Finding the best home insurance in Oakville, ON
Property insurance isn't mandatory in the province of Ontario the same way auto insurance is. It's not regulated on a provincial level, although it may be needed if you have a mortgage and your financial institution wants proof of coverage. This is the same way that landlords might require their tenants to carry tenant insurance before allowing you to sign a lease agreement. But, similar to other insurance policies, home insurance in Oakville varies based on each policyholder's individual needs and the insurer that they're with. It's a good idea to familiarize yourself with what your policy includes. This will prevent any surprises if the time ever comes to make a claim. Knowing you're fully insured can grant you significant peace of mind.
The list below contains a couple of samples of what your standard home insurance in Oakville could include:
- Fire
- Lightning
- Earthquake
- Flood
- Hail
- Hurricane
- Power Outage
- Tornado
- Wildfire
- Winter Freeze
Every policy is subject to uninsurable perils, which are specific risks that are too great to be insured. For example, if your home is located particularly close to a large body of water, it may not be eligible for flood insurance. Other perils may automatically be excluded as they don't fall into the nature of accidental or sudden/unexpected, such as losses due to lack of maintenance, wear and tear, and infestation.
What is included in my Oakville home insurance?
Home insurance policies are complex by nature, covering your property against what seems like every event under the sun to just a few. The range of your protection varies based on which insurance carrier you're with, the options you choose, and what you're eligible for. The only instance where you might be asked to carry a certain level of coverage is if you have a mortgage and your lender requires a certain minimum. Keep reading to learn what may be included in a standard policy:
Property coverage
Dwelling insurance or property coverage insures homeowners against a range of perils that could damage their physical property. It can cover the structure you reside in, in addition to any private structures on your land, like a pool, shed or signage/landscaping. The dwelling portion of your coverage may kick in to cover the repair or restoration costs if your property is damaged as a result of numerous different perils. What's included in your policy may vary based on the amount of coverage you buy.
Personal liability coverage
This portion of your coverage is arguably one of the most important components in a policy since a personal liability claim can easily cost you tens of thousands, if not hundreds of thousands of dollars. Although personal liability claims are rare, they can happen if a third party injures themselves while visiting your home. They can also happen if you or a household member is liable for damages to someone else's property. Your coverage can protect you from all sorts of expenses pertaining to a liability claim, including legal and medical fees.
Contents coverage
Where dwelling insurance covers the physical structure of your building, contents coverage insures your belongings, such as your furniture, electronics, jewellery, clothing, and so on. It may cover them for the same perils as your dwelling is insured for. Many insurers will have you purchase additional coverage for high-value items, like heirlooms and furs.
What isn't included in my Oakville home insurance?
In the same way an insurance policy can include so many different perils and events, it can also exclude some items. Depending on the extent of your policy, you may have coverage for everything listed in your policy or everything that isn't specifically excluded. All in all, insurance won't cover everything (as much as we'd like it to.) Listed below are a few things you might not have coverage for:
Lack of maintenance
Lack of maintenance, often resulting in wear and tear, is essentially never covered by any policy. This is because as a homeowner, you are expected to take care of your home, and failing to maintain is something you will end up being responsible for. Taking good care of your home can save money in the long run.
Home vacancy
Different carriers define vacancy differently, but you will find that every company agrees on the same thing: a vacant home is a vulnerable home. If you leave your property empty for a long period of time without telling your insurer, you could risk your claims being denied and your policy voided. Get in touch with your provider before going away for a longer vacation to ask about coverage options during a period where your home is unoccupied.
Homesharing
Homesharing is gaining popularity in modern times, with many travellers opting to use Airbnb over a hotel stay. It's cheaper, for the most part, and it can be a great source of supplemental income for homeowners. If you plan to rent out your home for a short period of time using a platform like Airbnb or VRBO, inform your insurance advisor, first. Failing to do so can void your policy.
Undisclosed modifications
It's important to note that renovations can be covered by your home insurance in Oakville, but only so long as you've informed your insurance broker and reviewed your coverage when making plans to upgrade. Some renovations can help save you money on your insurance, such as if you remodel an outdated electrical wiring system. Others may influence your rates more negatively, like an expensive kitchen makeover, but you'll still want to inform your insurer of those updates to prevent any claims from being denied.
What does it cost to buy home insurance in Oakville?
Purchasing home insurance in Oakville doesn't come with a set price, because every policy is different. As such, every policy ends up being priced differently. Factors impacting your home insurance rates in the province of Ontario range from your personal insurance history to the condition, age, and value of your property. The insurance industry operates on risk profile, and everyone's risk profile varies based on different factors. Most insurers will look at things like the total cost to restore your home, claims history, the age of your home, how much coverage you have, and so on when calculating your rates, and then weigh these characteristics based on the database that they have.
The benefit of working with a broker from BrokerLink is that you'll get an expert who knows how to find you coverage that fits your individual situation and works within your budget. Every insurer has a different way of weighing the various key factors that determine your rates, and our brokers will find you an insurance provider that weighs them in your favour for the best possible price.
For an estimate of what you'll pay, request a free Oakville home insurance quote by using our quick quote generator. You can do this from the convenience of wherever you are.
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How to save on home insurance in Oakville: 5 tips
Your mortgage company may have made it a requirement for you to purchase home insurance in Oakville. You won't be able to avoid it in this case, even it it isn't mandated provincially. Still, having home insurance can be a great help, as it protects your property against direct physical losses, covers you if you are held liable for a third party's injuries or damage to their property, and overall grants you peace of mind. This isn't to say anyone loves paying for their home insurance in Oakville - but it shouldn't have to burn a hole in your wallet.
BrokerLink has the inside scoop on all the best ways to save costs. See our top five tips on how to reduce your insurance premiums:
1. Renovate your home
Some home renovations may wind up costing you more because there's more now to repair or restore if property damage occurs. But did you know that some home renovations can actually help you save money? Home insurance companies may charge more for older homes, but you can combat this increase by renovating your home's older systems, like its plumbing, electrical, and heating systems so that they're up-to-date and less likely to malfunction.
2. Bundle policies to save
Insurance providers want your business, and they'll incentivize you by offering discounts to return customers. That's right - if you already have another insurance policy, consider switching it over to the same provider as your home insurance. Oakville residents may benefit from a bundling discount of between 10% and 15% by doing so, and it's just that much more convenient to have all of your insurance protection through the same place!
3. Pay upfront
Whether your policy term is six months or twelve, paying upfront for the entire duration can save you money. Many companies will charge administrative fees for every payment you choose to make, so paying off your insurance in an single installment versus six or twelve can save you money. If you have the option of monthly versus upfront, be sure to ask about additional fees for each payment if you opt for the former.
4. Be mindful of hazardous features
Swimming pools are a tremendous liability risk and, while fun, they can sometimes be more costly than they're worth. Having a pool, especially an unfenced pool, is a vulnerability and may cause your premiums to increase. If it's an option, purchase a home without and hit up the local swimming pool instead. If you desperately want a pool, make sure it's fenced and always supervised - especially if children are using it.
5. Shop around with an insurance broker
This last point should go without saying, but saving on your Oakville home insurance is easiest when you work with a broker from BrokerLink. We can find you the right insurance company for your needs, work within your budget, and do the work for you - so you don't have to! Your home insurance coverage shouldn't be burning a hole in your wallet, and with our help, it doesn't have to.
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About BrokerLink
There are so many options out there, and without an expert in your corner it can be tough to make what you feel is the right decision. BrokerLink has decades of experience working in insurance and with a reach that expands across 200+ branches in Canada, we have experts in Oakville who are ready to help you, too. We make shopping for home insurance in Oakville a breeze with access to top-notch markets and unparalleled customer service.
It's possible to find the best home insurance in Oakville at the best price with our local BrokerLink insurance experts. We want to make sure that what you wanted covered is covered, with no surprises. We deliver what you need by beginning with a little discussion about you: about your house, your belongings, and your insurance history. Once we have a clear picture of what you need, we get free competitive home insurance quotes in Oakville so you can compare.
We're in your community
What's better than knowing that your very own insurance broker is also your neighbour, too? With insider knowledge from living and working in the communities we serve, we have an easier time understanding the needs of homeowners in Oakville. We love meeting and helping our neighbours and can't wait to get in touch with you.
Have a chat with one of our expert, local Oakville home insurance brokers today to find out just how we get you the best protection at the best possible price. We're excited to help you get the homeowners insurance you deserve.
Local Ontario Insurance Links
If you’re a member of a group or association, you may be eligible for more discounts.
Contact us
Truth be told, we never want you to have to make a claim. It's an unfortunate and stressful situation for all involved, but we don't live in a perfect world where accidents never happen. Insurance exists to get you back to normal, whatever normal is. We're happy to discuss your insurance needs in whatever medium is most appropriate for you and your time, whether that's in person at one of our offices in Ontario, over the phone, or by email.
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Commonly asked questions about Oakville home insurance
How do I save money? Is home insurance required? Who's the best insurance carrier? Questions like this and more can be answered with ease - all you need to do is give us a call and connect during our working hours and we'll be happy to address any concerns you may have. But if you're not really feeling like talking to a human, don't worry. We have compiled a list of some of our most frequently asked questions and answered them for you below:
Does my home insurance cover me for smoke damage?
Fire damage insurance is pretty standard among home policies, and used to be one of the only things a home might be insured for. You might be wondering if that extends to any damages not pertaining necessarily to the fire itself, but to the smoke. Smoke can cause considerable damage to a property, leaving black dust and an oily residue on the surfaces it touches. It can blacken areas and while it may not destroy rooms entirely, it can weaken the structure of your house and leave a nasty smell in its wake.
Standard home insurance will include coverage for smoke damage and cleanup, even if the smoke entered your home not from a fire started in your own house, but from a fire in the next house over where the smoke wafted in through your windows and vents.
What is additional living expenses?
Additional living expenses is a type of coverage you can include in your home insurance. Oakville residents may benefit from this protection if they ever come upon a situation where they are forced to temporarily evacuate from their home as a result of an insurable loss and they need to find alternative living arrangements for the time being. This coverage can reimburse you and your family during this time of need for the cost of a hotel stay, food costs, clothing, childcare, and more, until you can get back on your feet.
To note, additional living expenses only covers costs without reason, so planning a stay at a 5-star luxury hotel and eating out at expensive restaurants every night probably isn't the best idea during this time.
Do I need overland water insurance?
Overland water insurance is one of those optional coverage add-ons you can purchase for an increased premium that insures your home against fresh water that flows above ground. Many cases of water damage will not be covered by standard property insurance, save for cases where an insured peril causes a vulnerability through which rain or groundwater enters. Another endorsement worth considering that is offered by most insurance providers is sewer backup insurance, which covers your home if it is damaged due to sewer backup.
Water damage is one of the biggest causes of property damage in Ontario, so be sure to ask your broker about eligibility for these add-ons.
Is property insurance in Oakville mandatory?
While home insurance in Oakville is not provincially regulated, it may be required by a mortgage company. This is often a lot of the reason why homeowners choose to purchase insurance, but we still highly recommend it even if your mortgage has been paid off! Having insurance protects your property against physical losses, it can protect you against any medical bills, legal costs, or repair costs you're liable for, and it can generally give you peace of mind, knowing you're protected.
Will a monitored burglar alarm help me save on my insurance premiums?
Some approved alarm systems, such as monitored alarms with cameras, can save you on your insurance costs. Only recognized systems will qualify for a
alarm system discount, so be sure to ask your broker which systems are the best bang for your buck. A lot of these systems, especially the higher-end ones, will be relatively expensive upfront and may come with some considerable maintenance fees, so it's important to check how much of a discount you might end up receiving before buying to be sure you will actually be saving money.
Is homeowners insurance tax deductible?
Homeowners insurance is not tax deductible, but mortgage insurance may be. The only circumstances where your home insurance might be deductible is if your home is a rental property, if you use part of it as an office, or if you operate a business out of your home. Note, however, that any business activities you do on your property will need to be disclosed to your insurer as they may need to be insured through a separate commercial policy.
If you have any questions, contact one of our local branches.
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