What home insurance in Peterborough covers
A "peril" in insurance lingo is virtually a risk or an event that your home may be insured for. It varies depending on your insurance policy and the extent of your protection, so it's important to review your policy documents and the wording contained within those documents. Various home insurance companies in Peterborough may offer protection for different items, but they may also exclude specific risks depending on your situation. For example, not all homeowners are eligible for flood insurance if they live in a popular flood plane. When choosing coverage, it's important to be conscious of your insurance needs and select options based on what is most relevant to your situation. Ask about insurance for certain perils if you feel that is relevant to you. A Peterborough home insurance broker from BrokerLink will give you the assistance you need to get the best insurance, and they really know insurance, so you won't be left to figure it all out on your own.
While the following list doesn't cover all of what could be covered in your policy, it contains some examples of what might be:
- Fire
- Lightning
- Earthquake
- Flood
- Hail
- Hurricane
- Power Outage
- Tornado
- Volcano
- Wildfire
- Winter Freeze
Just as you should be aware of what your policy does cover, you should also note which perils and events your policy might exclude. An average policy does not include coverage for general wear and tear, maintenance costs, or infestations.
Peterborough home insurance categories
Insurance policies can be very complex in nature, covering everything under the sun or just your basic dwelling from common perils. You can class home insurance into three separate categories. It's a wise idea to pay specific attention to the differences in how perils are excluded or included, as this is how categories are differentiated:
Basic
Even with basic home insurance, Peterborough insurance companies may vary in what they offer for this bare-bones coverage. You can generally expect a basic home insurance policy in Peterborough to cover your home for damages as a result of lightning, windstorms, fire, and hail. What is actually included in your basic coverage may vary from home to home, but only what is specifically listed in your policy will be insured.
Broad
Broad coverage goes a step above basic coverage and serves as a form of generalized protection for your home. From broad coverage, you will be insured for a wide array of different perils and events. In addition to what was listed under basic coverage, you may receive protection against vandalism and theft. Your broad protection may also include coverage for unforeseen damages like burst pipes. Be sure to discuss with your insurance broker what is excluded from your broad home insurance policy, as perils must be specifically listed to be covered.
Comprehensive
As the most extensive form of home insurance coverage, comprehensive protection insures you and your property against damages from a large range of different potential causes. Still, some perils and events may be specifically excluded - and will be listed as such in your documents. Many homeowners opt for comprehensive coverage, as this enhanced form of protection gives them the most peace of mind, knowing that if there were any damages to their home, they'd have coverage for it.
Average cost of home insurance in Peterborough
Insurance doesn't come free, but it needn't break the bank. An affordable policy is within your reach with the help of BrokerLink's dedicated, informed insurance brokers. The actual cost of home insurance in Peterborough tends to vary by home, individual circumstances, and insurance company. The best way to determine how much you will pay for your home insurance is to get a free quote with BrokerLink. Our advisors can get you multiple quotes for your house so that you can see the difference between options rather than having just a single means of protection. This process is quick, free, and accessible. Moreover, chatting with a broker, like our experts at BrokerLink, can significantly cut down on the time you would have otherwise spent scouring the Internet for different options and cuts down on costs by getting you customized coverage without any catch.
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Here is how your home insurance premiums in Peterborough are calculated
As mentioned previously, Peterborough home insurance varies in cost depending on your personal needs, your life, the type of residence you own, and more. Saving on costs is much easier when you know what factors are involved in your finalized insurance policy.
Below is a list of the main factors which will impact your insurance costs:
1. Information about your family and yourself
Home insurance costs are impacted, yes, by the home you live in, but also factors about you and who you are. Factors that are considered often include:
- Your existing insurance history - The longer you've been insured (and the less claims you make during this period) the more likely your insurance providers are to assess your risk with greater confidence. Young policyholders have difficulty with finding insurance as a result of a lack of credit history or a lack of insurance history.
- Your claims' history - Tying in with the factor above, if you have made lots of claims in the past, you'll likely find your insurance rates impacted in the future. For those with a history of multiple or many severe claims, your insurance company may judge you to have a higher likelihood of needing to make another claim.
- Past cancellations - Some cancellations are out of our control, such as if an insurance company stopped serving our area, but cancellations due to non-payment can raise some red flags and make it difficult to find affordable insurance.
2. The type of home you have and information about it
Variation between home insurance costs can be largely attributed to the kind of residence you have, as well as its factors. Those can include:
- The location of your home - You can expect to pay more for your coverage if your home is located in an environment prone to crime, high-claim rates due to severe weather, or if your home is near any hazardous features, like downtown or a large body of water.
- Your home's condition and its age - Some older homes won't be subject to sky-high rates if they've made consistent and frequent renovations to ensure their homes are equipped to brunt the elements, but oftentimes a home in poor condition (old or new) will end up paying more for its insurance each month.
- The value of your home - How much your home would cost to repair/replace is a huge factor in your final cost. Generally, the more your home is worth, the more it would take to insure completely.
- Your home's contents - Every home insurance policy in Peterborough contains three components: physical dwelling coverage, liability, and contents coverage. If you have a lot of high-value belongings, you may need to purchase extra coverage to have these insured.
Depending on the insurance company, some factors are weighed more heavily than others. Ultimately, it depends on the individual insurance company. Acknowledging what goes into your rates can help you easier understand your price point.
Tips for getting the best Peterborough home insurance rates
A lot of characteristics will factor into how much you may pay for your home insurance in Peterborough. With so many different variables at play, it can be daunting trying to think of a way to get a more affordable price. With BrokerLink's market access, you can be confident in our ability to compare options with your needs and budget in mind. But that's just the icing on the cake. There are plenty of ways to get reduced insurance.
We're here to get you amazing coverage and offer great service, and then some. We know how to get the best price when it comes to home insurance. Peterborough residents can check out our list of tips below to make a more informed decision when selecting their coverage:
1. Bundle multiple policies
Purchasing all your insurance policies under one roof isn't only convenient, but it offers a great opportunity to save. For example, if you'd had your home and auto insurance through the same company, you could qualify for a discount of 10-15% on both policies. The actual deduction amount may vary, but ultimately it's a great way to reap the convenience of having all your insurance documentation in a single place plus cutting some costs.
2. Be a good homeowner
As part of your insurance agreement, it is expected of you to be a good homeowner. This means taking care of your home and looking after it as you would any treasured asset. If your home needs repairs due to an outdated system, you take the time to do those repairs. If any damages or events result as a lack of maintenance, they may not be covered. Proper maintenance and due diligence can reduce your risk of financial loss.
3. Review your coverage annually
Sometimes, situations change. By reviewing your coverage frequently, you can remove or add on coverage as you need it. If you have downsized or gotten rid of any valuables at home, it might do you good to remove some of your coverage and therefore qualify for an insurance reduction. You can always enlist Peterborough's home insurance brokers from BrokerLink to help you do your yearly review.
4. Purchase a monitoring or alarm system
Insurance companies may reward you with a discount for installing approved alarm and security systems. Note that some systems may have a significant upfront cost, so it would do you well to do your research or consult with a broker to gauge which system offers the biggest reduction and the most cost-savings. Not all monitoring systems will qualify for a discount.
5. Increase your deductible amount
Your deductible is representative of the shared risk between you and your insurer. For car insurance, your deductible is a required payout if you were partly or fully at-fault in an accident, or if the other driver is uninsured/underinsured or cannot be identified. For home insurance, your deductible may almost always apply when you make a claim. Raising your deductible amount can qualify you for insurance reductions.
Local Ontario Insurance Links
If you’re a member of a group or association, you may be eligible for more discounts.
About BrokerLink
Here at Peterborough BrokerLink, our advisors are more than happy to help you begin your journey to better home insurance in Peterborough. We believe that the act of insuring your property is beyond a one-and-done deal, and our experts will remain in your corner throughout your time with us and continue to curate expertly crafted solutions, however your situation changes. We even find you protection for your cars, businesses, recreational items, and your beloved family pets.
We are beyond happy to create a customized Peterborough home insurance policy that contains the best mixture of content and property insurance for you. Our insurance brokers work hard to help our customers find competitive home insurance quotes and ensure that the rate you get is the best possible for your circumstances. With the right home insurance in Peterborough, you can rest easy, knowing that the things you love are well taken care of. In the end, it's all part of being a responsible homeowner.
We're in your community
One of the great benefits of a BrokerLink insurance professional is that we offer the insider scoop on insurance with an in-depth knowledge of what it's like to live in Peterborough. Why? Because we live here, too. With over 200+ branches throughout Canada, many of our professionals have decided to call Peterborough their home, too. We find our neighbours' coverage options easier thanks to our understanding of Peterborough.
No matter where you choose to live in Peterborough, it's important that you take the time to find the right home insurance coverage. In Peterborough, home insurance is a critical step in purchasing a brand-new home, as it protects your investment and any valuables you own from unforeseen circumstances which could result in loss or damage. BrokerLink's friendly insurance experts are happy to help you find proper home insurance protection for you and your specific needs.
Contact us
One of the best things about working with BrokerLink is getting the pleasant experience of working with our expert, friendly brokers. We give you the inside scoop on discounts and benefits which can help you save the most money, while also getting you the best coverage thanks to our access to top markets. It's a seamless experience, and it all begins with either a call, an email, or a visit in-person to one of our local branches during our working hours. We're happy to chat over a coffee, whether that's a coffee shared face-to-face or chatting over the phone while you're comfortable in your own home.
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Peterborough home insurance FAQs
Getting back to what matters is the most important thing. Unfortunately, that can be difficult if you don't understand what you're covered for. BrokerLink strives to make buying insurance easier by showing you the best options available and helping you choose the perfect policy. As Peterborough's trusted insurer of homes, let us answer any questions you may have. See our frequently asked questions for answers to some of our customer's most common inquiries:
Do I need business or commercial insurance if I run a home-based business?
Oftentimes, entrepreneurs or professionals who work from home wonder if their home-based business will be covered by their home insurance. Peterborough residents who have clients visit their home or keep a large inventory of work supplies and equipment in their home may not be insured under their home policy, but would rather need to acquire separate coverage in the form of
business/commercial insurance. A standalone business insurance policy may also be necessary depending on your industry.
Does farm insurance cover a private farm house, or do I need home insurance?
It can. One policy can be written to cover your home and farm buildings, and oftentimes it can be easier to have this all under one roof.
Is home insurance mandatory in Ontario?
In Ontario, home insurance is not mandatory according to provincial law, but it may be required if you have a mortgage. This is because your bank or lender will want to protect their own physical asset in the event something should go wrong. Moreover, if your home is destroyed in a total loss, you would still be required to pay off your mortgage. Your home insurance in Peterborough can help you continue to make payments.
Will I still be insured if I rent out a portion of my property to tenants?
For example, if you had rented out your entire basement suite to tenants, your standard Peterborough home insurance may not cover you. This is because renting out a portion of your home in exchange for revenue is considered business activity, and therefore any losses resulting from the renting or occupancy of rental space would not be covered. You would need to acquire separate insurance, quite possibly in the form of
landlord insurance. If you rent out your property on a short-term basis through a homesharing service like Airbnb, you may need to acquire rental insurance through your chosen platform or separately. Always disclose any rental activity you do on your property to your broker.
What is replacement value and actual cash value?
These are two terms used to describe the means of insuring your home. Replacement value is the total value it would take to fully replace your home and its contents as it stands if it were destroyed in an accident.
Actual cash value means your home is insured for its value, minus the depreciation it has suffered over the years. (I.e., your 6-year-old TV might not be worth the same amount as it was when you bought it, so you may only receive a small portion of payout with actual cash value as opposed to what you would receive with replacement value.) Actual cash value is cheaper to buy, but replacement value offers fuller insurance coverage.
If you have any questions, contact one of our local branches.
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