Why Choose Us?
Gone are the days when a basic fire policy would be enough to protect you. Houses today are bigger, and more expensive than ever before. They cost more to buy and more to build. With the weather changing drastically, more claims are occurring for water, fire, hail and more. Let us help you to determine the right coverage, so you can get back to enjoying life without worrying about your biggest investment.
What's Typically Included in Your Policy?
Covers the cost to repair or rebuild your home. This amount will be different then the cost to purchase or sell your home, as a lot of the value of your home is based on the land, which will still be there after your home is damaged.
Covers all your possessions in your home such as furniture, clothes, appliances, food, yard equipment, electronics etc. Most policies will pay for the replacement cost of all your contents, so this amount is usually higher than you initially may think. It is always a good idea to take a video of your home, as it is very difficult to remember everything in your home.
Most policies include automatic coverage for smaller outbuildings such as sheds or smaller detached garages. If you have a larger building you may need to add it seperately to your policy.
If your house is damaged you will need somewhere to live while the repairs are taking place. Additional living expenses pays for where you will be living such as a hotel, rented home, with family etc.
This pays for your liability when you are negligent…but what does that really mean? Liability coverage pays when you unintentionally cause damage or harm to someone or something, the company will pay to defend you and pay for the settlement.
Additional Coverage You Should Consider
The actual cost to rebuild your home fluctuates during the year depending on building supplies, inflation, contractor’s costs, etc. This coverage protects you from these fluctuations as the company agrees to pay additional costs to rebuild your home, even if the additional costs are over your policy limits.
If your toilets back up into your home it tends to make quite the mess. The expenses clean up the mess can increase very quickly, and honestly do you want to be the one responsible to clean up sewage in your home? This coverage pays to clean up your home after a sewer backup, so you don’t have to deal with the expense or the mess.
With changing weather and cities growing very quickly, water damage claims have replaced fire damage as the most common type of claim. Even if you are on a hill or your home is new, water can still find its way into your basement through windows or if it is high enough to go over your foundation.
This coverage protects you if water comes through your walls or floors in your basement. This is especially important if your basement is finished, as it is typically impossible to see a crack in your foundation until it is too late.
By-laws in Ontario are constantly changing as new building techniques and technology is created. The by-laws help to make our homes safer, but can create headaches for homeowners of older homes that would not be up to code with the current by-laws. This coverage pays for the additional costs due to a local by-law, over and above what is damaged.
How old are the water and sewer lines that go into your home? For the vast majority of homeowners it would be however old the house is. These lines are subject to rust, freezing, heaving, tree roots and more over the years and can be quite costly to replace.
Although most companies include basic limits for high value items, you should consider having them appraised and scheduled on your policy.
Discounts You May Be Eligible For
Most insurance companies will provide you with additional discounts the more policies you have with them. There may be additional benefits such as free additional coverage as well.
Well there has to be at least a few benefits to getting older. Companies typically offer discounts based on your age and how long you have had home insurance for.
Sump pumps, backflow valves and alarms help to reduce claims by either preventing them or alerting you that there is an issue so you can stop further damage from occurring. Discounts are available for most water prevention systems.
If you have an alarm monitored by third party such as ADT, Rogers etc then you may be eligible for additional discounts on your home insurance.
If you no longer have a mortgage, companies will typically offer additional discounts.
Please call our office for a quote or to ask us questions regarding the coverage. The explanations above are only a general overview and there are many options to fit your personal circumstances.