Home Insurance in Barrie, Ontario
Property & Home Insurance in Barrie: Free Quotes
Becoming a homeowner, in today’s economy, is no easy feat. With daily living costs soaring through the roof, an average worker has to put in significant effort just to be able to put away enough money to afford a down payment on a new home. Just consider: the average price of a home in Barrie is $750,000. When the time finally comes to become a homeowner, wouldn’t you want to do everything you can to protect that investment? This is where home insurance comes in. Barrie residents can protect their place of sanctuary and future memories with McDougall Insurance, Ontario’s home insurance brokerage of choice.
Don’t wait until it’s too late. Get comprehensive home insurance in Barrie from McDougall Insurance today.
What Is Ontario Property & Home Insurance?
Home insurance in Barrie:
Your homeowner’s insurance, or home insurance, is an agreement that you make with an insurance carrier wherein you exchange premiums for protection. The actual extent of this protection or insurance coverage may vary depending on your chosen policies. Since, in Barrie, home insurance is not required by law, there isn’t a set number of things that a policy will cover. While you can generally expect your policy to cover your home’s contents and dwelling and provide liability protection, things like policy limits and covered perils may vary.
Home insurance in Barrie is categorized into three forms: basic, broad, and comprehensive. As the name implies, comprehensive home insurance is the most all-encompassing insurance coverage (albeit the most expensive) and may insure your property and its contents against a wide variety of potential risks and losses.
Basic and broad home insurance policies offer less extensive coverage at a potentially lower cost. You will find that most insurance brokers will recommend more extensive coverage to ensure your home is properly covered.
Insurance isn’t always straightforward, which is why we recommend working with a McDougall home insurance broker in Barrie to help you break down coverage details. We know the ins and outs of the insurance industry. Understanding home insurance premiums, endorsements, and other finer details can be difficult on your own. Let our experienced insurance brokers help you out.
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Barrie Insurance Products
Home Insurance Coverage in Barrie
There are three types of car insurance coverage in a standard home insurance policy in Barrie.
- Property and building: This coverage protects the structure of the property you own in addition to the property itself. Risks that are usually covered include fire, theft, and water damage. As for attached and non-attached structures in your home, not all policies include them in a standard policy. Ask your insurance company if you need extra coverage for them.
- Contents and personal property: This covers your personal belongings, including furniture, clothes, and sports equipment in case of theft or vandalism. Expensive items like jewelry, art pieces, and collectibles may need extra coverage.
- Additional Living Expenses: If your house is inhabitable due to an event that’s included in your policy’s list of perils, your insurance company pays for hotel, transportation, and grocery bills up to a certain limit.
Liability Coverage
- Personal liability: You’re covered if someone is accidentally injured inside your property.
- Voluntary medical payments: If someone is accidentally injured inside your home, whether by you or themselves, this coverage pays the medical expenses for up to one year.
- Voluntary property damage: If you or a child in your care (up to the age of 12) accidentally damage someone else’s property, the coverage pays the expenses.
What Is Not Covered in a Barrie Home Insurance Policy?
Not all damage and injuries are covered by an insurance policy. Here are some risks that aren’t covered by home insurance in Barrie.
- Intentional Acts: Any intentional damages or injuries aren’t covered by insurance. If you attempt to file a claim for an intentional act, your insurance company could sue you for insurance fraud.
- Mould: Mould happens over time and damage related to it is considered negligence which isn’t covered by insurance.
- Pest Infestations: Infestations also take time to cause substantial damage and aren’t covered by home insurance companies.
Barrie Home Insurance Endorsements
Endorsements or add-ons are extra coverage options you can add to your home insurance policy for more protection.
- Earthquakes
- Overland Flood
- Sewer backup
- Mass Evacuation
- Identity Theft
- Lock replacement
- Personal valuables
- Home Sharing
What is the Average Cost of Home Insurance in Barrie?
The average cost of Barrie Home Insurance is $1555 per year, which is below the Ontario provincial average of $1913.
Home Insurance in Barrie: Costs & Breakdown
Insurance pricing is based on many things, including the risk presented by the home itself and the people residing in it. In other words, the cost of insurance is based on the likeliness of a claim being filed as well as the value of the home. The coverage options you purchase as well as your policy limits also contribute to your premiums.
Not every insurance company uses the same factors to gauge the cost of your Barrie home insurance. That being said, we’ve listed below the factors that are most commonly used by insurance providers to determine premiums:
The age and condition of your home
Older homes may cost more to insure than newer homes that are in better condition. Naturally, older homes tend to have older, more outdated systems that are more prone to catching fire, malfunctioning, leaking, etc., all of which can result in damages to the home, increasing the risk of a claim. Renovating older homes is a good way to combat the higher premiums you might have to pay if you own an older property.
The value of your property
The more there is to insure, the more your Barrie home insurance will cost you. For example, a townhouse with two floors, two bathrooms, and a single bedroom might be a lot less costly to insure than a three-storey property with a huge patio, multiple bathrooms and bedrooms, and a massive basement suite. The market value for the latter home is much higher.
The location of your property
Insurance coverage for rural properties may cost more than coverage for urban or suburban properties. The reason for this is that many rural properties are located much further away from police stations, fire stations, and fire hydrants, meaning that if something disastrous happens, emergency services would be further away. The odds of receiving help in time would be lower, raising the chances of property loss. Homes nearer to emergency service stations might have lower premiums.
Contents of the home
Contents insurance is part of your home insurance in Barrie, and having lots of high-value items to insure may increase your premium. Insurance companies may also require that you purchase specific insurance for luxury items, like jewellery, furs, antiques, and collectibles, as these may not always be insurable under a standard contents insurance policy.
Past claims and insurance history
The past claims and insurance history of the homeowners can give an insurance company a better idea of the homeowners’ risk profile. The more claims you have filed in the past, the more likely you are to make more claims in the future, which may cause an increase in your premium. Generally, the first claim is waived from any insurance premium increases by an insurer, but every claim afterward could have a negative impact on your overall costs.
Find out which coverage type is the best option for you when you apply for a free home insurance quote in Barrie from McDougall!
Helpful Ways to Save on Your Home Insurance in Barrie
Home and auto insurance premiums have recently been on the rise due to external factors out of the individual consumer’s control. Global factors, such as rising housing costs, demand for supplies, and inflation rates impact home insurance premiums. While this can seem discouraging, our insurance brokers at McDougall Insurance can let you in on the best ways to save. See our list of top savings opportunities for home insurance in Barrie below.
Bundle your insurance policies
If you have multiple policies, like home and auto, you may be able to qualify for an insurance discount known as a “multi-policy discount.” Many insurance providers will actually discount your policies by 15% for each policy. Loyal customers who have been insured through the same company for some time may also qualify for a discount.
Have the “discount” chat
Each insurer is different and may offer different insurance discounts. Discuss what potential discounts you may be eligible for with your broker, or what you could become eligible for with a few tweaks. Ask about security and safety discounts, club discounts, senior discounts, etc. You may also get a discount if you have a clean insurance claims history. A good broker should have insights on how to get the best price.
Shop around with McDougall’s insurance brokers
One of the biggest perks of working with one of Ontario’s leading insurance brokerages is that you get to work with advisors with an array of connections through the industry who can help you get the insurance you need from the provider who is best fitted for you. Our advisors essentially get to know you and your needs, and then get to work matching you with a provider who suits your specific insurance requirements.
Increasing your deductible
Choosing a higher deductible is an almost guaranteed way to get lower insurance premiums. Still, we advise consulting with our professional insurance brokers first before you choose to do so, since raising your deductible also means agreeing to pay more upfront in the event of a loss. If your deductible amount is too high, you may not be able to pay it, which may result in having your claim denied and the entirety of the loss falling on you.
Upgrade/Install Systems
Your security system protects you against any trouble you may face from unwanted intruders, like theft or vandalism. Also, if your home is old, you may want to upgrade your plumbing, electricity, and heating systems. This decreases the odds of incidents, like fire or water damage. These upgrades make your home safer and qualify you for a discounted insurance rate.
Perform regular maintenance on your home
There are many ways you can take care of your home, whether that’s tackling a spring home cleaning, repairing a leaky faucet, or regularly clearing out your eavestroughs. If property loss can be traced back to poor maintenance or lack thereof, then it may lead to a denied claim. As part of your insurance agreement, you’re expected to look after your home – and doing so can increase the odds of catching issues in time before they worsen, and it will lower your odds of making a claim and keep your insurance history in good standing.
McDougall’s Home Insurance Commitment
McDougall has well over 70 years of Ontario brokerage experience and has upheld its promise to use our established relationships and knowledge to consistently provide you with the right advice and get you the best coverage for the best price. We are extremely proud of the abilities of our home insurance brokers and staff and know that our team of experts will do everything in their power to be there for you when you need them. We know that your home is everything to you, so reach out to us at McDougall Insurance to keep it safe. We do what we do best: handling your specific insurance needs and offering you many Ontario home insurance quotes so you can compare them from the comfort of your own home. You can request a free quote here.
Barrie Home Insurance FAQ’s
No, home insurance in Barrie, ON is not mandatory. Unlike auto insurance, home insurance is not required by law in the province. However, if you are still making mortgage payments, then the odds are that you will need to purchase coverage per the requirements of your financial institution or mortgage company. They may make it a requirement that you purchase a certain level or type of home insurance coverage.
Home insurance in Barrie varies, depending on the coverage you’re required or choose to have, as well as the area you live in and past home insurance history. On average, the annual home insurance premium in Barrie costs $1555. The average home insurance costs can range from thousands of dollars annually and are based on location in the city and the neighbourhood. It also includes other factors such as home size, replacement value, coverage type, etc….. all these factors can affect the rate, so contact your dedicated insurance advisor today to start shopping for affordable home insurance.
Tenant insurance or renter’s insurance in Ontario is a type of insurance policy purchased by renters, i.e., individuals who do not own their home but instead rent it, and it doesn’t cover the physical dwelling of the home but rather its contents. It also provides liability coverage and coverage for extra living expenses that may be needed if the tenant is forced to evacuate their unit.
If you are moving to your new main residence and bringing along personal items, that personal property will be covered for up to 30 days from the moment you begin moving. Those items will have coverage during transit.
Remember, a new home is not covered by your insurance company automatically. If you were previously insured with a home insurance company in Barrie, you will need to get in touch with your insurer to ask about insuring the new property. This is because your new property may need different coverage than your previous one.
Your Barrie house insurance policy may cover you for vandalism and attempted theft, assuming you had purchased the necessary coverage. Most home insurance options will include coverage for vandalism. That being said, you should still refer to your policy details to confirm if this is the case. Some “bare bones” policies will only cover against basic perils, such as fires, storms, lightning, wind damage, etc., but may exclude things like vandalism and attempted theft.
It depends. Usually, falling objects and their related damages are covered by your home insurance policy. There are limits, however.
Limits could apply if the tree that fell onto your property was overdue for removal, but you failed to remove it in time. Coverage for replacing the actual tree and the removal of debris may apply, but coverage could vary for the actual property damage costs.
Limits may also apply if the tree belonged to the city, not to you. If this is the case, you need to contact the city to remove the tree and the debris. You will likely be covered by your insurance policy for any resulting damage to your property.
If the tree belonged to a neighbour and not to you, you’ll likely be covered for any resulting damages to your property plus the cost of debris removal.
In Ontario, insurance brokers typically do not charge a direct fee to customers for their services. Instead, they earn commissions from insurance companies for policies they sell. The commissions are built into the insurance premium that customers pay. This commission-based model is designed to align the broker’s interests with finding the best insurance solutions for their clients. It’s essential for customers to clarify the commission structure and any potential fees with their insurance broker before finalizing a policy.
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