Coverage 101 | Clarence Rockland home insurance
What does home insurance cover? Home insurance coverage varies depending on the policy you choose. That said, most home insurance policies, whether you are buying a standard residential property insurance policy, a vacation property & cottage insurance policy, or a condo insurance policy, will feature the three types of coverage below:
Dwelling coverage
Understanding Ontario home insurance policies can be difficult, but BrokerLink strives to make it easier by explaining exactly how home insurance coverage works. We’re diving into that topic with this introduction to dwelling coverage. Dwelling coverage is a core part of most home insurance plans in Canada. It safeguards the physical structure of your home against property damage risks. Specifically, under this portion of your Clarence Rockland home insurance plan, you can be compensated for the cost of repairs if your home is damaged by an insured peril. Please note that dwelling coverage does not provide financial protection for damage caused to the land your home sits on, just the structure itself. A list of insured perils dwelling coverage may protect against includes but is not limited to:
- Fire
- Lightning
- Smoke
- Theft
- Wind
- Car / aircraft impact
- Explosion
- Falling objects
Content(s) coverage
Content(s) coverage is another type of home insurance coverage that is important for Clarence Rockland customers to know about. By adding both dwelling coverage and content(s) coverage to your Clarence Rockland property insurance policy, you can protect both the inside and outside of your home. With content(s) coverage, you can be reimbursed for the cost of damage or losses relating to personal items in your home. If items like furniture, electronics, sports equipment, clothing, and more, are damaged due to an insured peril, your home insurance provider may give you some money to replace them. It is important to ask your insurance broker about which items are covered by standard contents coverage because if you have high-value items in your home, such as artwork or fine jewellery, then you may need to purchase extra coverage.
Personal liability coverage
Let’s face it, lawsuits are expensive and stressful, but with personal liability coverage, you can be protected from the financial burden of third party claims. More specifically, personal liability coverage is a type of home insurance coverage that protects policyholders against claims brought against them alleging third party bodily injury or property damage. For instance, if someone visiting your home slips and falls into your pool, injuring themselves in the process, they could sue you. As the homeowner, you could be held liable, meaning you might be on the hook for legal defence costs, as well as settlement fees. Thankfully, if you purchased a Clarence Rockland home insurance policy featuring personal liability coverage, you may not have to pay these legal fees alone. Instead, your insurance company may reimburse you for any applicable legal fees, medical bills, repair bills, and more.
Other insurance coverage that Clarence Rockland customers should consider
While dwelling coverage, content(s) coverage, and personal liability coverage are fairly standard in the world of home insurance, there are a few other coverage types that may be available to Clarence Rockland customers. The list below is not exhaustive, however, it contains some coverage types that may be worthwhile for you and your home in Clarence Rockland. If you are interested in adding any of the following coverages to your property insurance policy, be sure to ask a broker about them:
Business coverage
Many Clarence Rockland homeowners mistakenly believe that their home insurance policies automatically cover their home office. If you work remotely for a company located elsewhere, your home insurance policy may protect you. But if you run a business out of your home, then chances are your basic home insurance plan does not cover losses relating to your business operations. Never assume something is covered. Instead, ask your home insurance provider in Clarence Rockland to explain the limits of your policy. Chances are, if you have a home business, you will need to add a business coverage endorsement to your home insurance policy, which a broker can help you do.
Equipment breakdown coverage
Equipment breakdown coverage is another type of coverage that is worth considering. Household appliances and equipment are expensive, whether they need to be replaced or even just repaired. Equipment breakdown coverage exists to ease the financial burden of broken equipment by reimbursing policyholders in the event that a covered piece of equipment, such as a washer, dryer, oven, refrigerator, furnace, air conditioner, dishwasher, etc. stops working due to a mechanical or electrical failure.
Sewer backup coverage
Sewer backup coverage is another type of additional home insurance coverage popular among Clarence Rockland homeowners. As you might suspect, this type of coverage offers financial protection against household damage caused by a sewer backup. Sewer backups are known for the extensive water damage they can create, which is what makes sewer backup coverage so important.
Do not expect your Clarence Rockland residential property insurance policy to cover the following
Insurance policies have their limits, and Clarence Rockland customers should have a firm grasp of exactly what those limits are. Although policies differ, most Ontario property insurance policies will not cover you in the following circumstances, which means if an incident occurred during any of the following, your claim may be rejected:
- Home sharing: Hosting guests in your home via a home sharing platform like Airbnb is typically not covered by standard homeowner’s insurance policies. Additional protection would likely need to be purchased if you want to be covered in the event that a guest causes damage to your home.
- Empty/vacant home: A home that is left empty for more than 30 days on end may also not be covered by your Clarence Rockland insurance policy.
- A home in a state of disrepair: Homeowners that let their homes fall into a state of disrepair may have their claims rejected if the damage was caused by their failure to maintain them.
- Damage during home renovations: Many Clarence Rockland insurance policies will not cover damage to a home that occurs during renovations, unless specified.
Cut insurance costs in Clarence Rockland with these money-saving tips
Want to avoid an insurance premium increase? We feel you. To keep costs as low as possible and avoid your insurance premium from going up year after year, read through the following list of money-saving tips. As property insurance experts, the team at BrokerLink Clarence Rockland knows exactly what customers can do if they want to qualify for a reduced rate on their home insurance policies. From bundling policies to enlisting the help of a broker, follow these tips and get ready to save:
Have a broker assess your policy needs annually
Before your Clarence Rockland home insurance policy is up for renewal, contact an insurance broker and have them review your current policy and assess your needs. A professional can offer advice on whether the coverages, limits, and deductibles in your current policy are still working for you. If they aren’t, a broker can advise you on ways that you could cut back on insurance, which could also help you cut costs.
Become mortgage-free
Mortgage-free insurance discounts are offered by many home insurance providers. So if you no longer have a mortgage loan you’re paying off, or you never had one in the first place, notify your insurance broker or agent right away.
Consider a variety of factors before purchasing a home
The features of a home are part of what determines the cost of insurance. If reducing your insurance premium is a top priority, then think carefully before buying your next home. For example, homes with swimming pools typically have higher insurance rates. Meanwhile, homes that are located closer to emergency services, like fire stations, may benefit from lower rates. We aren’t saying you shouldn’t buy a home with a pool or you should only buy a home next to a fire hydrant, we just want to make you aware of some of the factors that influence home insurance costs in Clarence Rockland.
Mix and match policies
To save up to 15% per policy, ask your insurance broker about the possibility of purchasing an insurance bundle. An insurance bundle consists of two or more insurance products. They don’t even have to be the same product. For example, you could still qualify for a discount by bundling home and auto policies.
Inquire about additional home insurance discounts
You might be surprised to learn about the wide range of insurance discounts that are available to customers. When it comes to home insurance specifically, policyholders who are non-smokers or who graduated from specific post-secondary institutions or worked for certain employers may qualify for a discount. You could even receive a discount for being a loyal customer of a specific insurance company. To learn more about what discounts are out there, ask an insurance broker.
Don’t hesitate to ask an insurance broker in Clarence Rockland for advice
Cut costs on your property insurance policy by working with an insurance broker in Clarence-Rockland. BrokerLink’s team of local insurance brokers has so much to offer. Between their unlimited resources and unbeatable expertise, they can help you find a home insurance policy with the coverage you need at a price you can afford.
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We’re in your community
BrokerLink cares about the Clarence Rockland community. That is why we are dedicated to providing you with the best home insurance possible, as well as offering important property insurance information like home protection tips and home insurance tax deductibles. Come to us with any of your home insurance questions or needs!
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If you’re a member of a group or association, you may be eligible for more discounts.
Contact us
At Clarence Rockland 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 quote tool that can provide you with a competitive quote in minutes.
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FAQs about Clarence Rockland property insurance
How do home insurance companies calculate premiums for Clarence Rockland customers?
Calculating the cost of house insurance is no easy task, even for home insurance companies. There are many factors that go into making such a calculation, which is why policy rates fluctuate so widely. The following is a list of factors that are typically considered when an insurance provider is determining your premium:
- The square footage of your home.
- The quality of your home’s construction.
- Your home’s location in Clarence Rockland.
- The age of your home.
- Your home’s proximity to a fire hydrant, fire station, or other emergency service.
- Your personal insurance claims history.
- The coverage types, deductibles, and limits you want to include in your home insurance plan.
- The age of your home’s roof.
- The age and condition of your home’s plumbing system.
- The age and condition of your home’s heating system.
- The age and condition of your home’s electrical system.
I lease a home in Clarence Rockland. What kind of home insurance do I need?
If you lease your home in Clarence Rockland rather than own it, then chances are you could benefit from tenant insurance. Tenant insurance may even be required depending on the conditions of your lease agreement. However, regardless of whether it is mandatory, tenants or renters insurance is important for renters. Landlord insurance often does not cover a tenant’s belongings, which means the only way your personal items will be protected from damage is with tenant insurance. A renters insurance policy may also cover living expenses if your rented home becomes temporarily uninhabitable due to a covered loss and you are forced to seek accommodation elsewhere.
Are certain perils more important than others for Clarence Rockland policyholders?
There are some perils that are important regardless of where you live, like fire, theft, or vandalism. However, there are others that may be more specific to your location. For example, if you live in an area prone to natural disasters, like earthquakes, hurricanes, or tornadoes, then adding these perils to your policy would be important. Similarly, if you live in a part of the province or country that is prone to flooding, then adding flood coverage would be wise. When it comes to Clarence Rockland, since it receives a high amount of snowfall each winter and is located on the Ottawa River, the region could be at higher risk of flooding. For this reason, flooding may be a peril worth adding to your home insurance policy.
Am I required to buy home insurance in Clarence Rockland?
Not necessarily. If you bought your home with a mortgage or you rent your home, then home insurance might be required (be sure to read your mortgage loan agreement or lease agreement carefully). But if you bought your home without a mortgage or paid down your mortgage, then odds are you are under no obligation to purchase a home insurance plan. That said, you will be hard-pressed to find many homeowners without home insurance policies due to the impressive protection they provide.
If you have any questions, contact one of our local branches.
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