Affordable Home & House Insurance in Burlington Ontario
For most Canadians, their home is their largest single investment. It’s also the place where life and memories happen. Protecting this investment against fire, theft and acts of God just makes good business sense. It’s also likely required by your lender if you have a mortgage on your home. However, not all home insurance Burlington residents have available to them is alike. There are several things you’ll want to consider before settling on a policy.
- Deductible: The deductible is the amount you, as the homeowner, have to pay before the insurance company will reimburse you in the event of a claim. In general, the higher the deductible, the lower your premiums will be. Common deductibles are $1,000 and $500.
- Replacement vs. Real Value: This can be a tricky point. In most areas, the market value of a home is not the same as what it would cost to rebuild the home if it were destroyed by fire or other disaster. While replacement cost insurance is generally more expensive, it will help ensure that you will be able to rebuild your home should it be destroyed.
- Flood Insurance: While standard home insurance policies include coverage for things like fire, having a tree fall on your roof, vandalism, theft and other similar events, they generally do not cover damage that results from a flood. If you live in an area prone to flooding, you’ll want to consider taking out an extra policy for flood damage.
- Home Contents: The amount of coverage for your furnishings and personal possessions is usually a percentage of the value of your home. However, there are usually caps on certain expensive items like jewelry, artwork, coin collections, silver flatware and antiques. To insure these items for their entire value, you’ll need to purchase an additional rider to your basic policy.
- Discounts: Discounts on your home insurance premiums are available for a variety of things. These include having a smoke and/or burglar alarm, installing a metal or other fire-resistant roof and putting deadbolts on your doors.
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