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Need help purchasing home insurance? Contact an insurance broker in Woodstock and receive expert guidance today. BrokerLink can help you with everything from buying your first-ever home insurance policy to changing house insurance. We are a full-service brokerage, so you can count on us, no matter your home insurance needs.
There are all kinds of Ontario home insurance policies available to Woodstock customers. From standard homeowner’s insurance to vacation property & cottage insurance, condo insurance, rental property insurance, tenant insurance, and more, there is property insurance to suit every Woodstock home and homeowner. But before you purchase home insurance, you must have a firm grasp of what home insurance covers. While coverage varies, the following is a detailed breakdown of the three main types of property insurance coverage: dwelling coverage, contents coverage, and personal liability coverage:
Dwelling coverage offers financial protection against damage to your home that may occur. Specifically, dwelling insurance covers the physical structure of your home, not its contents or the land it sits on. However, if any part of your home’s structure is damaged due to a named peril, the most common of which are listed below, you can file a claim with your insurer and may receive compensation if approved:
Contents coverage provides financial protection against damage to the items inside your home, so long as the damage is caused by a named peril. The perils that contents coverage protects against are similar to dwelling coverage. For instance, if lightning is a named peril under the contents coverage portion of your policy, and your house is struck by lightning, which sparks a fire that damages your furniture or electronics, your insurer would reimburse you for the cost of replacing them. Please note that as with all coverage types, content coverage has limits. The limit you select for this type of coverage should ideally reflect the value of the items inside your home. If you have lots of high-value items, such as expensive artwork or fine jewellery, you may need to purchase a high-value home insurance policy.
Last but not least is personal liability coverage, which, unlike the two coverages above, does not deal with physical damage. Instead, this key element of home insurance pertains to liability claims. If a third party claim alleging bodily injury or property damage is brought against you, your insurance company may help pay for the applicable costs, ranging from legal fees and medical expenses to property repair bills.
Dwelling coverage, contents coverage, and personal liability coverage are not the only coverages available to Woodstock residents. The following list provides a brief overview of a few other types of coverage that you may be able to add to your Woodstock property insurance policy:
A wide array of factors can impact how much Woodstock customers pay for home insurance. From the precise location of your home to the other structures on the property, the following is a list of factors that can affect your premium:
Is saving money on home insurance your top priority? We understand. Everyone is working within a certain budget, and we don’t want money to be what prevents you from purchasing adequate coverage. BrokerLink’s goal is to make house insurance as affordable as possible for Woodstock residents. Part of how we do that is by offering invaluable tips on ways to save. Below are a few quick tips that can help you pay less for Woodstock property insurance:
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BrokerLink is honoured to be the go-to insurance brokerage in the Woodstock community. We exist to meet the needs of our customers and help make finding insurance easier and more cost-effective. Find out more about what BrokerLink Woodstock can do for you by getting in touch today.
If you’re a member of a group or association, you may be eligible for more discounts.
At Woodstock 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 one of our many branches across Ontario. 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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Generally speaking, it is recommended that all Woodstock home insurance plans cover perils like fire, theft, smoke, lightning, and wind, as these are risks that exist no matter where in Ontario you live. However, other perils that are more specific to location may also be important.
For example, policyholders can choose to add earthquake or hurricane perils to their policies, but in a place like Woodstock that may not be necessary. Conversely, a place like Woodstock that is located near a body of water and is prone to heavy snowfall in the winter might benefit from certain perils that a homeowner in another city might not need, like coverage for the weight of ice, snow, or sleet, or for the accidental overflow of water.
Many people are under the misconception that liability coverage only pertains to car insurance. This couldn’t be further from the truth. Liability coverage is important for a wide range of insurance, including car insurance, business insurance, and even home insurance. Why? There are many liability risks that come with owning a home. For example, if a visitor tripped and fell on your driveway, they could sue you, and you could be held liable for their injuries as the homeowner.
In this scenario, you would be on the hook for any applicable legal fees and medical expenses. But if your home insurance plan has personal liability coverage, your insurer can help pay for everything from defence fees and settlement costs to medical fees, property repair bills, and more. Home insurance liability coverage can even protect policyholders in the event that they or their home accidentally causes damage to another person’s property.
A fire breaking is one of the scariest possible scenarios for homeowners. That is why it’s important to understand how fire safety works and to do what you can to prevent a fire from happening in the first place. Ways to minimize the odds of a fire include installing smoke detectors throughout your home and checking them regularly to ensure the batteries are working, installing a fire extinguisher on each floor of your house, inspecting your furnace and chimney frequently, and avoiding common mistakes like trying to put out a grease fire with water or plugging too many appliances into the same outlet.
Should a fire break out and damage your home, having house insurance will come in handy as you can be compensated for the cost of repairs to your home and the cost of replacing personal belongings damaged in the fire.
There are many risks or circumstances that may not be covered by your Woodstock home insurance plan. It all depends on the type of policy you choose and the coverage that it features. For example, if you don’t add equipment breakdown insurance or sewer backup insurance to your policy, then you will not be covered in the event that a piece of equipment in your home breaks down or if wastewater backs up into your home and causes water damage.
Other scenarios that most Woodstock property insurance plans do not cover, no matter what kind of coverage you have, include when your home is vacant or empty, when your home is rented out to guests through home sharing, when your home is neglected and falls into a state of disrepair, and when your home is undergoing renovations or updates. Contact an insurance broker to learn more about what home insurance does and does not cover.
If you have any questions, contact one of our local branches.
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