable price in Vaughan?
The best way to find affordable home insurance that doesn’t compromise on quality is to work with a broker. A broker is an insurance expert who knows how you can cut costs while ensuring the integrity of your policy remains intact.
How can I get a Vaughan property insurance quote?
Getting an insurance quote is easy. Many insurance brokerages and companies offer free quotes to prospective clients. You must be prepared to provide some basic information about your home and your insurance needs, but once you do, you can receive a free quote in as little as five minutes. Quotes can typically be obtained online, over the phone, or in person from a broker’s office.
If you have any questions, contact one of our local branches.
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