What does home insurance in Prince Edward County cover?
Since home insurance is not regulated the same way that other insurance products, like auto insurance or sometimes commercial insurance is, there's no minimum amount of coverage that you'll be needing to carry and therefore no real "exact" number of things that your home insurance may cover. There are several types of home insurance in Prince Edward County, any of which might be of benefit to you and your residence.
Home insurance covers you and your household for insurable perils. A peril is an event or risk that could pose a threat to your home. For example, a peril could be something like an object falling through your roof, or a lit candle falling over and causing a residential fire. Not every home is eligible for every coverage that there is, depending on where they are located. For assistance in choosing the most comprehensive coverage for your home, seek the advice of your local BrokerLink insurance experts.
The list below contains several samples of some popular insurable perils:
- Fire
- Smoke
- Lightning
- Earthquake
- Flood
- Hail
- Hurricane
- Power Outage
- Tornado
- Wildfire
- Winter Freeze
Depending on your policy type, your documents may contain a list of exclusions or exclude anything that is not specifically covered. For example, most insurance policies tend not to insure maintenance costs, wear-and-tear damages, or infestation. Also, most plans do not include sewer backup, earthquakes, or overland water unless an endorsement is purchased.
Types of home insurance in Prince Edward County
Making a decision about the "type" or "level" of coverage that you want is no easy thing. With the help of BrokerLink's expert insurance brokers, you may be able to make that decision easier. For the most part, home insurance in Prince Edward County includes three main things: your contents, liability insurance, and your physical dwelling. What exactly is covered under those different insurance types is dependent on your policy and the level of coverage that you chose. We will work with you personally to ensure you get the right level of home insurance. Prince Edward County residents may have the following coverage:
Dwelling
This is where tenant and home insurance tend to differ. Your home insurance policy contains coverage for the physical structure of your property, from its foundation to its attic. It may insure your home against the cost of reconstructing its structure should you experience a risk or hazard that is insured according to your policy documents. Events covered may include fires, windstorms, explosions, hail storms, vandalism, lightning, and so on. Features that are permanently attached or installed fixtures may also be covered under dwelling protection.
Contents
In your home, you may have any number of appliances, electronics, furniture, clothing, etc., which are covered under this portion of your insurance. Contents coverage, which is also included in renters insurance, may insure your possessions up until a specific dollar amount against insured perils, such as residential fire, vandalism, storms, explosions, falling objects, and so on. Some items which are deemed higher-value, such as any art, collectibles, or sporting equipment may need separate insurance coverage in the form of a jewellery rider to be covered.
Liability
Your liability coverage, or your third-party liability insurance, is one portion of your coverage that, for some, is arguably the most important. If you or a member of your family is held liable for a visitor, passerby, or even a delivery person's bodily injury or property damage, you could be left on the hook for repair costs, medical bills, or even legal fees. This is also true if the individual is injured or their property is damaged while visiting your home. Liability coverage insures you for any consequential costs. Some bodily injury claims can scale into tens of thousands of dollars.
How much does home insurance in Prince Edward County cost?
The cost of home insurance in Prince Edward County may range between $1,000-$1,750, but this is only a vague average. In some places in the world, the cost to insure a home each year can range upwards of $3,000 - for a home that is valued at around $200,000! There are a lot of variables when it comes to insuring homes in Canada, and unfortunately, some of those variables are entirely out of our control. With sharp increases in the cost of building materials, labour costs going up, and global natural disasters, we're seeing insurance rates higher than ever. Luckily, with BrokerLink, your rates don't have to break the bank.
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How are my rates for home insurance in Prince Edward County calculated?
Underwriting is a careful process by which an insurance company will utilize and compare your demographics against an existing database full of various statistics. Accurate underwriting is a good thing, and can actually help lower-risk homeowners to save money considerably by allotting higher rates to more high-risk homeowners. Underwriting accuracy evolves by the year. By understanding what statistics are examined when calculating rates, you as a homeowner can learn easier how best to save money.
Here are a few examples of the key factors that can affect your insurance premiums:
You and your household
Yes, you and your family members will be a factor in the total amount you may pay for your insurance. Your property is, of course, a considerable factor, but insurers will also examine your own existing variables and demographics when gauging how much you will pay:
- Your gender, marital status, and age: Although this has more weight when it comes to your auto insurance, these demographics can significantly affect your rates as well. Each person in your household may be considered.
- Your existing insurance history: How many claims you have made, the severity of those claims, and also how long you have been insured may affect your rates.
- Previous cancellations: Being cancelled isn't always because you were a "bad homeowner." Sometimes, being cancelled can come as a result of having your insurer cease servicing a location or product. It can also happen due to non-payment, which unfortunately can result in higher rates and difficulties getting re-insured.
The characteristics of your property
The cost of home insurance in Prince Edward County is largely based on the value of your home and its several characteristics. You may see variety based on:
- The contents of your home and their value: The more coverage you need, the more it will cost. Also, higher-value items will require additional coverage, which will need to be purchased for an additional premium.
- The value of your home: The more your home costs (not accounting for the land it is on) the more it may cost to rebuild or repair. Your insurance coverage should reflect the total cost it would take to rebuild your home as it stands.
- The condition and age of your home: Newer homes often are charged less for their rates because they're sturdier with recently renovated systems and may be less likely to experience damages in the event of a weather event.
- The materials your home was built from: How available are these materials? How expensive are they? This factor can impact the cost of your insurance.
While all of the above factors can be tweaked for more affordable insurance, unfortunately, there are factors which could be out of your control and still negatively affect your rates. Those factors include global weather events, local conditions, and other natural disasters. The rising cost of building materials has resulted in record-high insurance rates all around the world. Inflation is also something that may be negatively impacted your insurance rates, which unfortunately is not something you can personally change.
To combat this, it is highly advised you regularly review your coverage with a broker to ensure that your insurance coverage can consistently meet your needs.
BrokerLink's hot tips and tricks for saving money on your home insurance in Prince Edward County
As you can see from the various factors listed above, home insurance policies are priced based on a seemingly endless database of statistics. Home insurance is an expense that can cost you a thousand or so dollars each year, and for many young homeowners or residents who have a tight budget, it's worth looking into all the additional options to achieve the best savings possible. It can be a bit of a process, spending all that time online looking for the best prices from the best company. Worry not - BrokerLink has your back, and we're here to give you all the best ways to save without causing you to drop any critical coverage.
We're dedicated to you, our customers. Not only will you get the best quote from us, but you can go several steps further and check out our list of hot tips and tricks for saving money on your home insurance in Prince Edward County. Connect with a broker today for personal insights on all the best ways to reduce your costs. Get professional advice tailored to your own circumstances and needs for the best premiums, or see our list of top tips below for saving costs on your home insurance rates in Prince Edward County:
Qualify for a multi-policy insurance discount
If you drive as well, you likely already have an auto insurance policy. Switching insurers so that you are bundling home and auto policies and that they are insured under the same "roof" can win you a discount of up to 10%, per policy! Not only this but insuring your vehicle or another asset through the same provider as your home insurance provider is simply more convenient. You can access all your documents in the same place, make changes to both policies at the same time as your circumstances change, etc.
Raise your deductible amount
Selecting a higher deductible is a very popular means of lowering insurance rates. It's the amount you'll pay upon submitting a claim that is then approved; your insurer will step in to pay the remainder once you have paid your deductible. By raising this amount, you will want to ensure that it is financially feasible to pay it if an unexpected event occurs where you will need to submit a claim. Failing to pay your deductible can result in your claim being denied, and you may end up having to pay for the repairs out of your own pocket.
Perform regular home maintenance
It's your duty as a good homeowner to ensure that your home and all your assets are looked after securely, just as you would take your vehicle in to be regularly serviced. Inspecting your roof, checking your various appliances to ensure they're in good working order, and sweeping debris off your property are all parts of proper home maintenance. Adequate maintenance can mitigate the odds of you needing to make a claim and can help you to identify small issues before they worsen and spiral out of control.
Do your comparisons with an insurance broker
Nothing beats having the expertise of someone with decades of experience in the industry. A broker from BrokerLink has the market access you need to get competitive insurance quotes for your home insurance in Prince Edward County, and plus they will get to know you so that they can better understand how much coverage you required, the type of coverage you need, what your best options are, and, of course, how to get you amazing rates.
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Skip the pool
Pools are great fun, but unfortunately, they pose a significant liability risk. Many homes with pools tend to pay much more for their insurance premiums due to the added exposure that pools pose. Unfenced pools can be hazardous to young children or even inebriated adults who aren't capable of pulling themselves out of the water. Avoid the pool altogether and hit up the local swimming spot instead! Or, if you really can't cope with the idea of going pool-less, consider fencing your pool and having someone to monitor at all times when the pool is in use.
Local Ontario Insurance Links
If you’re a member of a group or association, you may be eligible for more discounts.
Why BrokerLink?
It's so much easier to buy insurance when you can get competitive home insurance quotes in Prince Edward County in just five minutes with BrokerLink. As a 100% independent and Canadian-owned brokerage with 200+ branches throughout Canada, we rely on our personal reach through the communities we serve to determine your insurance needs best and get you the best coverage you need at an even greater price. Connecting with one of our experts is a surefire way to get the right coverage in less time than ever.
We're in your community
Look no further than within your very own community for all your insurance needs. Your own neighbour may very well be a BrokerLink insurance broker in Prince Edward County. Although we believe in technology being used to advance the insurance industry and underwriting processes, nothing beats a personal touch when finding the insurance coverage you need. Whether it's a car insurance policy, pet insurance policy, or anything else, you can get what you need and more from one of our local insurance experts. We can't wait to meet our neighbours here in beautiful Prince Edward County.
Contact us
Gone are the days of having to head to your local brokerage and waiting for hours just to speak to your representative. With BrokerLink, we offer three means to contact us: over the phone, by email, or in person (and we promise you won't be waiting in a line that stretches out the door!) While we're always happy to chat about your insurance needs over a coffee, face-to-face, we understand that everyone's lifestyle is very different and that some people are too busy to come in! Contact us during our business hours in whatever way you see fit and we'll get started on finding you great coverage ASAP.
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Prince Edward County home insurance FAQs
If a loss ever does happen, know that we've got your back. Accidents happen, and while we really do hope that insurance can protect you from all the bad things happening, insuring your home isn't magic. All we can do is give you recourse so you can get back to living as well as you did pre-loss. That being said, insurance is complex, and it can be overwhelming to try to understand the process and to know what your coverage includes. We're here to put your mind at ease. See below for some of our most frequently asked questions about your home insurance in Prince Edward County:
Is landlord insurance like home insurance?
In some ways, yes. Landlord insurance and home insurance both protect physical property and the property owner's liability, but home insurance might be better compared to tenant insurance. The key difference between these two is that a home policy protects the physical dwelling of the property, whereas tenant insurance includes only the renter's contents, and their liability.
The difference between renters insurance and landlord insurance, on the other hand, is that landlord insurance is essentially the master policy for the entire building. It covers property damage to common areas, the physical structure, and includes liability coverage for the landlord. Renters insurance is to insure the renter, their contents, and their liability.
Does my home insurance cover septic tanks?
If you own a home with a septic tank, well - it can be something else. For homeowners who have septic tanks, you have to be concerned with a whole other host of issues that homeowners who are serviced by municipal sewers don't even have to think about. Septic tank backup is one.
A standard policy will not cover regular wear and tear damage to septic tanks, but it may cover sudden damage. Unfortunately, a lot of issues with septic tanks can be traced back to human error, like flushing solids and oils, not having proper drainage, etc. To avoid having your claims denied, be sure to do regular maintenance and damage prevention on your septic tank system.
When do I need to change my address on my insurance policy?
Planning to move? If so, great! But note that you will need to inform your broker as soon as possible about your
change of address. You’ll need to register your new address as soon as you know about your move-in date. This means you can receive your insurance documents via the mail and so that your insurance coverage can be updated accordingly, as your new location may necessitate a change in coverage.
What is vacation property insurance?
Similar to home insurance,
vacation property and cottage insurance are seasonal property insurance policies that account for the fact that your seasonal property is not your primary residence, may have different elements, and may not be occupied year-round. Contact a broker to discuss ways you can insure your seasonal property, and make sure to inform them if you plan to rent out your seasonal property when it is not in-use.
If you have any questions, contact one of our local branches.
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