Homeowners insurance is a type of property insurance that covers a private residence. This insurance policy combines various personal insurance protections, including losses occurring to your home, its contents, loss of use (additional living expenses), or loss of other valuable possessions within the residence. The primary objective of Homeowners Insurance is to provide coverage for your personal belongings and home from covered perils.

Most homeowners need some level of Homeowners Insurance. If you have a mortgage on your home, your lender will require you to buy and maintain a certain amount of coverage. Even if you own your home outright, though, it is still a good idea to insure it.

A typical homeowner’s insurance policy has eight primary coverages split over two sections.  The first section provides coverage for:

• Dwelling Building – where you live
• Detached Private Structures – include sheds, detached garages, pool houses, etc.
• Personal Property/Contents – clothing, furniture, electronics, jewellery, etc.
• Additional Living Expenses – for when you need to live elsewhere temporarily while your home is being repaired after an insured loss

The second section is where you will find the liability coverages that protect your household if the homeowners are found responsible for 3^rd party injuries or property damage:

• Personal 3^rd Party Liability – for when you’re legally liable for injury or damage to 3^rd parties
• Voluntary Medical Payments – to provide a small sum to compensate people accidentally injured by an insured
• Voluntary Payment for Property Damage – provides a small sum to pay for accidents caused by an insured
• Voluntary Compensation for Residence Employees – for workers who work on your premises, such as cleaners, landscapers, and pool cleaners

Homeowners Insurance typically covers the following perils, but not limited to:

• Fire
• Wind storms
• Hail
• Lightning
• Theft
• Vandalism.
• Flood
• Earthquake
• and more.

Coverage for other perils may be available depending on the policy. Homeowners Insurance allows customized coverage based on your unique needs if you need additional protection. Simply let us know what you need and we will do our best to serve you!

The cost of a Homeowners Insurance premium will depend on variables specific to your home:

• Applicant Details
• Age of Building
• Claims History
• Construction Type
• Contents
• Current Location
• Deductibles
• Home Value
• Specified Coverage
• and more

You are a few clicks away from obtaining your homeowners policy! Complete our online application and get your free quote e-mailed to you!

Please note that completing our application for an insurance policy does not cost anything or require you to proceed with the coverage once a quote is provided – customer service is our priority.

Homeowners Insurance is used interchangeably with home insurance and is the same thing.

Homeowners Insurance is intended for homes that are the insured’s primary residence. Some rental activities are allowed; for example, you could rent your basement to a long-term or short-term tenant like on Airbnb. You could also have Homeowners Insurance for your primary home, a vacation home, a seasonal, or a secondary dwelling.

Landlord Insurance typically refers to insurance on commercial or residential buildings that are fully rented out. This means that you are not occupying any part of the premise. Also, Landlord Insurance is intended for long-term rental rather than a one-time, short-term rental. The biggest difference between a Homeowners Insurance policy and Landlord Insurance is the different type of occupancy you are declaring. Rather than declaring the premise your main residence, it is a rental property.

The driving force influencing the Homeowners Insurance premium is how likely the homeowner is to file claims. If you live in a quiet and peaceful neighbourhood with a low crime rate, and your house was recently constructed, you will probably get better rates than if you live in a house that was built in the 1960s that is close to the coast with an older heating system.

Security system: A security system like a burglar alarm, camera, and smoke alarm detector tied directly to the local police department or fire department can reduce your premiums.

Choose higher deductible: Deductible is how much you pay out of pocket before the insurance company pays for a covered loss. The higher the deductible, the lower the premium. However, keep in mind that little problems that cost a few $100 can add up, such as leaks caused by melting snow or water damage.

Renovations and Building Features: If you plan to build detached structures on your property, you should consider the construction method and available materials at your disposal. Some materials, such as wood, are highly flammable compared to cement or concrete and therefore drive the price of your premium. Keep in mind that potentially dangerous structures such as a swimming pool can also increase your premium.

If you have made improvements that would lower your premium, notify your insurer of the changes along with proof!