Home insurance vs. homeowner’s insurance in Dryden
Are you wondering about the difference between home insurance vs. homeowner’s insurance? You are not alone. The two terms are often used interchangeably, which can be confusing. However, the reality is that home insurance and homeowner’s insurance are referring to the same type of insurance. Whether you purchase a Dryden home insurance policy or a Dryden homeowner’s insurance policy, your coverage is designed to protect your home from all kinds of risks.
Compulsory home insurance coverage in Dryden
Many Dryden homeowners are unsure about their home insurance requirements. Understanding compulsory coverage in Ontario can be difficult. However, BrokerLink is here to make it easier. If you don’t know whether you need to purchase home insurance, contact a BrokerLink insurance advisor today. We will ask relevant questions to determine what your coverage requirements are (if any), and from there, can make recommendations on how to find a great policy.
Please note that home insurance coverage is not provincially mandated, but it may still be required depending on the terms of your mortgage loan agreement or lease agreement. If you do not have either of these, then the odds are you are under no obligation to purchase homeowner’s insurance coverage. That said, if you are currently paying off a mortgage or about to take out a mortgage loan to fund your new home purchase, then your lender likely requires you to purchase home insurance coverage. Similarly, if you rent a home in Dryden, whether it’s a condo, apartment, or house, your landlord can also require you to purchase tenant insurance.
Get the best home insurance coverage for Dryden homeowners
When you buy any type of home insurance policy, whether it’s residential property insurance, vacation property & cottage, or rental property insurance, what you are paying for is the coverage that your policy provides. Therefore, understanding how this coverage works is crucial. Below, we outline some of the key elements of most home insurance policies, explaining exactly what they are and how they cover you:
Dwelling coverage
As a Dryden customer, you will quickly discover that most Ontario home insurance policies feature a type of coverage known as dwelling coverage. With this type of coverage, your home insurance provider may help pay for the cost of repairs if your home’s structure is damaged by an insured peril. Insured perils are specific losses covered by your policy. It is up to you to decide which perils to include with your policy, however, a few of the most common ones among Dryden customers include:
- Fire
- Lightning
- Smoke
- Theft
- Wind
- Car / aircraft impact
- Explosion
- Falling objects
Content(s) coverage
Content(s) coverage is the second key component of home insurance in Dryden. When your Dryden home insurance policy contains both dwelling coverage and content(s) coverage, it means that the inside and outside of your home will be safeguarded from damage. Content(s) coverage deals with the personal items inside your home. In other words, if your personal belongings are damaged in a fire or stolen, you may receive compensation from your insurance provider to repair or replace them. Like dwelling coverage, the damage must have been caused by a peril named in your policy, such as fire, theft, wind, smoke, etc. Examples of belongings that content(s) coverage may provide compensation for include furniture, electronics, sports equipment, and more. If your home has items of high value, like expensive jewellery or musical instruments, then we recommend asking a broker for home insurance about any additional coverage you might need to purchase.
Personal liability coverage
Personal liability coverage is one final type of coverage that your Dryden home insurance policy likely features. Many Dryden homeowners find personal liability coverage to be worthwhile given that it doesn’t protect against damage like dwelling or content(s) coverage. Instead, it protects homeowners from legal claims brought by third parties. Third party claims alleging bodily injury or property damage can be expensive, but your insurance provider can help cover the cost of legal fees, medical expenses, and more under this section of your insurance plan.
What other coverage do Dryden homes need?
Some Dryden homeowners might find standard home insurance policies to be sufficient. They may decide that dwelling coverage, content(s) coverage, and personal liability coverage are all they need. However, others may feel the opposite, which can lead them to wonder about what other types of home insurance coverage are available to them. Luckily, the experts at BrokerLink are here to tell you that there are several types of extra coverage options available to Dryden homeowners. While not all coverages may be offered by all insurance providers, a BrokerLink insurance advisor can help you find a policy with the coverage you need.
Commercial business coverage
Running a business is risky, but running a business out of your home may be even riskier - unless you add business coverage to your home insurance policy. Otherwise, your standard Dryden property insurance policy likely will not protect you if your home is damaged due to your business operations. The worst-case scenario would be filing a claim only to have it rejected by your home insurance provider because you don’t have business coverage on your policy. Therefore, if you have a home business, we suggest speaking to an insurance broker about adding a commercial insurance rider or endorsement to your home insurance plan.
Equipment breakdown coverage
Equipment breakdown coverage is another type of additional home insurance coverage that may be a wise choice for Dryden customers. This type of coverage is designed to protect policyholders in the event that a piece of household equipment fails. Generally, the equipment must have suffered a mechanical or electrical breakdown. In the event that this occurs, your insurance provider can reimburse you for the cost of repairing or replacing the broken equipment, up to the policy limit. Although equipment breakdown insurance coverage varies, it generally covers common household equipment like furnaces, refrigerators, air conditioners, ovens, dishwashers, washers, dryers, and more.
Sewer backup coverage
Picture this: wastewater from the sewer system backs up in your home’s pipes and flows into your home. Can you imagine anything worse? We certainly can’t. Luckily, there is a type of insurance designed to protect homeowners against this specific situation, and it is called sewer backup coverage. This type of coverage can help reduce the financial consequences of damage caused by a sewer backup by helping to pay for the cost of repairs.
Overland water coverage
Dryden customers may also be interested in adding overland water coverage to their home insurance policies, as it can protect against water damage to your home that is caused by a nearby lake/river, overflow, heavy rain, or rapid snow melt. Since Dryden is located on Wabigoon Lake and is prone to heavy snowfall in the winter, adding an overland water coverage rider to your policy can be a smart choice. For more home flooding prevention tips, contact BrokerLink.
Your Dryden property insurance policy is unlikely to cover the following
Don’t be disappointed if your Dryden home insurance policy does not cover the following circumstances. After all, home insurance coverage has its limits, just like all other types of insurance coverage. Your policy can’t cover you in every single scenario. Below is a list of situations that standard home insurance coverage typically does not apply to. For some of them, you may need to purchase additional coverage if you want to be protected from risk, and a BrokerLink insurance advisor can help you do this.
- Home sharing: If you turn your home, or part of it, into a short-term vacation rental, your existing policy may not protect you. Basic policies typically do not cover damage caused by guests who are paying to stay in your home.
- Empty/vacant home: Damage caused to a home that is found to be vacant for a period of more than 30 consecutive days may also not be covered, unless you had previously informed your insurance provider of the vacancy.
- A home in a state of disrepair: Dryden homeowners that allow their properties to fall into a state of disrepair are more likely to have their insurance claims rejected, especially if the insurer can prove that the loss occurred due to the homeowner’s failure to maintain the home.
- Damage that occurs during home updates or renovations: The average Dryden home insurance policy will not cover damages or losses that occur during a home renovation. Instead, you may need to purchase additional coverage to receive protection during this high-risk period.
Find Dryden home insurance on a budget
Working with a tight budget can make it difficult to find any type of insurance. But BrokerLink can teach you about the various ways you can save money on home insurance, such as by bundling insurance policies or installing a home security system on your property. For a list of top tips on how you can lower your Dryden home insurance premiums or qualify for a reduced rate on your property insurance policy, keep reading:
Reassess your property insurance coverage needs yearly
Don’t assume that the home insurance coverage that worked for you last year will work for you again this year. Instead, before your policy expires or renews, review and update it as necessary. Chances are, there is coverage you no longer need. Alternatively, you may be able to afford to reduce your coverage limits or to raise your deductible. Small changes like these can lead to a reduced home insurance rate.
Protect your property with a home security system
BrokerLink is pleased to offer Dryden customers a wide range of home protection tips. One of our top tips is to install a home security system on your property. This is important year-round, whether you frequently take vacations or not. Even better, installing a qualifying alarm system on your property can make you eligible for a home insurance discount.
Bundle insurance products and save up to 15% per policy
Have you heard about bundling? It’s popular in the insurance world, especially among customers who want to save money. This method involves buying more than one insurance product from the same provider, e.g. bundling home and auto policies. Doing so can result in a discount of 15% off per policy.
Pay for your Dryden home insurance plan in one go
If it wouldn't make a huge difference to your financial situation, we urge you to pay for your Dryden home insurance plan upfront, in one go, rather than paying for it in monthly installments. If you opt to pay for your policy annually, you can save money by avoiding hefty transaction fees.
Consider a range of factors before buying a home in Dryden
The type of home you buy can influence the cost of home insurance in Dryden. Therefore, before purchasing a new home, consider factors like whether the home has a pool or how close it is to a fire hydrant or fire station. Homes with pools generally have higher insurance premiums. Oppositely, homes that are located near fire hydrants, fire stations, or other emergency services may qualify for discounts.
Find out about other home insurance discounts you may be eligible for
If you are new to the world of home insurance, be sure to contact an insurance broker and ask about other home insurance discounts that may be available to you. You may be surprised to learn just how many discounts are out there, from non-smoke discounts to employment or educational institution discounts. You might even qualify for a discount if you've been a long-time customer of a certain insurance provider. It never hurts to ask!
Install a sewer backup loss prevention device on your property
Did you know that installing a sewer backup loss prevention device in your home can make you eligible for a home insurance discount? It’s true! Since these devices can mitigate the water damage caused by a sewer backup, homeowners who install them on their properties may enjoy lower insurance premiums.
Take advantage of home insurance tax deductions
This tip won’t reduce your home insurance rates but it can still help you save money. Not all customers will be eligible for home insurance tax deductibles, but for those that are, deducting home insurance costs from your annual tax return can result in major savings.
Contact a Dryden insurance broker
Perhaps the most effective way of saving money on Dryden home insurance is by contacting a local insurance broker. BrokerLink’s team of licenced insurance brokers can help you with all your insurance needs, including saving you money. We can provide expert advice on how to qualify for a reduced rate, find discounts on your behalf, and compare policies to ensure you receive a reasonable rate. Insurance on a budget is our specialty.
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We’re in your community
BrokerLink is dedicated to the Dryden community, which means we will always have your back when it comes to home insurance. Whether you want to insure your Dryden townhome, condo, apartment, cottage, or rental property, get in touch with BrokerLink now.
Local Ontario Insurance Links
If you’re a member of a group or association, you may be eligible for more discounts.
Contact us
At Dryden 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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Dryden home insurance FAQs
What are the benefits of working with an insurance broker?
A few of the main benefits of working with an insurance broker are that they do the work for you, they have insurance expertise, and they work independently of insurance companies. In other words, if you want a seamless and hassle-free insurance experience that ends with you getting a great rate on your home insurance policy, contact a broker in your area.
I am a renter in Dryden. What are my home insurance needs?
Tenant or renters insurance is ideal for renters in Dryden. These types of policies can be purchased no matter what type of home you rent, whether it’s a condo, apartment, or four-bedroom home. Tenant insurance protects your personal belongings from damage, as well as protects you from liability claims. Without tenant insurance, you might be forced to pay for the cost of a lawsuit or damage all on your own. To learn more about how renters insurance works and situations in which tenant insurance may be required, reach out to an insurance broker near you.
What perils should I include with my Dryden property insurance policy?
Choosing which perils to include with any home insurance policy is important. After all, you will only be reimbursed for damage caused by the perils you choose, so if your property ends up being damaged by a peril you fail to include, you won’t be covered for it. For an expert opinion on which perils to include in your Dryden property insurance plan, we recommend contacting an insurance broker.
That said, some perils are important no matter where your home is located, like fire, theft, and wind, while other perils may only need to be added on a case-by-case basis as they depend on where your home is located. Since Dryden is located on a body of water (Wabigoon Lake), we recommend adding flooding or water damage as a named peril. You may also wish to purchase additional coverage, such as overland water coverage or sewer backup coverage.
If you have any questions, contact one of our local branches.
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