Why Do You Need Homeowners Insurance?
You will need money to repair or replace your house if it is destroyed by a fire or damaged by a natural disaster. Liability protection may help you pay expenses if a guest in your home is injured. And your homeowners insurance can cover your losses or the cost of repairs if you are a victim of theft or vandalism.
Should your Ontario home be destroyed or seriously damaged, failure to accurately insure your property can delay the processing of your claim and in some cases, result in insufficient funds being available to properly rebuild your home.
It pays to have the right type of home insurance to ensure your Ontario home is properly protected, and our experienced insurance brokers can get you the cover you need.
Read more in our CCV StraightTalk Insuring Home to Value.
Is Home Insurance Mandatory in Ontario?
Mortgage lenders typically require loanees to have home insurance. By asking you to purchase insurance, your lender is virtually protecting their investment. However, if you are mortgage-free (or if your mortgage provider does not require you to purchase insurance) it is still highly advisable that you purchase home insurance in Ontario to protect your liability, assets and dwelling. For reasons mentioned previously, you’ll likely need the help to repair or replace your home if it is damaged or destroyed by a break in or a natural disaster. It can also help pay legal expenses if someone visiting your home is injured or because of your actions anywhere in the world.
Bottom line: mandatory or not, home insurance in Ontario is a must-have.
How Much Home Insurance is Necessary in Ontario?
Coverage limits vary from home to home. What you need may not be the same as what your neighbour needs — even if your homes are very similar. It’s dependent on your financial circumstances, the age of your home and its systems, the kind of activities you partake in, and so forth.
When you are determining adequate coverage limits for your Ontario home, consider discussing these following questions with your home insurance broker from CCV Insurance:
- What would be the total out-of-pocket cost to rebuild my home, as it stands today, and replace all my possessions?
- How much liability insurance do I need to protect myself?
- Will I benefit from any other available extensions for my watercraft, valuables or jewellery?
- What insurance company has the best reputation for claims?
- What insurance company is financially stable and has the best customer service reputation?
A CCV Insurance home insurance broker in Ontario will work with you to find the correct insurance selection for your situation. We deliver excellent services and meet your requirements — no matter how complex.
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Ontario Home Insurance FAQs
Securing comprehensive home insurance in Ontario is just one part of working with CCV Insurance. We like to think beyond traditional insurance and go above and beyond to give you incredible service. Read on for our frequently asked questions or give us a call today to discuss with our experts.
How Do I Get Cheap Home Insurance in Ontario?
“Cheap” home insurance in Ontario does not equate to “quality” or “comprehensive” home insurance. Cheap is cutting corners, and here at CCV Insurance, we don’t cut corners. There are a few ways you can get more affordable home insurance in Ontario without needing to abandon quality coverage. Here are a few of our tips:
- Work with CCV Insurance’s expert home insurance brokers in Ontario. They have the knowledge you need, access to top-rated insurance markets, and get to know you and your personal requirements.
- Choose a higher deductible amount. Your deductible is the amount you’ll need to pay before your insurance company covers the remainder of the loss (up until your policy limit.) A higher deductible translates to lower insurance premiums.
- Discuss with your broker to see if you’re eligible for any potential discounts, including loyalty discounts, group discounts, age discounts, new home discounts, mortgage-free discounts and so forth. Different providers will offer different discounts.
- Bundle multiple insurance policies. If you have a vehicle, insure it through the same provider as your home insurance provider (that is, assuming the company offers both products.) Most companies will offer you a significant discount when you bundle your policies.
- Avoid making claims for small repairs. The more claims you make, the more your insurance rates will rise.
- Install a safety alarm or monitoring system in your home. This will do more than just deter thieves — it may reward you with a discount on your home insurance.
- Update older systems throughout your home. If you have an older or vintage home, you may be labelled high-risk. Consider renovating/updating your systems to a newer version to ensure they’re adequately protected against potential losses.
Will My Home Insurance in Ontario Cover My Home-Based Business?
Typically, no. Without an appropriate endorsement, your home insurance in Ontario will not cover your home-based business for any business-related losses. It’s OK if you work occasionally from home, but operating a full-scale business out of your own property may necessitate the purchase of a separate commercial insurance policy or a home insurance extension. A basic home insurance policy in Ontario will not cover liability for home-based businesses, will have coverage limits for business property and will not provide any coverage for loss of business income.
How Much Home Insurance Do I Need?
As mentioned previously, the exact amount of home insurance you need is largely dependent on your situation, standard of living and budget. You should get a professional to do an appraisal of your belongings and your property’s value to gauge an accurate assessment of how much it would take to fully replace and/or repair your belongings as they stand. Consider your electronics, computers, furniture, clothes, actual property and any detached private structures.
Does Home Insurance in Ontario Cover Identity Theft?
Most standard home insurance policies in Ontario offer basic coverage for identity theft, although this is not always the case. As an option, you may purchase enhanced identity theft coverage to fully protect you and your loved ones against the risk of identity theft. With this, you may also have the option to purchase a cyber liability insurance policy, which will grant you protection for your personal electronics and data against potential risk — such as data breaches, ransomware, cyberattacks and more.
What is a Sewer Backup Insurance Endorsement?
A sewer backup insurance endorsement is enhanced coverage that, when purchased for an additional premium, protects against sewer backup and consequential water damage. A sewer backup can occur because of an abnormally high flow of water that overloads the water supply system in your home. This may happen if there’s a lot of melting snow, heavy rainfall or even a sudden thaw/rise in the water table. Other endorsements may be available, depending on your circumstances, including earthquake insurance, identity theft insurance, home-based business insurance, floaters for high-value items and so much more. Ask your broker about available insurance endorsements.
Why CCV Insurance?
CCV Insurance is a division of Rogers Insurance Canada Ltd. and one of the largest independently owned insurance brokers in Ontario selling commercial and personal insurance products, like home and auto insurance. Having been serving clients for well over 40 years, CCV Insurance’s products and services are effectively backed by a team of insurance experts who have comprehensive training and knowhow that is dedicated solely to our clients.
It takes a true expert to think beyond traditional insurance services in order to respond to the needs of Ontario residents. Home insurance in Ontario should never be sold as a “cookie-cutter” policy. It should be tailor-made to the individual.
We’ll give you advice on coverage options, limits, ways to save and so much more. When you need someone in your corner who knows home insurance in Ontario, CCV Insurance has your back.
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