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Here you will learn about Home Insurance through websites, videos, and images. Home Insurance.

Home insurance can help protect a person’s home and its contents in case of theft and loss or damage to the inside and/or outside. Home insurance may cover damage or loss to one’s home, damage theft or loss of personal possessions, personal property stolen from their vehicle, damage or injury to others who visit one’s home or property, and accidental damage one may cause to someone else’s property. Home Insurance can also help cover additional living expenses if one’s home is temporarily unlivable. These additional living expenses may include living in a hotel or renting a home.

(Government of Canada, 2018).

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Understanding home insurance

Home insurance helps protect your home and your belongings in case of theft, loss or damage. It may also help cover additional living expenses if you're temporarily unable to live in your home. These may include living in a hotel or renting a home.

Your home insurance may cover:

Insurance companies may refer to home insurance as property and casualty insurance. Property and casualty insurance also includes car insurance, business insurance and disaster insurance.

Who your home insurance policy covers

Generally, your home insurance policy covers you and your family members.

If you share your home or if you rent a part of it, you must inform your insurance company.

Check with your insurance company, agent or broker to review who your policy covers.

Condominium insurance

Condominium (condo) insurance is different from home insurance. It covers damage or loss to the inside of your condo and your storage locker. It also covers personal liability claims for someone injured in your condo.

Your condo corporation has an insurance policy that covers the outside structure of the building and its common areas.

Condo insurance may pay for:

Review your condo insurance policy coverage and your condo's corporation insurance policy coverage.

Tenant's insurance

You may want to consider buying tenant's insurance if you live in an apartment or rent a home. Insurance companies may refer to it as renter's insurance.

You should have enough insurance to cover the cost of replacing everything in your home.

Tenant's insurance may pay for:

Insurance for a home-based business

Consider getting business insurance if you have a home-based business.

Home insurance isn't business insurance. If you have a home-based business, you must notify your insurer. Using your home for purposes that your insurer isn't aware of may cancel your policy.

Home insurance generally won't cover claims related to your home-based business. Your home insurance policy may provide limited coverage for damage or loss of business equipment. This coverage is only for the business equipment that is in your home. Business equipment may include computers and power tools. The limited coverage may not be enough to cover the cost of repairing or replacing your business equipment.

Home insurance won't cover:

equipment that is damaged while in your home, if used for business purposes

stolen or damaged equipment while in your vehicle or outside of your home

stolen or damaged tools while in your vehicle or outside of your home

injury to a client while visiting your home, also known as personal liability

Review your home insurance policy to confirm what coverage, if any, it will provide for a home-based business.
Learn more about the types of business insurance coverage.
Home insurance coverage

Make sure you understand what your home insurance covers. You should also understand what types of settlement to expect if you make a claim. Speak with your licensed insurance agent or registered insurance broker.

Types of home insurance coverage

Coverage is the maximum amount of money your insurance company will pay you if you make a claim.

For home insurance, you may need a combination of 2 types of coverage: personal property coverage and liability coverage.

Personal property coverage

Personal property coverage protects you from loss or damage to:

your home or personal possessions

your car

To figure out how much coverage you need, make a list of all your possessions with the following information:

This list might be useful if you need to make an insurance claim in the future.

Liability coverage

Liability coverage protects you against legal liability for losses caused by:

injury to other people

damage to the property of others

Read your policy carefully before signing. Make sure you understand what your policy does and doesn't cover.

Ask your insurance agent or broker about anything you don't understand.
Learn more about the types of home insurance coverage.
What your home insurance policy doesn't cover

Home insurance doesn't cover predictable events and certain types of unexpected events.

Unexpected events

Your home insurance may cover certain types of unexpected events or accidents such as fire, windstorm, or theft. However, unexpected events such as earthquakes and floods are usually not covered. You may need to buy additional coverage for these types of events.
Learn more about home insurance for unexpected events and disasters.
Predictable events

Your insurance company doesn't cover events that they consider predictable and related to the maintenance of your home. For example, suppose you're away for more than 4 days in a row when it's cold outside. Your home insurance may not cover damage to your home because of your pipes freezing.

Home insurance premiums

Premiums are the amount you pay to buy insurance.

When determining how much you'll pay for premiums, insurance companies may consider factors like:

the type of residence you live in, such as a single family home, semi-detached or condo

characteristics of your residence, such as materials it's made of, age, size, location, replacement value

value of your property and contents they must insure

the distance between your home and a fire hydrant or a fire station

the crime rate in your neighbourhood

your claims history

the type of policy and coverage you selected

the amount of your deductible

A deductible is the amount of your claim that you agree to pay before your insurance company pays the rest.

Shop around for the lowest insurance premiums

Your premiums will vary from one insurance company to another. Shop around, ask for quotes and compare prices before deciding on one insurance company. In some cases, you may be eligible for a discount by combining both your home and car insurance.

In certain provinces and territories, insurance companies may charge higher premiums based on your credit score.
Learn how insurance works.
Home insurance settlement options

Your insurance company will review your claim and decide how it will settle it.

When you make a claim, you're always responsible for paying the deductible. The amount of money you get from your insurance company will depend on your insurance benefits.

Actual cash value

Actual cash value coverage gives you the cost of the item when it was new, minus depreciation. Depreciation is the loss of value due to the age and condition of the item. The depreciation depends on the item insured and the insurance company.

For example, suppose a fire damages your computer. Your insurer will only cover the cost of your computer based on its reduced value at the time of the claim.

Replacement value

Replacement value coverage gives you the actual cost to replace an item following a covered loss.

For example, suppose a fire damaged your computer. You bought your computer 5 years ago for $2,000. Your insurer will cover the cost of buying a new computer of similar quality to the one you lost.

Settling a claim if you have a mortgage

If you have a mortgage, your home insurance policy will usually include a loss payee clause. A loss payee clause makes your mortgage lender your beneficiary. In case of loss or damage to your home, your insurance company will pay your lender (your beneficiary). They'll pay up to the balance of your mortgage when you submit a claim.

When you make a claim, your insurance company may, at their discretion, give the money to either:

you, so you can fix your home when you submit a claim

your lender, who would then give you the money for repairs or replacement after you submit receipts as proof

Related links

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home insurance; condominium insurance; insurance for home-based business; tenant's insurance; covrerage; premiums; settlement options;

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learn about the differences between home insurance, condominium insurance, tenant's insurance, insurance for a home-based business; learn what home insurance covers, the premiums, the settlement options.

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This video titled Home Insurance in Canada: What’s covered, what’s not, if premiums are rising and more, published by MoneySense Canada communicates many important topics regarding the overall topic of home insurance in Canada. You can find this video on their youtube channel called MoneySense Canada. This video is a great refresher tool or tool for new learners to understand the general concept of home insurance in Canada and how it can be beneficial to them. They cover topics including; what home insurance covers in Canada, what home insurance does not cover in Canada, how and if house insurance premiums are rising, etc.

I choose this video to use in research as MoneySense Canada and RH Insurance are both owned by Ratehub Inc, a website I have been using throughout the rest of my research. A piece of information that I find useful in this video, that is different from other videos in my research is how and if house insurance premiums are rising in Canada.

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Home Insurance in Canada: What’s covered, what’s not, if premiums are rising and more.

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This video titled How Much Is Home Insurance In Ontario | How Much Does House Insurance Cost In Ontario | A Must Watch published by Tradition Mutual Insurance_Kyle Wijnands provides viewers a quick and visual representation of how much home insurance costs In Ontario. You can find this video on their youtube channel called Tradition Mutual Insurance_Kyle Wijnands. This video goes over topics including; how much house insurance costs in Ontario, insurance companies who work for profit vs insurance companies who work for their customers, different factors that affect one's home insurance and provides real-life examples of how different factors can affect one's home insurance.

I choose this video to use in research as it gives insight into a lot of different factors regarding home insurance in Ontario. Pieces of information that I find useful in this video, that is different from other videos in my research are  insurance companies who work for profit vs insurance companies who work for their customers and real-life examples of how different factors can affect one's home insurance.

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How Much Is Home Insurance In Ontario | How Much Does House Insurance Cost In Ontario | A Must Watch

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This video titled 9 Tips to Save Money on Home Insurance | Square One published by Square One Insurance Services provides viewers with several different tips to save money on one’s home Insurance in Canada. You can find this video on their youtube channel called Square One Insurance Services. The nine different tips to save money on home insurance that this video provides to their viewers include; increasing your deductible, eliminate unnecessary coverages, don't over-insure your belongings, don't over-insure your home, consider potential premium increases, keep your home in good shape, replacing plastic hosing with braided steel hosing, update your home, and find a provider that offers free monthly billing.

I choose this video to use in research as it provides viewers with tips to save money on their home insurance. I find these tips useful and different compared to other videos in my research is.

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9 Tips To Save Money on Home Insurance | Square One

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This video titled Insurance Tips for Condo and Townhouse Owners | Square One published by Square One Insurance Services provides viewers with different special considerations you will need to recognize when it comes to your insurance coverages on Condo and Townhouse, how you protect condos and townhouse improvements, personal liability, contents, and more. You can find this video on their youtube channel called Square One Insurance Services. This video covers topics including; what the difference is between a condo and a townhouse, how to insure a condo or townhouse, the benefits of the condo owner's protection, how to know if you're looking at a townhouse or a condo, property taxes for condos and what happens if there’s a renter in the unit you buy.

I choose this video to use in research because buying a home doesn't just have to be for living purposes but can also be for investment purposes. Buying condos or townhouses as investment properties are very common so I thought by including this video it would provide useful tips for people who want to invest or live in a condo/townhouse. Lastly, these tips are different compared to other tips in the other videos in my research.

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Insurance Tips for Condo and Townhouse Owners | Square One

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This website, published by the Government of Canada, communicates many important topics regarding the overall topic of home insurance. It is a great refresher tool or tool for new learners to understand the general concept of home insurance and how it can be beneficial to them. The topics that this website talks about include; the definition of home insurance, why you may need home insurance, Condominium insurance, Tenant’s insurance, who a home insurance policy covers, what a home insurance policy covers, how your insurance company calculates your premiums, different home insurance settlement options and how to settle a claim if you have a mortgage.

I choose this website to use for my research as it is a reliable source as it is from the Government of Canada, the website design is easy to follow and the website can be used as a tool for many people. Pieces of information that I find useful on this website, that are different from others websites would be the communication of Condominium insurance and Tenant’s insurance.

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Understanding home insurance

Home insurance helps protect your home and your belongings in case of theft, loss or damage. It may also help cover additional living expenses if you're temporarily unable to live in your home. These may include living in a hotel or renting a home.

Your home insurance may cover:

Insurance companies may refer to home insurance as property and casualty insurance. Property and casualty insurance also includes car insurance, business insurance and disaster insurance.

Who your home insurance policy covers

Generally, your home insurance policy covers you and your family members.

If you share your home or if you rent a part of it, you must inform your insurance company.

Check with your insurance company, agent or broker to review who your policy covers.

Condominium insurance

Condominium (condo) insurance is different from home insurance. It covers damage or loss to the inside of your condo and your storage locker. It also covers personal liability claims for someone injured in your condo.

Your condo corporation has an insurance policy that covers the outside structure of the building and its common areas.

Condo insurance may pay for:

Review your condo insurance policy coverage and your condo's corporation insurance policy coverage.

Tenant's insurance

You may want to consider buying tenant's insurance if you live in an apartment or rent a home. Insurance companies may refer to it as renter's insurance.

You should have enough insurance to cover the cost of replacing everything in your home.

Tenant's insurance may pay for:

Insurance for a home-based business

Consider getting business insurance if you have a home-based business.

Home insurance isn't business insurance. If you have a home-based business, you must notify your insurer. Using your home for purposes that your insurer isn't aware of may cancel your policy.

Home insurance generally won't cover claims related to your home-based business. Your home insurance policy may provide limited coverage for damage or loss of business equipment. This coverage is only for the business equipment that is in your home. Business equipment may include computers and power tools. The limited coverage may not be enough to cover the cost of repairing or replacing your business equipment.

Home insurance won't cover:

equipment that is damaged while in your home, if used for business purposes

stolen or damaged equipment while in your vehicle or outside of your home

stolen or damaged tools while in your vehicle or outside of your home

injury to a client while visiting your home, also known as personal liability

Review your home insurance policy to confirm what coverage, if any, it will provide for a home-based business.
Learn more about the types of business insurance coverage.
Home insurance coverage

Make sure you understand what your home insurance covers. You should also understand what types of settlement to expect if you make a claim. Speak with your licensed insurance agent or registered insurance broker.

Types of home insurance coverage

Coverage is the maximum amount of money your insurance company will pay you if you make a claim.

For home insurance, you may need a combination of 2 types of coverage: personal property coverage and liability coverage.

Personal property coverage

Personal property coverage protects you from loss or damage to:

your home or personal possessions

your car

To figure out how much coverage you need, make a list of all your possessions with the following information:

This list might be useful if you need to make an insurance claim in the future.

Liability coverage

Liability coverage protects you against legal liability for losses caused by:

injury to other people

damage to the property of others

Read your policy carefully before signing. Make sure you understand what your policy does and doesn't cover.

Ask your insurance agent or broker about anything you don't understand.
Learn more about the types of home insurance coverage.
What your home insurance policy doesn't cover

Home insurance doesn't cover predictable events and certain types of unexpected events.

Unexpected events

Your home insurance may cover certain types of unexpected events or accidents such as fire, windstorm, or theft. However, unexpected events such as earthquakes and floods are usually not covered. You may need to buy additional coverage for these types of events.
Learn more about home insurance for unexpected events and disasters.
Predictable events

Your insurance company doesn't cover events that they consider predictable and related to the maintenance of your home. For example, suppose you're away for more than 4 days in a row when it's cold outside. Your home insurance may not cover damage to your home because of your pipes freezing.

Home insurance premiums

Premiums are the amount you pay to buy insurance.

When determining how much you'll pay for premiums, insurance companies may consider factors like:

the type of residence you live in, such as a single family home, semi-detached or condo

characteristics of your residence, such as materials it's made of, age, size, location, replacement value

value of your property and contents they must insure

the distance between your home and a fire hydrant or a fire station

the crime rate in your neighbourhood

your claims history

the type of policy and coverage you selected

the amount of your deductible

A deductible is the amount of your claim that you agree to pay before your insurance company pays the rest.

Shop around for the lowest insurance premiums

Your premiums will vary from one insurance company to another. Shop around, ask for quotes and compare prices before deciding on one insurance company. In some cases, you may be eligible for a discount by combining both your home and car insurance.

In certain provinces and territories, insurance companies may charge higher premiums based on your credit score.
Learn how insurance works.
Home insurance settlement options

Your insurance company will review your claim and decide how it will settle it.

When you make a claim, you're always responsible for paying the deductible. The amount of money you get from your insurance company will depend on your insurance benefits.

Actual cash value

Actual cash value coverage gives you the cost of the item when it was new, minus depreciation. Depreciation is the loss of value due to the age and condition of the item. The depreciation depends on the item insured and the insurance company.

For example, suppose a fire damages your computer. Your insurer will only cover the cost of your computer based on its reduced value at the time of the claim.

Replacement value

Replacement value coverage gives you the actual cost to replace an item following a covered loss.

For example, suppose a fire damaged your computer. You bought your computer 5 years ago for $2,000. Your insurer will cover the cost of buying a new computer of similar quality to the one you lost.

Settling a claim if you have a mortgage

If you have a mortgage, your home insurance policy will usually include a loss payee clause. A loss payee clause makes your mortgage lender your beneficiary. In case of loss or damage to your home, your insurance company will pay your lender (your beneficiary). They'll pay up to the balance of your mortgage when you submit a claim.

When you make a claim, your insurance company may, at their discretion, give the money to either:

you, so you can fix your home when you submit a claim

your lender, who would then give you the money for repairs or replacement after you submit receipts as proof

Related links

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home insurance; condominium insurance; insurance for home-based business; tenant's insurance; covrerage; premiums; settlement options;

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learn about the differences between home insurance, condominium insurance, tenant's insurance, insurance for a home-based business; learn what home insurance covers, the premiums, the settlement options.

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This website published Rate Hub, written by Matt Hands, Business Director of Insurance, communicates many important topics regarding the overall topic of home insurance. The range of information regarding all topics of home insurance you can receive from this website consists of the history of home insurance to comparing the best home insurance for you with all of the top companies in Canada. The topics that this website communicates include; an introduction to home insurance in Canada, why you should care about home insurance, how home insurance rates are calculated, how home insurance works in Canada, what the average cost is for house insurance in Canada, different types of home insurance coverage, how to get cheap home insurance quotes, how to compare home insurance quotes on Ratehub.ca, etc.

I choose this website to use for my research because it provides helpful tools to compare home insurance quotes in Canada with accuracy, and also provides a lot of important information regarding home insurance that I think will be useful to others. This website also allows you to add in your personal information, if you so please, to get the most accurate quote of home insurance prices for your home specifically. Pieces of information that I find useful on this website, that are different from other websites would be the history of how home insurance was created and different tools to help you use to compare home insurance quotes in Canada.

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In under 5 minutes, compare personalized home insurance quotes from Canada's top providers, for free.

Introduction to Canadian home insurance
Matt Hands , Business Director, Insurance

The inception of home insurance was following a weekend of fires that spread across London, U.K.

In a cafe, known as Lloyd's, underwriters gathered to create and sell policies as the demand grew in popularity. One of America's founding fathers, Benjamin Franklin, would later start the first fire insurance policy to the United States in 1752.

In Canada, our founding father, Sir John A Macdonald, was not only Canada's first prime minister but also the president of the Dominion of Canada General Insurance Company, one of the first companies to sell home insurance in Canada in 1887.

Now, there are over one hundred active home insurance companies, both public and private, offering policies in Canada.

Why should you care?

Home insurance is not a requirement by law in Canada. However, since the purchase of a home is often accompanied by a mortgage from a lender, the lender typically requires protection for their investment and in this case, home insurance is required.

However, if you own a property it's smart to have some level of house insurance to protect yourself from any uncontrollable risks like water damage, theft or fire. Home insurance is for homeowners and condo owners alike, as well as tenants who rent their space.

Remember, the cost for home insurance can fluctuate for a number of reasons including the type of home insurance (Homeowner, Condo, or Tenant), as well as regional differences where there may be a higher risk of earthquakes or floods.

Home Insurance Quotes

How to compare home insurance quotes on Ratehub.ca

Step 1: Share some information

Tell us a little about yourself and your coverage needs

Step 2: Compare quotes

We instantly show you dozens of quotes side-by-side from top providers

Step 3: Save money

Choose your quote and secure your insurance rate online, or via one of our licensed brokers

Factors impacting your home insurance premiums

There are many factors that affect the price you pay for home insurance. An insurance provider will need to know the unique details of your home: its age, the cost to repair or replace, and basic construction details for the interior workings (e.g. plumbing and electrical) and exterior features (e.g. type of roofing material used).

These details will allow a home insurance broker or an agent to more accurately assess risk and determine the probability of something going wrong before providing a quote. The more perceived risks there are with your property, or the more expensive potential repairs would be, the more your home insurance premiums will cost you.
When determining your insurance premiums, home insurance providers will look at the following 11 factors.

How home insurance works

Whether you're in a single-family house, a condominium, an apartment, or a mobile home, there is coverage to suit your unique habitation.

There are 3 main types of coverage - comprehensive, broad, and basic. The overwhelming choice for Canadians is a comprehensive home insurance policy. This is largely due to the difference in costs between the different policy types is minimal and some lenders will only offer a comprehensive policy. Plus a comprehensive policy provides you with the highest level of protection. Here's a breakdown of the three different types of home insurance policies:

Coverage

Description

Basic coverage

Also known as named perils, this is the cheapest option, but will only cover the specific risks you select that may damage your home or property. For instance, you may choose "Fire or Lightning" as a peril, to protect your home from fire or lightning, but if a thief robs your home, there would be no coverage

Broad coverage

Covers the physical structure of your home and contents for risks of direct physical loss or damage, but there are some exclusions. It only insures your contents for specifically named perils

Comprehensive coverage

The most inclusive policy covering the building and its contents from all risks, except for some optional coverages such as sewer back-up, earthquakes, or overland water.

In Canada, the average home insurance cost is $960 per year, but varies greatly on type of home, location, and other risks. It's important to compare home insurance quotes from multiple providers before purchasing to ensure you find the best rate .
compare quotes

Types of home insurance coverage

No matter the scenario - own or rent; live in a house or a condo - there is home insurance coverage for your unique situation.

A homeowner needs protection for their home, which includes mechanical assets like plumbing and electrical, as well as personal liability from someone falling on their property.

A condo owner will need to pay to protect their contents, any improvements they've made to their unit, and for personal liability coverage in the event that someone injures themselves while visiting the property.

Tenant's insurance covers a renter's personal belongings not covered under the homeowner's insurance. A tenant should also seek their own personal liability insurance in case someone injures themselves in their rental unit.

See below for more details on the different types of home insurance coverage.

Liability coverages

Home insurance coverage for any injuries that occur on your property or if you happen to damage someone else's property.

Property coverages

Protects the physical structure of your home, detached structures (e.g. shed), your contents inside your home, and in case you need to live elsewhere following a home insurance claim.

Common coverage additions & endorsements

Important additions to any home insurance quote depending on your level and tolerance of risk.

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A few things we're proud of

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How to get cheap home insurance quotes

1. Shop around and compare

At Ratehub.ca, we take the work out of monotonous phone calls and visits to many different brokerages repeating the same information over and over. By entering your information, we can give you several home insurance quotes from Canada's top home insurance providers in minutes.

2. Bundle policies

Insurers will often give a discount to consumers who get both their home and auto insurance from them. If you can, look to have both your house and car protected by the same insurer.

3. Monitored alarm systems

If you have a monitored alarm system installed, providing communication between your home security system and the central station of your security provider, you could receive a discount. This typically does not include your own cameras and motion sensor lighting. To get the discount, you must have a central station that protects your home.

4. Increase your deductible

A standard home insurance deductible is $500. If you increase your deductible, the amount you must pay before the insurance company pays the rest, they will often decrease your monthly premium.

5. Renovations

If you upgrade your electrical from knob & tube to copper wiring or upgrade your plumbing from iron and steel to plastic and copper you could see a reduction in your premiums. However, if you upgrade with more expensive finishes that would cost more to replace, you'll likely pay more

6. Ask about discounts

A new job may mean union membership, group discounts, or corporate discounts. A retiree may also save on home insurance. A yearly review is recommended to see and ask what discounts may apply to you as things change.

7. Stay with your home insurer (loyalty)

The longer you stay loyal to your home insurance provider, the more they'll reward you with discounts, especially if you remain claims free.

8. Improve credit score

If your insurer monitors your credit score, be sure to pay your bills on time and watch your credit card balance - getting close to the max could hurt your score.

Frequently asked questions about home insurance

Here are some things you can do to lower the cost of your house insurance quotes:

Increase your deductible - it's a sign you won't be filing small claims because you can afford to pay more if a risk becomes a reality.

Install an alarm system and smoke detector - bonus points if everything is centrally monitored by a third-party who can action a problem with emergency services while you're away.

Upgrade your electrical, heating and plumbing - old components breakdown increasing the risk of fire and flood.

Be proactive and protect your home from severe weather and water damage - reducing the risk of claims means you don't file them as often, which means you'll pay less.

Ask for discounts - it never hurts to ask and if they want your business, they'll work to find something for you.

Pay your premium annually instead of monthly - if you can afford it, it can save you 10-20% off your home insurance premium.

Insure your home for the cost to rebuild it, not its market value - you own the property whether there's a house on it or not. Don't insure the lot.

Bundle with your car insurance provider.

Compare home insurance quotes from multiple providers.

In all of the different coverages, there are some things that are excluded from policies.

They are mostly due to wear and tear that gets worse due to negligence. For instance, Mold is seen as a lack of maintenance from a homeowner. So, if a home insurance claim could have been avoided with regular maintenance, you can expect a claim denial.

Other common exclusions include infestations from termites or rats, burst pipes (during the heating season), home businesses, dangerous dogs, and sewer backups.

Water is an extremely tricky peril. Be sure to check with your insurer about the coverage you have You may need to add coverage endorsements to your policy to customize your policy to meet your needs.

A home insurance peril is a risk from a sudden and unexpected event. For instance, if your home is struck and damaged by lightning, creating a hole in your roof, there is no way you could have prevented it.

However, a home insurance policy is not a maintenance plan so if you let your roof slowly degrade over time and now needs replacing, it is not a peril since its eventual replacement is expected

Author Bio

Matt Hands, Business Director of Insurance

Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to Ratehub.ca's Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.
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Other helpful home insurance resources

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Compare Home Insurance Quotes - Home, Condo, Tenants | Ratehub.ca

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In under 5 minutes, compare personalized home insurance quotes from Canada's top providers, for free. Introduction to Canadian home insurance Matt Hands , Business Director, Insurance The inception of home insurance was following a weekend of fires that spread across London, U.K.

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This website published by Aha Insurance communicates many important topics regarding the overall topic of home insurance. Specifically, this website covers topics and shows statistics regarding the average home insurance rates in Ontario. They use tables, different coloured lettering, and subtitles to communicate statistics in a way to follow, that can be easy for most. The topics and statistics regarding the average home insurance rates in Ontario include; the average homeowner’s insurance rate in Ontario, comparing Ontario’s average to the rest of Canada, the average renter’s insurance rates across Canada, replacement costs, insurance is more than just price, how location affects home insurance and, how credit affects home insurance

I choose this website to use for my research because it provides helpful statistics that allow the comparison of home insurance rates in Canada. Pieces of information that I find useful on this website, that are different from other websites would be comparing Ontario’s average to the rest of Canada and the average renter’s insurance rates across Canada.

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This website published by RATESDOTCA communicates many important topics regarding the overall topic of home insurance. Specifically, this website lists 9 different things that affect your home insurance and explains them more in-depth, for readers to better understand and get a general grasp on why these things affect home insurance. The 9 different things affecting your home insurance that this website talks about, include; location, one's home’s value, the age of one's dwelling, if one's home has swimming pools and/or hot tubs, how close one's home is to a fire hydrant, the risk of flooding in one's neighborhood, natural disasters and climate change, one's credit score and ones claims history.

I choose this website to use for my research because it goes into depth about different factors that can affect home insurance, specifically personal influances (examples: one's home’s value, the age of one's dwelling, one's credit score, ones claims history, etc.). Pieces of information that I find useful on this website, that is different from other websites is the would talk of personal factors rather than common factors/statistics like the average homeowner’s insurance rate in Ontario or comparing Ontario’s average to the rest of Canada.

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Home insurance premiums are not arbitrary.

Actuarial science has been around a long time, and it has worked out quite well for insurance companies, thank you very much. There is a formula for determining home insurance premiums based on that science, but there are a few items that can increase or decrease the rate you get.

Here are nine things that may affect your home insurance premium:

1. Location

On average, homeowners in Ontario and the Atlantic provinces paid the most for insurance in Canada, at an average of $1,284 a year, according to a 2018 report from consumer research firm J.D. Power. Quebecers, though they had the highest increase, still paid the least, at an average of $960. Western provinces averaged about $1,200.

But insurers also break down the likelihood of claims by neighbourhood, using postal codes. The higher the incidence of crime or vandalism, the more likely the claim, and the higher the premium.

2. Your Home's Value

The more your home is worth, the more it costs to insure. It's calculated on your home's replacement cost, including materials, labour, and disruption.

3. The Age of Your Dwelling

The age of your home plays into your premium equation in many ways. An older home could be more vulnerable to structural weaknesses. Depending on the age, there is also the likelihood of a plumbing failure (bad) or electrical failure (potentially catastrophic) to be considered. Be prepared to demonstrate that plumbing and wiring have been updated to current standards.

Roofing, especially in Alberta, where harsh winters bring high winds and hail, is also more vulnerable on older houses. Remember that damage that is a result of poor maintenance will not be covered. You're buying an insurance policy, not a home maintenance plan.

4. Swimming Pools and Hot Tubs

A swimming pool or hot tub increases your exposure to liability from injury or, heaven forbid, drowning. You'll want to increase your liability coverage. Also, such amenities increase the value of your home - a double whammy. There are many precautions you can take to prevent an incident, but pools can be considered an "attractive nuisance," meaning that you could be liable even for injuries to trespassers. Fences that cannot be climbed and appropriate warning signage can reduce your exposure, but likely not your premiums.

5. How Close Your Home Is to a Fire Hydrant

It isn't just your dog that loves fire hydrants. Insurance companies do, as well. The distance from your house to the nearest hydrant factors into your premiums, as does the distance to the nearest firehouse and police station. It's not a big issue in urban environments, but in more rural settings, it could be a factor.

6. The Risk of Flooding in Your Neighbourhood

Spring brings many challenges to Canadian homeowners - clearing out the clutter, sprucing up the garden, and flooding from spring runoff. Water can damage foundations, cause sewer backups into basements, and cause damage to appliances and wiring. A water damage rider on your policy may cover the damage. If your home is in a known flood plain, however, it may be expensive and difficult, even impossible, to get flood insurance.

7. Natural Disasters and Climate Change

In 2017, the Insurance Bureau of Canada reported: "Our changing climate is creating more weather extremes - more rain, more heat, more drought, more wind. In Canada and around the world, climate change is not a future threat but a present danger." Insurance companies pay out about $1 billion for catastrophic losses in Canada each year - a trend that's on the rise. Climate change and severe weather events are an increasing threat.

8. Your Credit Score

We're entering a regulatory patchwork in Canada. In Ontario and Newfoundland and Labrador, there is an outright ban on insurers accessing your credit score. In Alberta, explicit consent is required. But when it comes to home insurance, it's a different ball game. Only Newfoundland and Labrador prevents insurers from using your credit score against you for homeowners' insurance. Some insurers, like SGI Canada, may offer a discount if you let them examine your credit-based insurance score. That is not the score used to predict the likelihood of defaulting on a loan, but the likelihood of your filing a claim.

9. Your Claims History

Just like auto insurance, your history of claims factors into the home insurance premium you pay. Your history of claims from a previous residence is also used to determine your premium when you move to a new home. Is it worthwhile to bite the bullet and pay out of pocket for minor damages instead of filing a claim? It may be worth considering.

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9 Things That Affect Your Home Insurance Premium

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Home insurance premiums are not arbitrary. Actuarial science has been around a long time, and it has worked out quite well for insurance companies, thank you very much. There is a formula for determining home insurance premiums based on that science, but there are a few items that can increase or decrease the rate you get.

# data[].attributes.body
This website published by RATESDOTCA communicates many important topics regarding the overall topic of home insurance. Specifically, this website lists 9 different things that affect your home insurance and explains them more in-depth, for readers to better understand and get a general grasp on why these things affect home insurance. The 9 different things affecting your home insurance that this website talks about, include; location, one's home’s value, the age of one's dwelling, if one's home has swimming pools and/or hot tubs, how close one's home is to a fire hydrant, the risk of flooding in one's neighborhood, natural disasters and climate change, one's credit score and ones claims history.

I choose this website to use for my research because it goes into depth about different factors that can affect home insurance, specifically personal influances (examples: one's home’s value, the age of one's dwelling, one's credit score, ones claims history, etc.). Pieces of information that I find useful on this website, that is different from other websites is the would talk of personal factors rather than common factors/statistics like the average homeowner’s insurance rate in Ontario or comparing Ontario’s average to the rest of Canada.

# data[].attributes.attachment_link.readable_text
Home insurance premiums are not arbitrary.

Actuarial science has been around a long time, and it has worked out quite well for insurance companies, thank you very much. There is a formula for determining home insurance premiums based on that science, but there are a few items that can increase or decrease the rate you get.

Here are nine things that may affect your home insurance premium:

1. Location

On average, homeowners in Ontario and the Atlantic provinces paid the most for insurance in Canada, at an average of $1,284 a year, according to a 2018 report from consumer research firm J.D. Power. Quebecers, though they had the highest increase, still paid the least, at an average of $960. Western provinces averaged about $1,200.

But insurers also break down the likelihood of claims by neighbourhood, using postal codes. The higher the incidence of crime or vandalism, the more likely the claim, and the higher the premium.

2. Your Home's Value

The more your home is worth, the more it costs to insure. It's calculated on your home's replacement cost, including materials, labour, and disruption.

3. The Age of Your Dwelling

The age of your home plays into your premium equation in many ways. An older home could be more vulnerable to structural weaknesses. Depending on the age, there is also the likelihood of a plumbing failure (bad) or electrical failure (potentially catastrophic) to be considered. Be prepared to demonstrate that plumbing and wiring have been updated to current standards.

Roofing, especially in Alberta, where harsh winters bring high winds and hail, is also more vulnerable on older houses. Remember that damage that is a result of poor maintenance will not be covered. You're buying an insurance policy, not a home maintenance plan.

4. Swimming Pools and Hot Tubs

A swimming pool or hot tub increases your exposure to liability from injury or, heaven forbid, drowning. You'll want to increase your liability coverage. Also, such amenities increase the value of your home - a double whammy. There are many precautions you can take to prevent an incident, but pools can be considered an "attractive nuisance," meaning that you could be liable even for injuries to trespassers. Fences that cannot be climbed and appropriate warning signage can reduce your exposure, but likely not your premiums.

5. How Close Your Home Is to a Fire Hydrant

It isn't just your dog that loves fire hydrants. Insurance companies do, as well. The distance from your house to the nearest hydrant factors into your premiums, as does the distance to the nearest firehouse and police station. It's not a big issue in urban environments, but in more rural settings, it could be a factor.

6. The Risk of Flooding in Your Neighbourhood

Spring brings many challenges to Canadian homeowners - clearing out the clutter, sprucing up the garden, and flooding from spring runoff. Water can damage foundations, cause sewer backups into basements, and cause damage to appliances and wiring. A water damage rider on your policy may cover the damage. If your home is in a known flood plain, however, it may be expensive and difficult, even impossible, to get flood insurance.

7. Natural Disasters and Climate Change

In 2017, the Insurance Bureau of Canada reported: "Our changing climate is creating more weather extremes - more rain, more heat, more drought, more wind. In Canada and around the world, climate change is not a future threat but a present danger." Insurance companies pay out about $1 billion for catastrophic losses in Canada each year - a trend that's on the rise. Climate change and severe weather events are an increasing threat.

8. Your Credit Score

We're entering a regulatory patchwork in Canada. In Ontario and Newfoundland and Labrador, there is an outright ban on insurers accessing your credit score. In Alberta, explicit consent is required. But when it comes to home insurance, it's a different ball game. Only Newfoundland and Labrador prevents insurers from using your credit score against you for homeowners' insurance. Some insurers, like SGI Canada, may offer a discount if you let them examine your credit-based insurance score. That is not the score used to predict the likelihood of defaulting on a loan, but the likelihood of your filing a claim.

9. Your Claims History

Just like auto insurance, your history of claims factors into the home insurance premium you pay. Your history of claims from a previous residence is also used to determine your premium when you move to a new home. Is it worthwhile to bite the bullet and pay out of pocket for minor damages instead of filing a claim? It may be worth considering.

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9 Things That Affect Your Home Insurance Premium

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Home insurance premiums are not arbitrary. Actuarial science has been around a long time, and it has worked out quite well for insurance companies, thank you very much. There is a formula for determining home insurance premiums based on that science, but there are a few items that can increase or decrease the rate you get.

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This image/infographic created by RATESDOTCA and published on a news website called Cision Canada communicates important information about the different ways climate change is affecting you and your home insurance.

I choose this image/infographic to use for my research because it goes into depth about the different ways climate change is affecting your home insurance, it provides statistics regarding climate change and home insurance in Canada. Also, personally, I think that infographic’s are a great tool to share important information, in a way that is easy to understand by the readers.

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This image/graph created by Jessica Mineau and published on a website called InsurEye communicates important information regarding the average annual home insurance premiums. This graph shows all dwellings, owned dwellings, and rental dwellings for  British Columbia, Alberta, Ontario, Quebec, and Canada overall.

I choose this image/graph to use for my research because it helps show different categories of dwellings, how they are affected in different provinces, their costs in different provinces, their effected within Canada, and the cost of different dwellings in Canada.

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

Learning about all of the different factors that influence home insurance what is the most surprised me the most. I did not realize how many small factors can affect your home insurance and how do you take those into consideration when buying a home.

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

A real-life example of how this topic is relevant to me would be when I was buying my first car. I was also pretty surprised about how many factors affected car insurance. Because of this earlier surprise, I was interested in knowing all of the factors that are affected home insurance and were intrigued about how many small factors can be very relevant.

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?

If I could pass on my knowledge to a family member or friend, I think the most important thing to pass on would be the general concept of home insurance. This includes topics like the definition of home insurance, why you may need home insurance, who a home insurance policy covers, what a home insurance policy covers, how your insurance company calculates your premiums, different home insurance settlement options, how to settle a claim if you have a mortgage, etc.