Home Insurance Ontario

Comprehensive Home Insurance

Comprehensive home insurance policies provide the best coverage. This policy protects your home against most risks except those listed in the exclusions. It’s also known as an all-perils or special policy.

For example, if your comprehensive policy excludes flooding, sewer backup, and earthquakes, this means that you won’t be covered for these risks and the damage they cause for you home.

Standard Home Insurance

Standard home insurance policies provide less coverage than comprehensive policies. A standard policy only covers your home against risks that are explicitly listed in your policy. It’s also known as a named perils or basic policy.

Let’s say, for example, if your standard policy covers fire, your standard Ontario home insurance will protect you against fire damage. Your standard policy does not cover flooding, sewer backup, and earthquakes.

Broad Home Insurance

Broad policies provide coverage that is comparable to standard and comprehensive policies. A broad policy is also known as a broad-form or general policy.

A broad policy covers your home for common risks except those listed as exclusions. In this sense, it is similar to a comprehensive policy, but it doesn’t cover all risks.

No-Frills Home Insurance

This policy offers the least protection because it is offered to homeowners who don’t meet some standard underwriting criteria. This policy typically will not include many standard home insurance coverages in Ontario.

The home

This policy covers the physical home itself in Ontario as well as any attached structures, such as a garage, against common risks, like fire. The amount of property insurance coverage usually equals the cost to replace your home.

Detached private structures

You are covered for damage to any privately-owned structures that you have on your premises. This includes things like a tool shed or a pool house.

Personal property

Personal property and contents such as clothing, appliances, furniture, and electronics are all included under this coverage. Extra coverage may be required for jewelry, artwork, and other special items.

Additional living expenses

This coverage provides you with the funds to pay for the cost of temporarily living away from your home due to a covered loss.

Readmore: Keep Your Home Insurance Current on Vacation

Home-based business insurance

Do you run a business from your home? Be sure to inform your home insurance broker in Ontario ahead of time – most standard home insurance policies won’t cover commercial activities, and your insurer could even immediately cancel your coverage if you don’t inform them.

If your business is small, you can purchase a home-based business insurance endorsement as an extension of your standard home policy. This added coverage considers the unique risks of running a business.

It can be used to protect your office equipment, cover client liability claims, or even provide you with income replacement during a business interruption.

On the other hand, if you own a larger business, you may need to purchase a standalone business insurance policy instead. In this case we recommend you to contact with our Business Insurance Brokers in Ontario

Overland Water Home Insurance Coverage

The overland water endorsement in your Ontario home insurance policy provides protection against rising rivers, streams, and other bodies of water that could overflow onto dry ground, causing damage to your house.

This endorsement can protect you from heavy rain and snow accumulation and eventual thaw around your property. These water sources can enter your home through cracks, windows, and doors, causing significant damage.

Readmore:

• Protect Your Property from Water and Weather Damage
• How to Prepare Your Home and Vehicle for Winter

Sewer Backup Insurance

Sewer backup occurs when wastewater returns to your home from the main sewer lines. Most insurance companies offer standard policies that include coverage for a burst pipe but not for sewer backup. A home insurance broker in Ontario will always recommend sewer backup coverage, and most providers charge an additional cost for this service.

Earthquake Insurance

Most home insurance policies do not include earthquake insurance. If you live in a Canadian earthquake zone like BC, Ottawa, Montreal, or Quebec, consider adding earthquake coverage to your home insurance policy.

If you reside in Ottawa, it’s imperative check with Ottawa insurance brokers to discover affordable Ottawa home insurance options tailored to your needs.

Earthquake insurance covers more than just seismic activity cracking your foundation or causing damage to your home’s contents – it also provides coverage for fires resulting from broken gas pipes due to an earthquake.

This coverage can also include landslides or liquefaction, which could lead to your home sinking into a hole or other serious foundation problems.

Additional living expenses may be available to help you live in another place while your home is being repaired after an earthquake.

Readmore:

• 5 Most Expensive Natural Disasters

Water damage beyond a burst pipe

You’re safe if a pipe bursts during winter due to freezing. A special add-on is required for sewer backups or rising lakes.

General wear and tear

Home insurance is not a maintenance plan. Your insurer will not pay for a roof that leaks because of old age. Read more about insurance for Older Homes

Damage from rodents, termites, and insects

Termites can cause severe structural damage to your home. You could end up paying a large bill if you aren’t aware of termites and don’t hire professionals.

Some valuable items

There are usually limits on coverage if you have expensive art or jewelry. If you want more coverage, ask our home insurance brokers in Ontario for more options.

Your Home Location

The location of your home can greatly affect your insurance premiums in Ontario. If you live in an area prone to natural disasters like floods or earthquakes, you may face higher insurance costs. Similarly, if you live in an urban area with a higher crime rate, your premiums may also be higher due to the increased risk of theft and vandalism.

Building materials and construction style

The type of building materials used in your home, as well as its construction style, can also impact your insurance costs in Ontario.

For example, a brick house may be more resistant to fire damage than a wooden house and therefore could have lower premiums. Similarly, homes with updated and modern construction techniques may also be considered less risky to insure. You may also want to learn more about Builder Risk insurance in Ontario.

Readmore:

• Why You Should Get Homeowners Builders Risk Insurance
• Before You Start Renovating – Explaining “Builder’s Risk” Insurance

Age and condition of the home

Older homes may have outdated electrical or plumbing systems, which could increase the risk of fire or water damage. As a result, insurance premiums for older homes may be higher. You may need to get a specific Home insurance for older homes. Additionally, if your home is in poor condition and requires significant repairs, this could also lead to higher insurance costs. Inquire with our home insurance brokers in Ontario about your specific situation.

Your claims history

If you have a history of making frequent claims on your home insurance, this could result in higher premiums. Insurance companies may view you as a higher-risk client and increase your rates accordingly.

Readmore: How it works: Insurance Claim

Security features

Having security measures in place, such as a burglar alarm or deadbolts on your doors, can potentially lower your insurance costs. These features may reduce the risk of theft and vandalism, making your home less expensive to insure.

Your credit score

In some cases, your credit score may also impact your Ontario home insurance costs. Insurance companies may view individuals with a higher credit score as more financially responsible and therefore less likely to file a claim.