Looking for Cambridge home insurance? BrokerLink is here. We are home Cambridge insurance brokers and have been helping residents find quality coverage for years. Whether you are in the market for basic homeowner’s insurance, renter’s insurance, or another type of coverage, the BrokerLink team can help. Continue reading to learn more about what home insurance covers and how you can find great coverage at an affordable rate.
Basic insurance coverage for Cambridge homeowners
Home insurance is one of the most effective methods of protecting your home. Even when it’s not required, many Cambridge homeowners still find it to be worthwhile due to the peace of mind and financial protection it provides. With the right coverage, your property and its contents can be protected from all kinds of risks, such as property damage, third party lawsuits, and more. To learn more about Cambridge home insurance coverage, including what it typically covers, keep reading:
1. Dwelling coverage
Protect your physical home with dwelling insurance, a key component of many home insurance policies in Cambridge. This type of coverage protects the building and structure you reside in. If your property is damaged by a covered peril, like smoke, theft, or wind, your insurance provider may compensate you under the dwelling portion of your Cambridge homeowner’s insurance policy. Examples of perils that may be covered by the dwelling insurance portion of your policy are as follows:
- Fire
- Lightning
- Smoke
- Theft
- Wind
- Car / aircraft impact
- Explosion
- Falling objects
2. Contents coverage
While dwelling insurance is intended to protect the structure of your home, contents coverage is designed to protect what is inside your home (e.g. your personal belongings). Items that content coverage may cover vary from policy to policy. However, commonly included belongings are clothing, electronics, furniture, jewellery, sporting equipment, and more.
3. Personal liability coverage
Accidents happen, but in some cases, they can lead to lawsuits. For example, if a third party injures themselves while visiting your home, they could sue you. Luckily, if you have personal liability coverage in your home insurance policy, your insurer may help pay for the costs of such an incident (including both legal and medical fees). Personal liability insurance may also cover Cambridge homeowners if their property accidentally causes damage to a neighbouring home.
Extra property insurance coverage for Cambridge homeowners
Some Cambridge homeowners may be looking for more extensive coverage than a standard homeowner’s insurance policy can offer. Thankfully, many insurance providers offer additional home coverage options to residents across Ontario. Business coverage, equipment breakdown coverage, and sewer backup coverage are just a few examples of additional coverage, which we describe in greater detail below:
1. Business coverage
A home business insurance add-on will likely be worthwhile if you operate a home business. In fact, it might even be a necessity as most standard Ontario home insurance policies do not cover damage or losses that are related to business operations. Therefore, if an incident occurs due to your home business, your policy may not cover it, meaning you may not be given compensation to pay for the repairs unless you had previously added a business coverage endorsement to your policy.
2. Equipment breakdown coverage
Equipment breakdown coverage can make a big difference if a piece of equipment in your Cambridge home suddenly or unexpectedly breaks down or fails. Though the specifics of this coverage varies between insurance providers, many equipment breakdown policies cover common household equipment including the likes of washers, dryers, air conditioners, furnaces, heat pumps, home security systems, and kitchen appliances. Though not usually featured in basic home insurance policies in Ontario, this additional coverage can be worthwhile, especially given the high costs that come with replacing or fixing broken home equipment.
3. Sewer backup coverage
Let’s face it - a sewer backup is every homeowner’s worst nightmare. While insurance can’t prevent such an incident from occurring, it can provide peace of mind that if one does occur, you will be financially protected. Adding sewer backup insurance to your Cambridge home policy can help cover the costs of repairing property damage that is caused by a sewer backup.
*The additional home insurance coverages listed above, among others, are most commonly added to existing house insurance policies as riders, endorsements, or add-ons.
What may not be covered by your Cambridge home insurance policy
Home insurance policies are generally intended to protect your property, but that protection has limits. It’s important for Cambridge homeowners to understand that all home insurance policies come with terms and conditions. These terms typically outline the circumstances in which a policyholder’s coverage will become void. For example, many home insurance policies do not cover vacant homes or home sharing. For this reason, it’s important to carefully review the terms and conditions of your specific policy and work with an experienced insurance broker. To prepare Cambridge homeowners for some of the circumstances that their home insurance policies are unlikely to cover, the experts at BrokerLink have put together the following list:
Home sharing
Renting out a home for short periods of time to earn extra income is extremely common throughout Ontario, thanks to popular home sharing websites like Airbnb and VRBO. Although home sharing represents a viable form of income, it also increases your risk as a homeowner. For this reason, many home insurance policies do not cover damage or losses that occur due to home sharing. So if you plan to rent out your home and want to be covered by your home insurance coverage when renting, be sure to speak with an insurance provider beforehand. You will likely need to add additional coverage or purchase a new policy to ensure you have the protection you need.
Vacant home
An empty home may increase your rate. So if you plan to leave your Cambridge home unattended for a significant period of time (e.g. more than one month consecutively), it is important to contact your insurance provider or broker for a vacant home insurance. Failing to notify your insurer might lead to void coverage if a loss or damage occurs while you are away.
Failing to maintain
If you fail to maintain your Cambridge home, allowing its condition to deteriorate significantly, your Cambridge homeowner’s insurance policy may become void. A common example is if a policyholder fails to repair some missing shingles on a roof, which eventually gets worse and causes water damage in their home. In such a scenario, your insurance provider may refuse to pay for the damage, leaving you to cover the costs of repair on your own.
Home renovations
Your Cambridge homeowner’s insurance policy may not cover you in the event of property damage caused by a renovation. If you plan to renovate your property, we recommend contacting your local insurance agent or broker since updates like renovations can affect the cost of homeowner’s insurance. Some renovations such as home upgrades to your roof, heating, plumbing or electrical systems can lower your rates, as it is less likely you will need to make a claim.
How to get the best home insurance rates in Cambridge
Looking to save money on Cambridge home insurance? Contact BrokerLink today. We are committed to helping Cambridge homeowners find extensive coverage at competitive rates. More than shopping around and comparing quotes to ensure you get the most affordable rate, the licenced brokers at BrokerLink are happy to share their best money-saving tips. Never overpay for Cambridge home insurance again by following the expert tips below:
1. Add a security system to your Cambridge home
Adding a security system on your property is our first tip to saving money on Cambridge home insurance. Some insurance companies are pleased to provide discounts to Cambridge customers that install specific types of security systems on their properties, due to the added layer of protection they offer. Get in touch with BrokerLink Cambridge to have your questions answered and to learn what you need to qualify for a security system home insurance discount.
2. Bundle insurance policies and save
Another way to save money on Cambridge home insurance is to bundle multiple policies together. If you are interested in buying more than one policy (e.g. home insurance + auto insurance or two types of home insurance), consider buying them from the same provider. Purchasing multiple insurance policies from the same insurance company could save you up to 15% per policy.
3. Increase your policy deductible
Increasing the deductible on your Cambridge home insurance policy is another quick tip for saving money on Cambridge home insurance (or any type of insurance, for that matter). Whether it’s car insurance or home insurance, raising your deductible usually translates to a lower insurance premium. That said, before raising your Cambridge home insurance deductible, you must have a firm grasp of what a deductible is and the potential consequences that may be derived from increasing it. One of these consequences is that you may have to pay more toward an insured loss if you file a claim. For this reason, you should never raise your deductible beyond an amount you can reasonably afford to pay. Get in touch with BrokerLink Cambridge for more information and expert advice on home insurance deductibles.
4. Pay for your Cambridge home insurance policy yearly vs. monthly
Another way to save money on Cambridge home insurance is by paying for your policy annually rather than monthly. This is because some insurance providers charge fees along with each payment you make. Thus, paying off your insurance in one large installment upfront as opposed to twelve installments (one each month) can save you money. At the end of the day, if your insurer gives you the option of paying for your Cambridge homeowner’s insurance policy monthly or yearly, ask about the fees associated with each so that you can make an informed decision.
5. Avoid buying a house with a pool
If you want to save money on home insurance in Cambridge, do not buy a house with a pool. Swimming pools, especially those that are unfenced, are a major liability risk. So if there is one on your property, your home insurance premium is likely to be higher.
6. Buy a house near a fire hydrant or fire station
Some insurance providers offer discounts to policyholders whose properties are located near fire hydrants or fire stations. If you’re interested in saving money on home insurance and live near emergency services, such as a fire station, be sure to speak with an insurance broker. They can let you know of the specific conditions that need to be met to qualify for this insurance discount.
7. Contact a BrokerLink insurance broker in Cambridge
One last tip for saving money on Cambridge property insurance is to enlist the help of an insurance broker in Cambridge. BrokerLink has a team of fully licenced brokers ready to help you find quality coverage at a competitive rate. We are committed to helping our customers find the home insurance coverage they want and need. Get in touch with BrokerLink Cambridge now, and one of our friendly, knowledgeable, and licenced home insurance experts will be pleased to assist you.
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Is home insurance mandatory in Cambridge, Ontario?
Home insurance is not government-mandated in Cambridge or anywhere in Ontario. Therefore, it is not a legal requirement. However, mortgage lenders can require borrowers to purchase home insurance as a condition of their mortgage loans, and many choose to do this thanks to the added security it provides. Therefore, although not legally required, many Cambridge homeowners are required to purchase a policy if they need a mortgage to buy their homes. In line with this, landlords in Cambridge can make renter’s insurance or tenant’s insurance a condition of residential lease agreements, which means the tenant must purchase a valid tenant insurance policy before moving in. Contact BrokerLink if you want to learn more about home insurance requirements in Cambridge.
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At Cambridge BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible.
You can reach us by phone, email, or in person at any one of our locations throughout Ontario. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online home insurance quote tool that can provide you with a competitive quote in minutes.
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FAQs on Cambridge home insurance
What is the main benefit of Cambridge home insurance?
The main benefit of Cambridge home insurance is the protection it offers. The right policy can protect your home and its contents from property damage and protect you from third party liability claims. Depending on the terms of your policy, it may also cover you in the event of a sewer backup, equipment breakdown, or business use. Having a homeowner’s insurance policy can help Cambridge homeowners avoid paying for costly losses or damages out-of-pocket.
How much does home insurance cost in Cambridge?
The price of home insurance in Cambridge varies considerably since insurance companies consider a wide variety of factors when setting premiums. Some details that will influence how much you pay for a Cambridge homeowner’s insurance policy include your insurance claims history, the address of your home, your home’s value, your home’s size, the number of people who reside in your home, and the deductibles, policy limits, and coverage types you choose to include with your policy.
I recently bought my first home in Cambridge. What type of insurance do I need?
The type of insurance you need is dependent on the unique characteristics of your property, along with your personal preferences and risk level. Since home insurance is not legally required in Ontario, Cambridge homeowners can purchase whichever policies and coverage they wish. However, experts generally recommend that all homeowners purchase a home insurance policy that includes no less than the basic coverage (basic coverage is considered to be dwelling insurance, contents insurance, and personal liability insurance, as mentioned above).
For more FAQs, visit the BrokerLink FAQs page.
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