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This website compares home insurance quotes to help clients find the most suitable policy at the best rate possible. The website will gather information such as location of home, home history, and occupants in home to search up more than 50+ quotes from multiple insurance companies to find you the most suitable policy at the best rate possible.

I feel that this is a very resourceful website when looking to purchase home insurance because it can help you save money by providing the lowest rate possible for your standard home insurance needs. I also feel that you gain confidence in purchasing home insurance after comparing quotes on Kanetix because it gives you an insight on your best choices possible.

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It's more than just a roof over your head, it's your home. It's where everything that matters, is found. It's also likely your biggest investment which is why home insurance is essential for homeowners. A home insurance policy safeguards not only the house itself and your personal effects, but it also protects you and your family personally with liability coverage.

What is home insurance?

In a word, a homeowner's insurance policy is protection. Home insurance offers financial protection should an incident like fire or theft require repair or replacement of your home or your belongings. Home insurance covers the physical structure of your house and your possessions. It also provides coverage for your personal liability should you be held legally responsible for injuries or property damage that you unintentionally cause.

Do I need home insurance? Are homeowners required to have home insurance in Canada?

If you have a mortgage, then yes, it's likely required by your lender. Once you're mortgage-free, however, technically you could decide not to have it, but forgoing home insurance is definitely not recommended. There's too much at risk, financially, to skip out on home insurance. Think of the expenses involved-and the hit to your overall finances-if there's a fire that causes considerable damage to all, or parts, of your home; a tree snaps during a storm and lands on your roof; or, you're sued because someone slipped on the path leading to your door after a snowfall. It's a gamble not worth taking because the outcome could affect your financial wellbeing for life.

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It's more than just a roof over your head, it's your home. It's where everything that matters, is found. It's also likely your biggest investment which is why home insurance is essential for homeowners. A home insurance policy safeguards not only the house itself and your personal effects, but it also protects you and your family personally with liability coverage.

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Website #2: Financial Services Commission of Ontario

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Website #2: Financial Services Commission of Ontario

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This website summarizes what's home insurance, importance of home insurance, types of home insurance policies, optional and additional coverage's, and common activities affecting your coverage's.

I think this website provides homeowners with important information because before looking to purchase a home insurance policy you should have an idea of what benefits home insurance provides for you. Home insurance helps cover financial loss that occurs to your property or damage caused to others on your property. Another reason I'd say the information on this website is important is because it gives you knowledge on coverage's that aren't included in your policy that can be added with additional costs.

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Your home is probably your biggest investment, and when damage or loss occurs, it can be emotionally, and financially devastating. Home insurance is a way to protect your home and your possessions against financial loss if they are damaged, lost or stolen. Home insurance can cover living expenses if you are temporarily unable to live in your home due to an insured loss, and most standard policies protect you from financial liability in case someone is injured on your property, or if you cause damage to someone else's property.

When you purchase a home insurance policy, you agree to pay premiums, and the insurance company agrees to pay for certain losses if they occur. To learn more specifically about home insurance, condo insurance or tenant insurance, visit Types of Home Insurance.

What's on this page:

As outlined on the Insurance Bureau of Canada's (IBC) website , there are several types of home insurance policy you can purchase. They include:

"no-frills" policies offering coverage to properties that don't meet normal insurance standards;

"standard" policies also known as 'named perils' which only cover insured perils (events and occurrences that may put your home at risk) specifically stated in the policy;

"broad" policies which are considered the mid-tier policy (more coverage than a standard policy but less than a comprehensive policy); and

"comprehensive" policies which cover the building, personal liability and all risks.

Speak with an insurance agent or broker to find the policy that suits your needs. To verify that an insurance agent is licensed in Ontario, visit FSCO's Agents Licensed in Ontario. Visit the Registered Insurance Brokers of Ontario's website for a list of licensed insurance brokers.

The amount of coverage you need will be determined by factors such as the value of your home and contents, the location and age of the home, and the risk you pose to the insurer. Home insurance policies typically offer three or more types of coverage, including dwelling, contents, and personal liability. Common risks like fire and theft are typically covered by standard policies, but you may have unique needs or valuables that require extra coverage. Check with your insurance agent or broker to make sure you have enough coverage.

Dwelling

Home insurance covers damage or loss to the dwelling (actual building) you live in, be it a house, apartment or condo. There are events and occurrences that may put your home at risk. These are known as insured perils, and standard home insurance policies apply these to your dwelling and contents. This will be clearly stated in your home insurance policy. Insured perils include things like:

Fire

Lightning strikes

Smoke (if caused by malfunctioning cooking devices or heaters, but not fireplaces)

Theft

Water damage (check to see which types of water damage your policy covers)

Wind

Aircraft or vehicle impact

Explosion

Falling objects (except those caused by earthquake or snow slide)

When shopping for home insurance, compare policies carefully to see which insured perils are covered and which are not. Some perils, like "Electrical surge" or "Electrical current" may be defined differently. You should also check if there are any insured perils that are more likely to occur in your area. The insured perils and their limits can affect your premiums, so you need to balance your desired coverage with your budget.

Contents

Contents coverage insures your possessions against theft, damage or vandalism. Contents coverage typically covers all of the items you own - furniture, furnishings, clothing, electronics, sports equipment, bicycles, boats and toys. Each insurance company sets their own contents coverage limits on specific items, so shop around for the coverage that suits your needs.

Discuss your needs with an insurance agent or broker, and ask about purchasing extra coverage for valuable items like jewellery, bikes, electronic equipment and art. You'll need to provide receipts and appraisals for valuable items, and provide model and serial numbers where applicable. It's a good idea to provide photos and video of the contents of your home. To learn how to take a home inventory, visit Take Inventory of Your Home.

Personal liability

If someone gets injured on your property, you could be held responsible for legal and medical costs. If your condo pipes leak and cause damage to another unit, you are responsible for repairs and replacement costs. Most basic home insurance policies offer some type of Personal Liability coverage, and the amount and type of coverage will affect your premiums. Compare policies carefully to determine which liability coverage suits your needs and your budget.

Some home insurance policies may also cover you for liability against any cyber bullying that originates from your property. Be sure to check with your insurance company or insurance representative to understand if this liability is covered in your policy and to what extent.

Uninsured activities

Uninsured activities, also known as exclusions, are risks which insurance companies will not cover, such as:

home-sharing activities (for example, if you Airbnb your home, this will require separate insurance and not all insurers offer it)

criminal activities (for example, if you purposely damage your property to file an insurance claim, it's fraud.) If you intentionally injure someone on your property, you could be charged under the law, and any insurance claim would be denied.

moral risk:not taking proper care or disregarding measures to protect your home because you know the insurance company will replace something if it's damaged or stolen (for example, not installing a smoke alarm because you have fire insurance.)

business use (for example, running a home-based craft business, accounting or repair services, delivery services, or any side business, no matter how small.)

A standard home insurance policy will ensure that you are covered for the insured perils listed in your policy. However, some disasters are not typically covered, meaning that you could face expensive repair or replacement costs yourself.

For example, if the sewer backed up into your basement, could you afford to replace everything, including walls, flooring, furniture, and all your possessions? If the ground shifted, could you afford to repair a cracked foundation?

For those events that are not covered in your standard policy, you may want to purchase extra coverage, also known as endorsements or riders. Common endorsements include:

Flood: also known as overland water, this endorsement covers damage caused by bodies of water overflowing onto dry land. If you live in a flood plain, this coverage may not be available to purchase.

Windstorm: covers damage to the structure of the building, broken windows, damaged contents and cleaning up debris. Water damage from rain and hail may not be covered.

Sewer back up: covers damage caused by backed up sewers, drains, toilets and showers. Sewer back up is not typically covered under standard policies.

Scheduled Personal Articles: if you have valuable items such as jewellery, electronics, fine art, collectibles, bikes or boats, you may need to purchase extra coverage to protect them fully. You need to provide current appraisals to the insurer in order to get the right amount of coverage.

Equipment breakdown: covers unforeseen breakdowns (not general wear and tear) in major pieces of equipment like laundry and kitchen appliances, heating and air-conditioning systems, security systems and computers.

Guaranteed Replacement Cost: ensures that you receive the full amount needed to repair your home or replace contents, without any reduction for depreciation, to the limit insured. Most standard policies pay out anActual Cash Value which is determined by subtracting the depreciation value from theReplacement Cost Value.

Earthquake: earthquakes are not included in most standard policies; however, if an earthquake caused a fire, the fire damage would be covered. An earthquake endorsement insures against earthquake damage, and may also entitle the homeowner to additional living expensesif they are unable to live in the home.

Umbrella policy: your home and auto insurance policies may not fully cover the costs of a lawsuit or claim against you. An umbrella policy can cover expenses outside the limits of your other policies. Not all insurance companies offer umbrella policies, so speak to an insurance agent or broker to see if it's an option you should consider.

Your home insurance policy is designed for you based on information you provide about your home, contents and activities. Most standard policies list policy conditions which you must fulfill to maintain coverage, and if you break the conditions, your actions can affect your coverage. This could mean your insurer refuses your claim or your home insurance policy becomes void. If you engage in the following activities, your insurer may deem this as increased risk to your home:

Renovations: adding square footage, additions, upgrades or swimming pools can substantially change the value and risk of your house. Inform your insurance company of any renovations to ensure that you have adequate coverage.

Being away for long periods of time without someone checking on your house: if you're away for an extended amount of time (check the specific time frame in your policy), make sure someone is checking on your house. If you're away in the winter, you should also drain your pipes to make sure they don't burst while you're gone.

Not maintaining your house: if you don't maintain your house and complete repairs as needed, any resulting damages may not be covered by your insurer. For example, if you don't replace missing roof shingles, and as a result, get water damage in your walls, that damage may not be covered.

Starting or running a home business: home insurance is not business insurance. Losses that result from business activities, as well as losses to the business itself (damaged stock, inability to use the work space) will not be covered under your home insurance policy. Disclose all home business activities, no matter how small the business is, and make sure you have coverage for those activities.

When purchasing home, condo or tenant insurance, it is important you disclose information about your home and its contents to your insurance agent/ broker or company to ensure you have adequate coverage. While you may think that disclosing certain information could raise your premium, it actually provides better protection for your home and its contents when there is loss. If information is not disclosed and a loss occurs, your home insurance company may deny your claim or void your policy, leaving you with the full cost of repairs or replacement.

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Your home is probably your biggest investment, and when damage or loss occurs, it can be emotionally, and financially devastating. Home insurance is a way to protect your home and your possessions against financial loss if they are damaged, lost or stolen.

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This website provides you with a 7 step process on how you should file a claim if your property was to be damaged, destroyed, robbed, or vandalized. In the case of a robbery or vandalism the claim would be considered an 8 step process, first step being that you call the cops immediately.

I believe this website is very resourceful because now that your most valuable asset is insured what happens when an accident occurs. You will have to file a claim. Filing your first claim is probably the most difficult and confusing process if you are doing it for the first time. I believe with the information provided on this website it eases your claim process by giving you a step by step support for filing the claim.

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There are many reasons why you may need to make a property claim. After a rainstorm, sewage could back up into your basement. Your home could be burglarized and vandalized. A fire could destroy your kitchen. Or an earthquake could damage your property.

The amount you receive for your loss will depend on the type of coverage you bought. In addition to claiming for damaged or destroyed property, you may be eligible for additional living expense reimbursement, in certain circumstances, if you need to temporarily move elsewhere.

If you are the victim of theft or vandalism, contact the police right away.

7 Things to Know About a Property Claim

1. Call your insurance representative as soon as possible. Most companies have 24-hour claims service.

2. Details are critical. Provide as much information as possible about the circumstances and damage. Take photographs if it is safe to do so.

3. If your home is unfit to live in, ask your insurer about the expenses you may be entitled to, and for how long. Keep all receipts and invoices for additional living expenses after your loss.

4. A claims specialist or adjuster (who is paid by your insurance company) will contact you to investigate the circumstance of the loss, examine documentation and explain the next steps. He or she also:

1. Determines the facts related to the claim and the extent of what is covered by your insurance policy.

2. Attempts to reach an agreement with any other people involved about the amount of their loss and extent of their responsibility.

5. Your insurance company will ask you to complete and return a proof of loss form after the incident. If any of the statements you make on the form are untrue, your insurance and claim may be voided. This form lists the property and/or items that were damaged or lost, and their estimated value or cost. On the form, you will be asked to:

1. Make a complete list of all damaged, destroyed or stolen items. Attach proofs of purchase, receipts, police reports, owner's manuals and warranty, if possible.

2. Attach photos of damaged items. Keep damaged items unless they are dangerous or a health hazard. A current home inventory can help if you experience a loss.

3. Sign and swear that the statements you make in the proof of loss are true.

6. Review your policy and become familiar with specified deductibles, coverage limits and replacement values.

1. If you make a claim, the amount you receive will depend on the type of coverage you bought.

2. Insurance companies have three options for your damaged or stolen items:

Your policy requires that you take all necessary steps to limit further damage.

Ask your insurance representative if you can hire a contractor or supplier of your choice to do repairs. If so, discuss the costs. Make sure the contractor or supplier respects the price and specifications that you and your insurer agree on.

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There are many reasons why you may need to make a property claim. After a rainstorm, sewage could back up into your basement. Your home could be burglarized and vandalized. A fire could destroy your kitchen. Or an earthquake could damage your property.

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This website provides a checklist with important questions that you should ask yourself and your insurance provider before purchasing or renewing your home insurance policy.

I believe that the checklist on this website acts as a helpful guideline when purchasing home insurance and the answer to each question will differ based on each individuals’ preferences. Some individuals may even neglect some of the questions in this checklist which is totally fine as everyone has their own preferences for coverage and benefits, they want from home insurance. I think this checklist can also help you save money by answering questions such as "Is there a deductible?" which can help you keep in mind the higher the deductible the lower the premium.

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Following are some questions to ask your insurance provider before you purchase or renew your insurance:

What kind of homeowners policy do I have, and who/what is covered under it?

How do I know if I am adequately insured?

What is not covered in my homeowners policy? (These are called "exclusions.")

Do I have replacement cost? Guaranteed replacement cost?

What are the limitations on valuables, like jewellery, silverware, and computers?

What does my policy cover me for in terms of water damage?

What optional coverages should I consider?

What is my deductible? How much money can I save on my premium by choosing a higher deductible?

What safety features can I install that will help me save money and increase my protection?

Does the company offer 24-hour claims service?

When you have a claim...

Am I covered? For how much? (If not, why not? Show me where in the policy it explains that.)

Is there a deductible? How much?

Can I get assistance right now to make temporary repairs? How do I go about arranging the repairs?

What do I need to do to file my claim as soon as possible?

How long will it take to settle my claim?

Please note, these questions are intended as a helpful guideline only, and are not meant to be exhaustive.

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Home Insurance Checklist - Insurance-Canada.ca

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Following are some questions to ask your insurance provider before you purchase or renew your insurance: What kind of homeowners policy do I have, and who/what is covered under it? How do I know if I am adequately insured? What is not covered in my homeowners policy?

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This video provides a brief summary of general factors that affect and determine the cost of home insurance. Factors that affect and determine the cost of home insurance are age of home, reconstruction cost, claims history, home location, distance to fire department, potential hazards, and safety features.

I chose this video because the visuals were appealing and the information was delivered in a brief and understandable manner. I also believe the content in this video is very resourceful when purchasing home insurance as you will gain a better understanding on choosing the most effective policy at the best rate possible.

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Insurance 101: What Determines the Cost of Homeowners Insurance?

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This video provides a brief summary of what coverage's are included in your standard home insurance policy. The standard home insurance policy provides property coverages and liability coverages. Property coverage's include dwelling, other structures, personal property, and loss of use. Liability coverage's include personal liabilities and medical payments.

I chose this video because it was very simple and brief. The visuals and information of the video were also delivered in an appealing and understandable manner. They also explain that some of the exclusions in the home insurance policy include flooding and that it can be added to your policy for additional costs if you're located in an area with higher risks of flooding.

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In this video they discuss 5 common major mistakes homeowners make that can affect your home insurance coverages and liabilities. The 5 common major mistakes consist of failing to get permit for renovation, hiring unlicensed professionals for renovation, starting business from home, unattended home while on vacation, and major renovations not reported to insurer.

I chose this video because it teaches you activities that homeowners should avoid before consulting an insurer or a professional about it to avoid financial losses from being under insured. One thing I found interesting and think is a very common mistake is renovating your home and not having enough insurance to cover for it in the case of an incident because of the lack of communication with the insurer. I feel that many people forget to tell the insurers of the renovation or neglect the importance of the insurers knowing of the renovation causing the home to be under insured and not being able to be fully covered in the event of an incident. Make sure to report all renovations to your home to avoid financial loss.

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5 Major Mistakes That Can Affect Home Insurance

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In this video she provides home insurance tips that would be helpful for first time home buyers and owners. She discusses 3 important tips that helps on purchasing home insurance. The 3 important tips she discusses include comparing coverages, escrow mortgage payments with insurance payments, and evaluate risks.

I chose this video because it provides valuable tips to first time home buyer/owners on how and where to start when finding, evaluating, and purchasing home insurance for the time. One new thing I learned from this video was combining monthly insurance payments into the mortgage payments which then your lender pays the yearly premium as well.

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Home Insurance Tips for the First Time Home Buyer

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This image displays a list of contents that can be included in your household inventory documentation.

I find this image useful because it is easy to read and shows how you can organize and document your household inventory list. The importance of maintaining a household inventory list like in the image is to protect valuables within your household if it were to be damaged or stolen.

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This image shows statistics of the most common home insurance claims in Canada (2017).

This was an interesting image because almost 50% of the claims were due to water damage. The 10.5% hail damage also surprised me as I thought it would be lower.

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1. What did you learn about your topic that surprised you the most?

One thing that surprised me the most about this top was that leaving your home unattended can affect your insurance which sounded a little odd. After more research I understood that if you were to leave your house vacant for a long time while on vacation or something insurance would not cover any incidents that occur during that period and will be your primary responsibility for any losses.

2. Provide a real-life example of how this topic is relevant or interesting
for you.

I think home insurance is a relevant topic to me because maybe 10 years after I'm out of school I want to be able to purchase my own house. Once I find a home to purchase, I will have to go through the whole process of finding a home insurance policy that offers me the most suitable and best rate possible. I feel that some of the resources from this assignment can help me with that. That's why home insurance is a relevant topic to me.

3. If you could pass on your knowledge to a family member or friend, what
do you think is the most important thing to pass on?

I think the most important information I would pass on to my family or friends is to let their insurers know of their new renovations to their home so that they are not under insured if any damages were to occur.

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Welcome to my padlet! Here you will be provided with useful resources to gain knowledge about home insurance. You'll learn about the costs, factors, benefits, and influences associated with purchasing home insurance.