Home Insurance in Hamilton

Hamilton home insurance 101

If you are a first-time home buyer, then this may be your first time purchasing home insurance. Buying property insurance for your new home might feel daunting, but a BrokerLink insurance advisor will be by your side every step of the way.

The first thing to know about home insurance is that it is designed to offer policyholders financial security in the event that their home suffers damage. For example, if a home burns down due to a fire or a thief breaks into your home and steals your personal belongings, home insurance can protect you.

There are many types of home insurance to suit all kinds of homeowners in Hamilton. A few of these include vacation property & cottage insurance, tenant insurance, condo insurance, as well as standard homeowner’s insurance. A BrokerLink insurance advisor can help you find any type of Hamilton home insurance you’re looking for.

Basic home insurance coverage in Hamilton

To give you an idea of what types of coverage your Hamilton home insurance policy will include, keep reading. Below, we outline the three standard types of home insurance coverage that are seen on nearly all property insurance policies:

Dwelling coverage

Dwelling coverage is a form of property damage coverage that will pay to repair your home if it suffers physical damage. If any part of your home’s physical dwelling, like the walls, doors, windows, or foundation, is damaged, you can file a dwelling coverage claim. The only catch is that the damage must have been caused by an insured peril. Insured perils vary between providers and policies but most commonly include the following:

• Fire
• Lightning
• Smoke
• Theft
• Wind
• Car / aircraft impact
• Explosion
• Falling objects

Please note that dwelling coverage does not cover detached structures on a property, such as a gazebo or detached garage. You will need to purchase additional coverage if you want these extra structures to be covered for physical damage.

Content(s) coverage

Contents coverage is another type of basic home insurance that will likely be part of your Hamilton policy. It is designed to protect personal belongings inside your home if they are lost or damaged due to an insured risk. Insured risks for contents coverage are similar to those for dwelling coverage, often including fire, theft, vandalism, and other weather-related events. Further, the personal belongings that contents coverage can pay to repair or replace include clothing, furniture, electronics, artwork, and more.

Please note that when adding contents coverage to your Hamilton home insurance policy, it is important to pick a limit that is similar to the value of the items inside your home. This way, in the event of a total loss, such as a house fire, you would receive a payout to cover the cost of replacing all lost items in your home. If standard contents coverage isn’t enough because your home contains many high-value items, whether they be musical instruments, fine jewellery, or vintage wine, consider buying high-value home insurance. A BrokerLink insurance advisor can explain how this works and ensure you choose a coverage limit that accurately reflects the value of your personal belongings.

Personal liability coverage

Hamilton homeowners should also make sure that they add personal liability coverage to their home insurance plans. Why? This is the only type of coverage offering financial protection in case of a third-party claim. For instance, if a third party, such as a friend or neighbour, accidentally injures themselves while visiting their property or suffers personal property damage in your home, they could file a legal claim against you. Lawsuits can be expensive, but with personal liability coverage, your insurer would help cover the associated costs. Types of expenses that liability insurance may cover include medical bills, repair bills, and legal fees.

Enhanced home insurance coverage in Hamilton

The types of home insurance coverage listed above are the most basic. If you want enhanced coverage, as many Hamilton homeowners do, you must add extra protection to your policy. There are all kinds of additional home insurance coverages that can be added to your plan. That said, they may not all be suited to your needs.

If you rent out part of your home via a home-sharing service, such as Airbnb or VRBO, you will need to add Airbnb or accommodation insurance to your policy. Further, if you plan to renovate your home soon, it’s a smart idea to add home renovations insurance so you're protected against any damage that occurs during this time. For other types of extra home insurance coverage that may be of interest to you, keep reading:

Home business coverage

Home business coverage protects against losses or damage related to business activities in your home. Basic home insurance only covers personal home use, not business use. Thus, if you run a business out of your home or even work from home frequently, you may need to add this type of coverage to your policy. With this coverage, you will be protected if any losses, damage, or liability issues arise from these business activities.

For example, when customers visit your home regularly, one of them could injure themselves on your property and sue you. Alternatively, if you store inventory in your home and a theft breaks in and steals it, your home insurance plan would only cover you if you had home business coverage or a separate commercial insurance policy. To learn more about how home business coverage works, contact BrokerLink today.

Equipment breakdown coverage

Do you want to be financially secure in the event that one of your expensive household appliances suffers an internal breakdown? That’s what equipment breakdown coverage offers. When you add this type of coverage to your Hamilton home insurance plan, you can receive compensation in the event that a piece of equipment in your home suffers a mechanical or electrical failure. A few types of common household items that are covered by equipment breakdown insurance include dishwashers, refrigerators, dryers, furnaces, ovens, washing machines, and air conditioners. Please note that equipment breakdown coverage does not cover general wear and tear.

Sewer backup coverage

Sewer backup coverage is one of two main types of flood insurance that you can add to your Hamilton home insurance plan. It will protect you in the event that a sewer backup occurs in your home and results in water damage. Without this type of coverage, you would not be protected against water damage and would be on the hook for paying for the cost of repairs and replacements on your own.

Overland water coverage

Overland water coverage is the second type of flood insurance that is popular in Hamilton. Given that Hamilton is situated on Lake Ontario, this type of coverage may be important. That’s because overland water insurance covers water damage to your home caused by flooding due to a nearby lake/river, overflow, heavy rain, or rapid snow melt.

Factors impacting Hamilton home insurance premiums

Hamilton home insurance premiums vary due to the fact that each home and homeowner is different. Insurance companies will consider all sorts of factors when assessing your rates. Some of these factors may include:

• How valuable your home is
• How safe and desirable your neighbourhood is
• How close your home is located to emergency services
• The age and condition of the roof on your home
• The type, age, and condition of the heating system that your Hamilton home uses (older systems like oil tanks or wood stoves may lead to higher premiums)
• The type, age, and condition of the electrical system in your Hamilton home
• The type, age, and condition of the plumbing system in your Hamilton home
• Whether your Hamilton home is equipped with a security system, and if so, what type of system it has
• If there are any additional or detached structures on your property that need to be insured

Given how many factors come into play when insurers calculate Hamilton home insurance rates, your best bet is to request an insurance quote. BrokerLink offers free and accurate insurance quotes that will reveal how much you can expect to pay for a policy.

Saving money on Hamilton home insurance just got easier

Stop overspending and start saving on Hamilton home insurance today. Protecting your home shouldn’t cost you an arm and a leg. BrokerLink will make sure it doesn’t by offering all kinds of valuable tips and advice to help you lower your premium. Continue reading for a few of our best broker-approved tips:

Remove extra coverage you no longer need

If you want to lower your Hamilton home insurance premium, you can start by removing coverage you no longer need. The next time that your policy is up for renewal ask a BrokerLink insurance advisor to review it. They can offer a professional opinion on what types of coverage make sense for you and your home and what types of coverage may no longer be valid. By removing coverage or by modifying your policy in other ways, such as raising deductibles or lowering coverage limits, you can reduce your premium and save money.

Install a burglar alarm system on your Hamilton property

Installing a home security system somewhere on your Hamilton property is another way to minimize how much you pay for home insurance. Home security systems, especially those monitored 24/7, can make you eligible for a home insurance discount. This is because monitored homes tend to deter thieves or make thieves and burglars less likely to be successful. Since your odds of theft will be lower, an insurance company may agree to offer you a discount on your Hamilton home insurance coverage.

Bundle home and auto policies in Hamilton

Did you know that bundling home and auto policies can result in a significant discount? It’s true. You can qualify for major savings when you purchase two or more products from the same provider. Not all types of policies can be bundled, but home insurance and auto insurance usually can be. You might also be able to bundle home insurance with recreational vehicle insurance or with a second type of property insurance, such as vacation home insurance.

Pick a high home insurance deductible for your Hamilton coverage

Choosing high home insurance deductibles is another way to reduce your Hamilton premium. Since premiums and deductibles are directly linked, you can lower one by raising the other. Specifically, you can lower your premium by raising your deductible because higher deductibles mean less financial responsibility for the insurance company. In turn, an insurance company will reward you for this by charging you less for home insurance.

Add solar panels to your Hamilton home

Some Ontario insurance companies now offer discounts to homeowners who take extra steps to make their homes more energy-efficient, such as by installing solar panels on their rooftops.

Outfit your home with a sewer backup prevention device or sump pump

There is nothing worse than water damage. Thankfully, you can help prevent flooding and sewer backups by installing a sump pump or sewer backup prevention device on your property. Even better, when you add these types of devices to your home, your insurance company may give you a discount. This can help offset the extra cost of adding sewer backup coverage or overland water coverage to your policy.

We’re in your community

BrokerLink aims to assist Hamilton homeowners and renters in finding the ideal policies for their properties. We can also help you find car insurance, pet insurance, and commercial insurance. No matter your budget or insurance needs, we will work with you to find a policy that aligns with them. Contact us today to find out more about BrokerLink’s customer-driven insurance experience.

Contact us

At Hamilton 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 Ontario location. No matter how you contact us, a BrokerLink insurance advisor will happily assist you. We also encourage you to take advantage of our free online quote tool, which provides a competitive quote in minutes.

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Hamilton property insurance FAQs

Is home insurance legally required in Hamilton, Ontario?

 

No. You are not legally required to purchase home insurance in Hamilton. The Ontario government does not mandate it. That said, most homeowners choose to buy property insurance due to the protection it provides. Further, suppose you have an active mortgage loan, or you lease your home. In that case, you might be contractually obligated to purchase home insurance for the duration of your mortgage contract or lease agreement, respectively. You can find out more about how tenant and renters insurance works for renters by reaching out to an insurance professional in your area.

How do I lower my home insurance premium in Hamilton?

Whether you want to actively lower your premium or simply avoid an insurance premium increase, you can do so in many ways. Many insurance companies offer discounts to homeowners, such as the insurance discount for a home alarm system. You can also receive a discount if you install a sump pump or sewer backup prevention device in your home. Selecting high policy deductibles, paying for your plan yearly rather than monthly, and making all payments on time can help you keep your premium low.

How do I avoid a fire in my Hamilton home?

To avoid a fire in your Hamilton home, practice fire safety on a daily basis. This means never leaving open flames unattended or plugging too many appliances into one outlet. It also means testing your smoke detectors regularly and having a working fire extinguisher in your home.

What isn’t covered by Hamilton home insurance?

You should not expect your Hamilton home insurance to cover damage caused by wear and tear or neglect. No home insurance policy will cover either. In addition, if you leave your home vacant for a period of 30 days or more and damage occurs, your home insurance plan will not cover you unless you purchased a vacant insurance rider. The same goes for home sharing. You will not be covered for a rental unit or home-sharing operation unless you purchase this type of coverage. Lastly, if your home suffers a loss or damage due to renovations or business operations, you also will not be covered unless you purchased home renovations insurance or home business insurance.

If you have any questions, contact one of our local branches.