All the home insurance coverage you could ever need
As insurance experts, BrokerLink knows what coverage our customers need, and we find it for you by reaching out to Canada’s top insurance companies. For example, if you have high-value items in your home like jewellery or artwork, we will find you a high-value home insurance policy. Alternatively, if you are looking to protect a rental property, cottage, or residential home, we can also find coverage for that. Keep reading to learn more about how home insurance coverage works and how you can expect it to cover your property:
Dwelling coverage
First up is dwelling coverage. You can expect to see dwelling coverage on most types of home insurance policies. Why? It protects against the physical structure of your home, which most policyholders need and want. In other words, this kind of coverage pertains to the outside of your home, not its contents or the land it sits on. If your home suffers property damage that is caused by one of the perils listed below, so long as that peril is named in your policy, you can receive compensation from your insurer. A list of perils that may be covered by your Thorold home insurance plan are:
- Fire
- Lightning
- Smoke
- Theft
- Wind
- Car / aircraft impact
- Explosion
- Falling objects
Content(s) coverage
Thorold policyholders are also likely to find content(s) coverage in their home insurance plans. It is a component of basic home insurance coverage throughout Ontario and is designed to protect the personal items and belongings inside your home. As a policyholder, it is up to you to choose how much content(s) coverage to purchase. Keep in mind that the more valuable your items, the more coverage you will need. So if your home has items beyond the typical furniture, electronics, clothing, etc., such as expensive musical instruments, vintage wine, or fine jewellery, you will need to raise your coverage limit or purchase a high-value home insurance policy. As with dwelling coverage, an insurer will only compensate you for damages to your belongings if they are damaged by a named peril.
Third party liability coverage
Third party liability insurance, sometimes referred to as personal liability insurance, is also a home insurance coverage staple. While dwelling and contents coverage aim to protect your home from physical damage, third party liability coverage is intended to protect policyholders from the potential cost of a legal claim or lawsuit. Specifically, this coverage can protect you if a third party files a bodily injury or property damage claim against you. Should this occur, your insurer may reimburse you for costs associated with the claim, including but not limited to legal fees, repair bills, medical expenses, etc.
What other coverage should I add to my Thorold home insurance plan?
Other coverages that Thorold homeowners may find worthwhile include the following:
Business coverage
Adding business coverage to your property insurance plan is important if you want to be protected against damage or losses that may occur due to the operation of your home business. Failure to add commercial coverage to your policy could be the difference between paying for a claim out-of-pocket and being covered by your insurer. Keep in mind that having a home business isn’t the only reason why business coverage might be required. Even working remotely part-time can affect your home insurance policy, especially if clients visit your home or you have high-value electronics in your home for business purposes. Contact BrokerLink to learn more about the work from home impact on home insurance.
Equipment breakdown coverage
Equipment breakdown coverage is a great option if you want added peace of mind. This additional coverage covers what no other coverage does - the equipment in your home. This means your washer, dryer, refrigerator, oven, dishwasher, furnace, air conditioner, home security system, and more. All of these pieces of equipment are not only expensive but integral to the functioning of your home. Mitigate the financial ramifications of a core piece of household equipment breaking down by purchasing an equipment breakdown endorsement. When you add this type of coverage to your Thorold home insurance plan, you can be reimbursed for the cost of repairing or replacing a piece of equipment that breaks down to a mechanical or electrical failure.
Sewer backup coverage
Sewer backup coverage is a form of flooding insurance that can protect your home from water damage coming from your sink, toilet or pipes. In the case of sewer backup coverage, it can specifically protect your home if wastewater or sewage backs up and comes out of the drains in your home.
Overland water coverage
Overland water coverage is another type of flooding protection that may be worthwhile for Thorold homeowners, especially given Thorold’s close proximity to two great lakes. This type of coverage offers financial protection against water damage to your home that is caused by a nearby lake/river, overflow, heavy rain, or rapid snow melt.
For expert advice on what additional coverage you should add to your Thorold home insurance policy, contact BrokerLink. We will assess your needs, including the unique features of your home like the age of its plumbing system, electrical system, and heating system, along with the weather-related risks that buildings in the area face. From there, we can offer our professional opinion on the best coverage for your needs.
Situations where your Thorold property insurance policy may not protect you
Ontario home insurance policies are not all-inclusive. What this means is that even the most comprehensive home insurance policies have their limitations. These limitations will be outlined in your specific policy’s terms and conditions, and while these vary, there are a few situations that most home insurance policies will not protect against. They are as follows:
- A home being rented: If you offer your home up as a short-term rental or even part of your home like a spare room or basement suite, your policy likely will not protect you. This means that if a guest were to damage part of your home, you may have to pay for the cost out-of-pocket as your insurer would likely reject the claim unless additional rental property coverage had been added.
- An empty or vacant home: Most insurance companies consider a vacant home as one that has been empty for 30 consecutive days or longer. Since an empty home comes with a heightened risk of theft, you may need to purchase additional coverage if you want your existing home insurance policy to cover you.
- A neglected or unmaintained home: As a homeowner, it is your responsibility to ensure your home does not fall into a state of disrepair. Neglecting your home could result in void coverage, especially if damage occurs that directly results from your failure to maintain.
- Home renovations: Most property insurance plans in Thorold do not cover damage that occurs while your home is undergoing renovation. So before the contractor arrives, contact an insurance broker or agent to inform them of your plans.
Save big on Thorold home insurance with these tips
Affordable home insurance might sound like an oxymoron, but it can be your reality if you follow the tips below. BrokerLink’s team of Thorold insurance advisors put together a foolproof guide to saving money on Thorold home insurance. We firmly believe that insurance shouldn’t break the bank and ensure it doesn’t by shopping around for our customers and comparing quotes. We also love providing expert tips on ways that our Thorold customers can pay as little as possible for their policies, such as those below:
- Review your home insurance coverage annually to check if it’s still working for you
- Add a monitored alarm system to your Thorold home
- Bundle home and auto policies and save up to 15%
- Raise the deductible on your home insurance policy by $500 to $1,000
- Pay for your Thorold residential property insurance annually rather than monthly and save on transaction fees
- Do not buy a Thorold home with a swimming pool
- Purchase a property in close proximity to a fire hydrant or fire station
- Ask an insurance broker about other home insurance discounts you may be eligible for, such as through your employer or educational institution
Contact a BrokerLink insurance broker in Thorold for more money-saving tips
We saved the best for last. Beyond all of the helpful, broker-approved tips listed above, perhaps the best way of saving money on home insurance is by contacting a broker. When you enlist the help of a broker on your home insurance journey, you will have an experienced professional by your side who will do everything they can to ensure you get the best rate possible. We understand that many customers have tight budgets, and we will have no trouble working within such constraints. Get in touch with a broker today, tell us about your coverage needs, and ideal price range, and we’ll get to work!
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As integral members of the Thorold community, we have your back. No matter your insurance needs, we will work together to find coverage that suits them. Contact us to learn more about our wide-ranging home, auto, and commercial insurance solutions.
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If you’re a member of a group or association, you may be eligible for more discounts.
Contact us
At Thorold 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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Thorold property insurance FAQs
Why should I work with Thorold insurance professionals for home insurance?
There are many reasons that Thorold customers choose to work with insurance brokers. First and foremost, brokers are insurance experts, and a lot of customers do not have time to learn about the ins and outs of the insurance industry. By contacting a broker, they can take advantage of their expertise and receive professional guidance throughout the entire process. Brokers are also known to save customers time and money, which are two major perks.
If I rent a home in Thorold, what type of home insurance coverage do I need?
There is a specific type of home insurance coverage available to renters and it is called tenant insurance. Tenant or renters insurance aims to fill the gap that landlord insurance leaves, as
landlord insurance does not cover a tenant’s personal belongings or liability. However, a tenant insurance policy can protect any personal items in your leased space from damage due to an insured peril and can protect you from third party liability claims. Contact an insurance broker to learn more about how tenant insurance works in Thorold.
What perils are worth including in my Thorold property insurance policy?
Some perils are strongly recommended no matter where in Canada you live. For example, fire, theft, wind, and vandalism are commonplace in home insurance plans across the country. However, there are other perils that may or may not be worthwhile depending on various geographical factors, like climate. If you live in an area prone to earthquakes or tornadoes, then adding such perils to your policy might be worthwhile, but if you don’t and you choose to add them anyway, you could end up paying more for your policy than you need to.
Speaking about Thorold specifically, since Thorold is located next to Niagara Falls, sandwiched between Lake Ontario and Lake Erie, flooding coverage may be important for Thorold policyholders. For instance, given your proximity to multiple large bodies of water, it might be wise to add sewer backup coverage and/or overland water coverage to your property insurance policy. This way, if flooding occurs and results in water damage to your home, your insurance provider will cover you.
How do I find the best property insurance company in Thorold?
There is no one insurance provider that is the best for every Thorold customer. Instead, the best insurance provider for you is the one that offers the coverage you desire at the lowest possible rate. A broker can help you find this by comparing quotes from different Thorold insurance companies on your behalf.
How does a home insurance deductible work?
Insurance deductibles work as follows: If you submit a home insurance claim and that claim is approved, you will be responsible for paying the deductible amount out-of-pocket, and only after that is paid, will the insurance company step in to cover the rest up to the policy limit. Home insurance deductibles in Thorold can range anywhere from $500 to $2,000. If you choose a $1,000 deductible, and you file a claim for damages worth $3,000, you would need to pay your $1,000 deductible first, after which your insurance company would pay the remaining $2,000.
Please note that many factors can influence Thorold home insurance premiums and deductibles are one of them. Typically, Thorold home insurance plans with lower deductibles are costlier than plans with higher deductibles.
How do I know what home insurance coverage I need?
To determine what types and amounts of home insurance coverage you need, you will need to assess your home, budget, and personal preferences. First, the type of property you want to insure can affect the type of coverage you need. For example, the coverage needs for a rental property might be different than that of a condo or vacation home. Further, your budget will impact how much coverage you can afford, as well as what limits and deductibles you can afford. As you might suspect, the greater your coverage, the higher your limits, and the lower your deductibles, the more expensive your policy will be.
Lastly, your personal preferences will also come into play. If you are risk-averse, then you may find that purchasing additional coverage, like sewer backup coverage, overland water coverage, or equipment breakdown coverage is worthwhile. Conversely, other policyholders might decide that a standard homeowner’s insurance policy is enough for them, so they opt for dwelling, content(s), and third party liability coverage only.
Will my Thorold home insurance policy renew on its own?
Maybe. Some insurance policies will automatically renew. However, as the policyholder, you always have the option of cancelling your policy before it renews automatically.. Whether you like the convenience of automatic policy renewals or not, we recommend reviewing your Thorold home insurance policy with help from a broker before renewal time. A broker can determine if your current policy is still meeting your needs and budget, and if not, they can suggest ways of amending it. They can even shop around for other policies in case they are able to find you better coverage at a better rate.
Do I need to buy property insurance in Thorold?
Maybe. If you have an existing mortgage contract or lease agreement, then you may be required to buy property insurance according to the terms of the agreement. However, if you are not a renter and/or bought your home without a mortgage loan, then home insurance is likely not required. That said, it is still beneficial to many Thorold residents, so even if it’s not mandatory, it is strongly recommended.
How do I find affordable home insurance in Thorold?
Working with an insurance broker who understands the local home insurance industry is the most effective way of finding affordable property insurance in Thorold. An insurance broker will help you find your ideal coverage at a reasonable rate that’s within your budget.
How can I obtain a home insurance quote?
You can obtain a home insurance quote for your Thorold home by getting in touch with an insurance broker or agent. Both insurance brokers and insurance companies offer quotes to prospective customers, and often these quotes are free of charge. Home insurance quotes can be requested online, on an insurance broker or company’s website, over the phone, or in person.
If you have any questions, contact one of our local branches.
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