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Welcome to our home insurance guide. In this in-depth look at home insurance, you will learn everything from the fundamentals of what home insurance covers to the different types available. Expect to learn about the significance of house insurance, coverage options for various risks, factors influencing premiums, recommendations for selecting the correct policy, and much more.

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Audiences gain insight into the fundamental components of protecting their homes and goods against theft, loss, or damage in this website on home insurance. It includes a wide range of insurance categories, including home, condominium, and tenant's insurance, as well as concerns for home-based companies. It describes what typical plans cover, who they protect, the factors that influence rates, claim settlement methods, and exclusions. This website assists individuals in understanding the subtleties of coverage types and in making informed decisions to successfully protect their homes.

This website was chosen because of its comprehensive analysis of several types of home insurance and their unique coverages. The distinction between actual cash value and replacement value coverage for personal belongings in the case of a claim is a very useful piece of information.

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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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Website #2 - Misconception on home insurance 

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Website #2 - Misconception on home insurance 

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This CBC News article looks into cases when home insurance claims were denied due to policy restrictions and limitations. It focuses on situations such as Ivy Scotland's, an elderly cancer patient whose insurance did not cover water damage caused by frozen pipes while she was overseas for treatment. The article examines common home insurance restrictions, such as the 30-day vacancy rule, limitations on coverage for valuables such as jewellery and rare objects, exclusions for sewer backups and earthquakes, and the effect of home upgrades on policy.

This article was chosen because it shines light on important components of home insurance that many homeowners may be unaware of, potentially averting surprise coverage denials. One important insight is the emphasis on the importance of thoroughly understanding policy exclusions and reviewing coverage on a regular basis to minimize surprises during claims. Understanding these nuances may assist homeowners in making more educated decisions when purchasing or renewing insurance policies.

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6 big home insurance misconceptions | CBC News

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What’s common practice isn’t always common knowledge in the home-insurance game. On the heels of a CBC Go Public investigation, insurance policy experts lay out some standard limitations, exclusions and misconceptions home owners should know about.

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This resource gives a thorough explanation of home and contents insurance, highlighting its vital role in shielding homeowners from the financial burden of replacing their home and belongings following a loss. It emphasizes the necessity of collaborating with insurance specialists to tailor coverage to individual needs, explaining different policy types, optional enhancements, discounts, and deductibles. The guidance emphasizes the importance of purchasing proper coverage, considering location-specific hazards, and reviewing insurance on a regular basis to provide adequate protection.

This website was chosen because it provides a clear overview of what home insurance covers and the considerations homeowners should make when obtaining or renewing their policy. The advise to evaluate your home inventory annually when renewing your coverage is one useful piece of information provided here.

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Compared to all of the research, time, and energy that is put into purchasing a home, buying a homeowners insurance policy is too often almost an afterthought. However, homeowners insurance deserves more careful consideration because choosing the right policy can prevent financial ruin after a major disaster strikes.

This guide will take you step by step through what you need to know before shopping for a homeowners insurance policy. We'll also help you determine whether you even need homeowners insurance and, if so, how much coverage to purchase. You'll learn what is and isn't covered by a basic policy, what add-ons are available, and what optional coverages you might want to consider.

Finally, you'll learn how to choose the best homeowners insurance company and a policy that matches your needs and budget.

What Is Homeowners Insurance?

A home insurance policy provides coverage to repair or replace your home and its contents following damage caused by fire, smoke, water, theft, vandalism, a storm, or some other event named in the policy. These are called "perils."

In addition to covering the structure and outbuildings, standard policies typically cover the repair or replacement of heating and cooling systems and their components, such as a furnace or water heater, if they are damaged by a covered event.

Homeowners insurance also covers in-home personal property that's damaged, stolen, or destroyed. Finally, homeowners insurance pays for medical and legal expenses if someone other than you or your family is injured on your property.

Do I Need Homeowners Insurance?

If you own a home, you probably need homeowners insurance. In fact, if you plan to finance your home, the bank or mortgage lender will most likely require it. That's because your lender will want to protect their investment in the event of a flood, fire, hurricane, or other catastrophic events. You don't technically need homeowners insurance if you paid cash for your home or have paid off your mortgage, but it's still a good idea to avoid getting in financial trouble if something happens to your home or possessions.

The same applies if you purchase a co-op, a condominium, or a mobile home. If you borrow money to make the purchase, your lender will likely require a policy no matter what type of home it is. Condominium or private community associations may also require homeowners insurance to cover common property and facilities, such as a shared roof, common walls, a tennis court, or a swimming pool.

Homeowners insurance is an excellent idea even if your mortgage is paid off, you paid cash, or you inherited your property without a mortgage. Most homeowners don't have the funds available to rebuild or make substantial repairs if their home is heavily damaged or destroyed. A homeowners policy costs a lot less than rebuilding out of pocket.

Most standard policies also include coverage to help replace your furniture, clothing, and other possessions after a fire, storm, or other catastrophic circumstance.

What Does Homeowners Insurance Cover?

Homeowners insurance covers damages or losses to your home, personal belongings, or even individuals injured on your property. Here's a breakdown of the standard coverage offered to a homeowners insurance policyholder:

Dwelling coverage applies to damage done to your home caused by fire smoke, theft, vandalism, or severe weather. Although damages from lightning, wind, and hail are typically covered, you will need to buy separate insurance for floods and earthquakes. Coverage extends to other detached structures on your property, like a garage, barn, or shed.

Personal property coverage insures your personal belongings, including furniture, appliances, electronics, and clothing. Reimbursement for lost or damaged belongings can either be for the full replacement value or the actual cash value of the item after depreciation. You may need to pay for higher premiums or purchase additional coverage for valuable belongings, like art and jewelry.

Personal liability coverage can help protect you if someone is injured on your property. If you are sued, your policy can help pay for your legal expenses and fees. If they are injured, it can also cover their medical expenses, including X-rays, ambulance rides, and hospital stays.

Living expenses coverage will help pay for expenses if you are displaced from your home as a result of a covered condition. This can include fire, tornado, or other immediate or imminent hazards because of which local authorities bar you from your neighborhood.

In addition to the standard coverage above, homeowners insurance companies usually offer add-ons to their policies or additional insurance to suit specific needs and can include the following:

Flood and earthquake insurance are offered as two separate policies and cover damages resulting from each respective event. Although not all insurers offer flood or earthquake insurance, you might be required to purchase one of these policies depending on where you live. FEMA publishes an interactive flood map on its website that can help you determine the risk of flood in your area.

Mobile or manufactured home coverage insures against damages done to a permanent structure. Many insurers offer separate homeowners policies designed specifically to cover mobile homes and manufactured (prefab) homes.

Where Do I Buy Homeowners Insurance?

Insurance company websites can help you get started when shopping for homeowners insurance, and most describe what is and isn't covered and the options are available. However, it's not always easy to find all the coverage specifics online. Homeowners insurance is a big purchase, and many insurance companies recommend consulting with a licensed insurance agent in your area who can help find the policy right for your needs.

If you do choose to use an agent, they can also help you find the price point right for you. Company and captive agents work exclusively with one company to help tailor a policy to your needs, while independent agents can obtain quotes from numerous companies to find you the best deal.

But if you choose to search for a policy on your own, many insurance websites have estimating tools that give you an idea of what your cost will be once you enter basic information about your home and its contents.

There are always ways to save on homeowners insurance, and they vary with whatever company or policy you choose. However, one of the most common ways to save is by bundling multiple policies, like home and auto insurance, with one company.

Mistakes to Avoid When Buying Homeowners Insurance

Although it might be tempting to get a bare-bones policy to save money on premiums, this could come back to haunt you later. "Probably the biggest mistake that people make when buying homeowners insurance is to focus on price rather than coverage or quality," says professor Jay Feinman, an insurance expert with Rutgers University Law School. "You need to understand the type of insurance you're buying, what is covered, and what is not."

To avoid unpleasant surprises, buy a policy sufficient to replace or rebuild your home and any outbuildings such as a garage, pool, or fence, as well as your home's contents. That includes heating and cooling systems, furniture, clothing, and your other possessions. "Two-thirds of American homes are significantly underinsured," Feinman says. "Try to get an accurate idea of what the actual costs would be to rebuild." He noted that those costs can be higher in the wake of a major event. "When many people need to rebuild at once, costs go up dramatically," he says.

It's also important to read your policy carefully and understand exactly what is and is not covered. If coverage for something you're concerned about isn't specifically mentioned, such as damage from a falling tree, ask for a written statement clarifying the issue.

Last, but not least, periodically review your policy to continue to get the best rates. Home insurance companies tend to tack on rate increases each year for various reasons, such as inflation, increases in the value of your home, and other factors. They're usually small enough adjustments that you don't notice them but they can add up over time. Another insurance company may have an incentive to offer you a lower premium price to win your business.

You can also ask the company you're currently with if they have a loyalty discount. Some companies will lower your premiums a certain percentage depending upon how long you stay with them.

How Much Does Homeowners Insurance Cost?

Home insurance costs can vary greatly depending on a variety of factors, including the age, size, and location of your home, and the likelihood of a major weather event in your area. Premiums average $100-$170 per month for the companies we rated.

"Where you live and the natural disasters afflicting that area are a big factor," says Lynne McChristian, communications consultant at the Insurance Information Institute. In particular, living in an area prone to floods can make home insurance quite expensive. Homeowners insurance is also likely to cost more in areas with higher crime rates, higher rebuilding costs, or stricter building codes. And a home in an area with a volunteer fire department located miles away may cost more to insure than one with a nearby fire station staffed by professionals.

Other things that may affect homeowners insurance premiums include the age and condition of the roof, furnace, and other major home components. Security systems and fire alarms can lower premiums. The need for additional coverage to cover very valuable possessions can add to the cost of a standard premium. Finally, your monthly insurance premiums will probably be affected by the size of your deductible, or the amount you pay out of pocket if you file a claim. Generally, the higher the deductible, the lower your premiums will be.

Even if you already have homeowners insurance, it's still a good idea to review your coverages and costs annually. Coverage needs change over time as the real estate market fluctuates and you make additional purchases. In addition, home insurance is a competitive business, and comparing rates every year could save you money even if you're generally happy with your current insurer.

How Do I Buy Homeowners Insurance?

Whether you're a first-time homeowner or have owned a home for years, here's how you can buy a homeowners insurance policy:

1. Decide what you want to cover.

2. Determine how much homeowners insurance you need.

3. Choose an insurance company.

4. Choose a policy.

How Do I Decide What to Cover?

Standard homeowners insurance coverage may not be sufficient to repair or replace your home and possessions. This may occur if rebuilding costs are higher than average in your area or your insured appliances and possessions are particularly expensive. If you are in one or more of these situations, you may want to look closely at coverage maximums for your policy.

Most insurance providers offer additional coverage for a fee, whether it is by increasing your coverage maximums or purchasing specific add-ons to cover your valuables. For example, a standard homeowners insurance policy may not provide enough coverage for things like valuable jewelry, artwork, or collectibles. Other items like a swimming pool that pose a safety and liability risk might also require additional coverage.

Additionally, standard home insurance policies don't usually include flood insurance and would be considered an add-on or additional policy. Also, depending on where you live, flood insurance may not be available through all insurers.

If your homeowners insurance company doesn't offer flood insurance, you may be eligible for coverage through the National Flood Insurance Program (NFIP), administered by the Federal Emergency Management Agency (FEMA). NFIP policies are offered through independent agents nationwide. Costs and requirements can vary widely, depending on the risk factors of where you live. FEMA's website includes an interactive flood map that can help you determine the risk in your area.

How Much Homeowners Insurance Do I Need?

To determine how much coverage you need, you'll need to know the cost of rebuilding your home. You'll also want to take inventory and appraise your furniture, clothing, and possessions.

Here are a few ways you can estimate your homeowners insurance needs:

How Do I Choose a Homeowners Insurance Company?

When choosing a homeowners insurance company, look for one that:

Choosing the right homeowners insurance company is a matter of selecting one with the coverage you need at a price you can afford, good customer service, and a sound financial footing.

There are a few kinds of homeowners insurance coverage:

Unlike actual cash value replacement, these other coverage types may apply only to the physical dwelling, not the items within. Depending on the insurer and policy, you may need to purchase additional coverage, especially for collectible or hard-to-replace possessions like artwork or jewelry.

Not all homeowners insurance companies provide coverage in all areas, so check this first to narrow down your choices. Also, some may not offer the standard or specialized coverage you want or need, such as hurricane insurance in a coastal area or additional coverage for collectibles or valuables.

More Tips For Buying Homeowners Insurance

It is important to look at discounts, as well as rates, of insurance companies. Many insurance companies have the following discounts:

You can also get a discount for having a home equipped with a security system, a sprinkler system, smoke detectors, or hurricane shutters.

Insurance company websites often have quote tools that you can use to get quotes. All you need to do is key in some basic information about your home and what's inside it.

If you want to know the financial strength of the insurance company of your choosing, you can check out credit rating agencies like AM Best. Financial strength is important because you will want to go with a company that will still be in business and can pay claims if needed.

There are also professional ratings and reviews that you should pay attention to, like our Best Homeowners Insurance Companies of 2023. These reviews can show how responsive a company can be when processing claims or when you reach out for questions.

How Do I Choose a Homeowners Insurance Policy?

Choosing the right homeowners insurance policy requires making sure you have sufficient coverage to replace your home and its contents in the wake of a catastrophic event.

Reading through and understanding a policy can be challenging, which is another good reason to consult a professional.

Assuming you've calculated the cost to rebuild your home and inventoried its contents, you already know the amount of coverage you need. Then it becomes a question of shopping around for quotes from reputable homeowners insurance providers that offer the right amount of coverage in your area.

Take advantage of available discounts, such as bundling your homeowners insurance policy with auto insurance. Be sure to purchase sufficient coverage for any collectibles or jewelry, and consider additional protection for higher-risk items such as a swimming pool.

As simple as that sounds, many homeowners either don't spend enough time doing their homework or buy insufficient coverage for their needs. "Many consumers wait until after a catastrophic event to read their policy," Ommen says. "If you wait until your basement is full of water, it is too late."

Finally, every expert we spoke with agreed that buyers should look for a replacement-cost policy rather than a cash value policy. Replacement cost policies cost more, but they will pay for the actual cost to rebuild your home and replace its contents.

By contrast, a cash-value policy will merely reimburse you for the current market value. Depending on building costs, changes to zoning regulations since your home was built, inflation, and other considerations, a cash-value policy could leave you short.

"With replacement cost, you may pay 10%-15% more for coverage, yet you get much more when you file a claim," McChristian says.

How Do I Lower My Homeowners Insurance Premium?

Once you've decided on an insurer and determined appropriate levels of coverage, you may be surprised at how much your premium is. There are ways to pay less for your homeowners policy, however. The Insurance Information Institute (III) recommends the following money-saving tips.

Should I Bundle My Homeowners and Car Insurance?

Many of the insurance companies in our ratings offer policyholders the option of bundling their home and auto policies, which also can result in lower premiums. Discounts for bundling other types of policies may also be available, depending on the insurer. Allstate will let policyholders bundle homeowners insurance with term life insurance as well as auto coverage, for example, while Geico will let you bundle home and motorcycle coverage.

However, bundling may not be your cheapest option, particularly if you own a hard-to-insure vehicle or have a poor credit rating or spotty driving record, according to the credit agency Experian.

What Are the Best Homeowners Insurance Companies?

Choosing the best homeowners insurance company for you can seem like a daunting task, but we're here to help with our Best Homeowners Insurance Companies of 2023 list. Based on extensive research and an exclusive methodology, we've determined that these are the top homeowners insurance companies in the U.S.

For more information on Homeowners Insurance please visit our other guides:

Homeowners Insurance Companies

Other Ratings From 360 Reviews

Why Should You Trust Us?

At U.S. News & World Report, we rank the Best Hospitals, Best Colleges, and Best Cars to guide readers through some of life's most complicated decisions. Our 360 Reviews team draws on this same unbiased approach to rate the products that you use every day. To build our ratings, we researched more than 15 homeowners insurance companies and insurance agencies and analyzed 11 reviews from both professionals and consumers. Our 360 Reviews team does not take samples, gifts, or loans of products or services we review. All sample products provided for review are donated after review. In addition, we maintain a separate business team that has no influence over our methodology or recommendations.

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Homeowners insurance can be confusing, but we explain what renters insurance companies do and everything you need to know to purchase the best policy for you.

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Aon offers customized insurance for a variety of properties such as cottages, trailers, secondary houses, and farms, offering protection for a variety of living situations. Their plans cover everything from common perils such as water damage and natural disasters to personal responsibility and living expenses. They stress aspects influencing insurance quotations and provide insights into potential discounts, assuring clients get the greatest coverage at the best price.

This website was chosen because of its comprehensive coverage of numerous property kinds under home insurance. Their description of optional coverages such as flood insurance is very helpful. They highlight that eligibility for such coverage may be limited by circumstances such as proximity to significant bodies of water or previous neighbourhood floods, which is critical for homeowners looking for complete coverage.

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Along with standard home, condo, and tenant insurance, Aon offers property insurance for cottages, trailers, secondary dwellings and farms. Our customized policies are designed for wherever you call home, regardless of your living arrangements. We'll help you secure a policy from one of Canada's top house insurers that goes above and beyond and often includes added features or discounts, so you can spend less time worrying and more time enjoying.

House Insurance for All Kinds of Homes

Homeowners insurance coverage extends beyond detached houses. We take care of all types of dwellings and personal property related to your home.

Condo Insurance - Coverage under condominium insurance accounts for any damage to common areas and improvements you make to your unit and includes many of the advantages of a standard home insurance policy.

Tenant Insurance - If you rent your home, condo, or apartment, Aon can take care of coverage for your belongings with contents insurance and damage to the landlord's property.

Seasonal Homes - Whether you have a cabin, a mobile home, a trailer, or another type of home that you spend time in, insurance for the seasonal home can cover you in unexpected events that occur. This is especially useful when you are away, and an accident happens.

Detached Structures - Your home is more than just four walls and a roof. If you have detached structures like a garage or a shed, those will also be protected against damage and theft.

Secondary Dwellings - Whether it's a 4-season cottage, a farm or a rental property, Aon has solutions for year-round peace of mind.

Personal Belongings - Your property inside the house, such as furniture, electronics, and valuables, are covered while they are on your property or temporarily removed, such as when you travel for work.

What Our Home Insurance Policies Cover

Home insurance covers everything related to your home except those directly mentioned as exclusions in your policy.

Water Damage - Covers events which cause water damage by sewer backup and sump overflow, below-ground seepage through foundations and floors, and overland water from any stream or body of freshwater which enters the home.

Natural Disasters - Certain parts of Canada are prone to extreme weather conditions and natural disasters ranging from earthquakes to hail. Home insurance covers damage to your property that occurs because of weather.

Personal Liability - If a visitor gets injured inside your home, or you accidentally damage someone else's property and must pay for the damages, then home insurance will protect you against high repair and medical costs.

Living Expenses - If you cannot stay in your home due to damage or repairs, then temporary accommodations will be covered up to a maximum amount.

Identity Theft - Covers you and anyone else on your policy in cases where your identity is stolen. We reimburse for any legal fees, lost wages, and certain other costs up to a stated maximum amount.

Factors Affecting Home Insurance Quotes

Every home is as unique as its owner, so we use the information on a variety of factors about your home and property to determine the premium each client pays when offering you a home insurance quote. These can include:

The age, size, and features of your home

The building materials used

The location of your home

Your property claims history

The crime rate in your neighbourhood

The value of your personal belongings

The type of coverage and deductible you choose

Your credit score

Once we have all the relevant information about you and your home, your Aon personal insurance broker can get you a quote for your home insurance. It's that easy.

Additional Home Insurance Discounts

Here at Aon, we take the time to understand your lifestyle and make sure that we uncover all the ways we can save you money. We won't compromise on coverage, but we will strive to get you the best protection at the best value using additional discounts, which include:

and more...

Additional Home Insurance Benefits from Aon

Personal property protector - your discount is maintained regardless of your first claim.

House Insurance Protection You Can Depend On

Your home insurance safeguards you from financial loss. and It will provide you with a refund if your home or personal effects are stolen or if another unforeseen situation arises that is specified under your property policy. If you do have a fire, for instance, your home (and garage) or portions of it will likely need to be rebuilt. With a home insurance policy, you will be reimbursed for the value of items, such as furniture, clothes and computers, or the items will be replaced. Your policy will also pay for some of your extra living expenses should you not be able to live in your house while it is being restored. Alternate living arrangements, storage and meals are some of the things covered through your home insurance plan.

Your policy also provides personal liability coverage. If someone is injured while visiting your home, they could sue you for damages. If they win and are awarded a significant settlement, it could have a dramatic negative effect on your finances. Wages could be garnished and getting back on your feet could be difficult. House insurance also protects you against liability for damage to someone else's property.

Home Insurance FAQs
Is Contents Insurance Mandatory in Canada?
While contents insurance is not mandatory in Canada, your rental agreement may require it. Contents insurance is relatively affordable, and a simple policy can offer peace of mind that your clothing, furniture, and other possessions can be quickly replaced in the event of theft, fire or another situation.
Does Home Insurance Cover Flooding?
Insurance for flooding and other water-related issues like sewer backup is an optional coverage you can choose to add to your home insurance policy. Not every home is eligible for this coverage, particularly if you live near a large body of water or if many of your neighbours have had flooding issues in the past. Speak with an Aon representative to learn if your home is eligible for this coverage.
How Can I Lower the Cost of My House Insurance?
Just as a variety of factors may cause your house insurance rates to rise, there are a few things you can do to lower them. Choosing a higher deductible, having a home security system or even having a fire extinguisher on hand can all help you to reduce your house insurance premiums. An Aon representative can help you to identify other ways to lower the cost of your house insurance.

Let Us Make it Home Insurance Easier

Are you seeking a quote for home insurance? If you have questions or aren't sure about the solutions available to you, we can help. You can get an online quote or talk to a personal insurance broker who will provide you with the answers to your concerns.

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Home Insurance | Online Property Insurance Quotes | Aon Canada

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Protect your home, property & possessions with an insurance policy from Aon Insurance. Learn more about our home insurance options & get an online quote.

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This video on Canadian home insurance rates explores deeply into the elements that determine home insurance policy costs. It includes insights from a notable insurance broker, who provides a thorough description of the complexities involved in setting insurance prices for homeowners. The film seeks to explain the often-mysterious world of home insurance in Canada, from fundamental coverage items to complicated aspects influencing premiums.

This video was chosen because it brings together a credible insurance broker to explain a topic that is frequently unclear for homeowners. One especially useful piece of information presented in the movie was how certain characteristics such as a property's location, age, building materials, and proximity to certain risks may all have a major impact on insurance costs. This breakdown explains why certain premiums may be more or lower for particular properties, allowing viewers to have a better understanding of how insurance firms assess risk and set price.

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Canadian Home Insurance Rates Explained | Insurance Broker Explains Home Insurance

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The video underlines the vital role that property insurance plays in asset protection, emphasizing its requirement for obtaining loans from lenders. It shows how property insurance not only protects your property from natural disasters, theft, or vandalism, but also ensures lenders of the security of their investment. It emphasizes the numerous coverage alternatives available based on property value, location, and associated risks, ensuring full protection against unanticipated events.

This video was chosen because of its concise and straightforward explanation of the need of property insurance, particularly in connection to loan requirements. One especially valuable point raised was the fact that property insurance not only protects personal assets but also provides as reassurance to lenders, establishing a sense of security for both parties engaged in the transaction. This insight illuminates the dual benefits of property insurance, making it an instructive and practical resource for both homeowners and potential house purchasers.

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Do You Need Property Insurance When Buying a Home in British Columbia, Canada

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This video was chosen because of its concise and straightforward explanation of the need of property insurance, particularly in connection to loan requirements. One especially valuable point raised was the fact that property insurance not only protects personal assets but also provides as reassurance to lenders, establishing a sense of security for both parties engaged in the transaction. This insight illuminates the dual benefits of property insurance, making it an instructive and practical resource for both homeowners and potential house purchasers.

I stumbled upon this video when looking into insurance possibilities for myself. I found the explanation of how location affects insurance premiums to be extremely helpful. It emphasized how different risk factors affect insurance pricing in different regions of Canada, offering a clear understanding of why premiums can vary depending on where you live in the country. This information emphasized the significance of considering local factors when researching insurance options.

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The youtuber looks into a critical update regarding exclusions within home insurance coverage given by Canadian firms in this video. I examine a recent addition to the policy exclusions, explaining what it means and how it may affect homeowners. This video is a wonderful resource for people managing home insurance in Canada, covering everything from the intricacies of the new exclusion to its ramifications for consumers.

This video was chosen because of its relevance and timeliness in addressing a big change in the domain of house insurance. The clarity on how this new exclusion would influence coverage for specific types of damages was particularly important, underlining the need for homeowners to reassess their policies and potentially seek additional coverage when appropriate. Understanding these subtle changes can have a significant impact on homeowners' financial security and preparedness for unexpected disasters.

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Buying Home Insurance In Canada? Be Careful To Check This New Exclusion

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This image breaks down different factors affecting homeowners Insurance rates and premiums. It breaks it down into history of past claims, neighbourhood, crime rate, coverage options, coverage amount that is desired and the condition of the person's home.

This image was chosen because it summarizes all that is to be known about home owners insurance rates and premium.

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Image #2 - Homeowner Insurance vs Renter Insurance

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Image #2 - Homeowner Insurance vs Renter Insurance

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This Image sheds light into the difference between homeowners insurance and renter's insurance. This Image stood out to me because it is the only resource that talks about the different between homeowners insurance and renters insurance.

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One surprising aspect of home insurance that I discovered is the level of specificity that insurance providers may include in exclusions. What can be excluded from coverage varies a surprising amount, and the addition of new exclusions can have a major impact on policyholders. The clarity with which what is and isn't covered was unexpected, especially with emerging hazards or scenarios. It emphasized the need of homeowners staying up to date on policy changes to ensure their coverage effectively protects against potential dangers. The specificity of these exclusions, as well as their potential ramifications for homeowners' financial security, was eye-opening.

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A close friend of mine recently had water damage at their home in Canada. They had assumed that their insurance policy covered all water-related losses. They were, however, surprised to learn that the insurance now included a new exclusion for certain types of water damage.

This episode taught me the value of staying up to date on policy changes and exclusions in home insurance. It's natural to believe that the coverage you received when you originally signed up will remain the same, but policy changes can have a substantial impact on what is and isn't covered. Witnessing my friend's unexpected circumstance piqued my interest in learning more about these changes and how they may effect homeowners.

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The most important piece of advise I can give is to go over and understand your house insurance policy on a regular basis. Changes in coverage or exclusions may occur, affecting what is covered. Examine your policy on a regular basis, especially after major life events, and maintain open lines of contact with your insurer for clarity. Keep meticulous records of your possessions and home upgrades. Finally, compare your alternatives on a regular basis to guarantee you're obtaining the best coverage at the best price. Understanding these principles can assist you in making educated decisions, avoiding surprises during claims, and ensuring that your home and assets are sufficiently protected.