Home insurance in Ontario
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A quick guide to saving on the most important investment you'll make.
When it comes to home insurance, there are several ways to save money on your premium. Some of these will even make the place you call home a little safer.
4 things you need to know about home insurance in Ontario
In Ontario, much like the rest of Canada, home insurance is not required by law. However, most banks require you to have some sort of basic home insurance to get approved for a mortgage. When you think about it, your home is probably going to be your biggest investment. Besides being a place to rest your head at night, your home will most likely increase in value over time. Losing it to a fire or a natural disaster like the Rideau River flooding could set you back years. Even though home insurance is considered optional, there is no better way to protect both your biggest investment and your family.
Although home insurance covers everything in your home in the event of theft or damage, certain high value items such as jewelry, art or valuable objects require a separate policy. Although your policy may protect these items for certain damages, they might not cover them in all circumstances and for the full amount. For example, a wedding ring may be covered if it's damaged in a fire or gets stolen, but losing it down the drain while doing the dishes may not fall under your coverage guidelines. Always consult your policy to ensure your valuables are covered and consider taking out a separate policy to properly protect them.
There are 3 major facets that are covered by a home insurance policy.
The first is the house itself. When you insure your house, you have to consider several factors. Although people insure their property for the value that they paid, it is usually recommended to increase your coverage to the cost it would require to rebuild the home. If you bought an older home in Mississauga and you have to rebuild it after a fire, the costs may be higher since there might be new construction regulations you need to meet, which add to the rebuilding cost.
The second area a home insurance policy covers is the contents of your home.Things such as your furniture, your clothing, your children's toys. All of your possessions. Your policy will cover you in the event that your items are damaged, stolen or lost due do a covered incident.
The third area is your personal liability. If an accident were to occur on your property, you could be held responsible as the homeowner. Between the medical expenses and damages that could be incurred, the costs could financially ruin someone. Personal liability coverage ensures that you’re protected if ever anything happens on your property.
What about your cottage out in Muskoka? Ontario is renowned for its cottage country, after all. Based on the way they are used, cottages and summer homes are subject to specific insurance coverage. Due to their lengthy periods of vacancy , any damage that may occur inside a recreational property could lead to additional damage because it may take longer to discover it.
The difference between seasonal and recreational properties is determined by the amount of time spent at the property, how often it is occupied and whether it is rented out to other people. These three factors help the insurance company analyze the risks involved and determine an appropriate rate for the property. To find out which coverage is right for you, contact your insurer to see what your best options are.