Home Insurance in Etobicoke
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Which type of property insurance do you need?
Types of Home Insurance
When shopping for home insurance in Etobicoke, its very important to know which policy you require. There are several home policy types including home, condo, tenant and rented dwelling. Choosing the incorrect one may void your policy should a claim occur.
Condominium Insurance
Tips and Answers
Etobicoke Property Insurance
Etobicoke’s south side (Humber Bay Shores) around Park Lawn Rd and Lakeshore has seen a lot of transformation in the last decade. Going from an old motel strip to a community of 50 story condos. This dense area is filled with many working professionals who either own or rent these condos and require property insurance.
As a Renter, Do I Need Property Insurance?
Many landlords specify in their lease agreement that the tenant must hold a content/tenant insurance policy. If it is not specified in the contract, than technically you do not require it, however it is advised that you do have a policy just to cover your own content incase something were to happen.
Another benefit of a content policy is that is it starts your “property insurance history”. Home insurance rates are also based on how long you have had prior property insurance. So if you plan to eventually own a house or condo, starting your property record early will help you get a better rate later on.
I Plan to Rent Out my Etobicoke Home, What Policy Do I Need?
If you choose to rent out your condo or house, you will require a rented dwelling/condo policy. It is extremely important that you notify your home insurance company that you are renting the property out because if you have a standard homeowners policy, they will have the grounds to deny your claim.
You will also need to be very transparent with the home insurer and provide all details about the home and potential tenants. The company will want to know weather their are more than one family living in the same property. Some insurance companies won’t accept a house with 3 separate families under the same roof
Property Insurance Tips
Do you own expensive jewelry? You will want to add a jewelry floater to your home insurance policy. Most Home insurance policies come with standard jewelry coverage up to $1,000 per claim. If you own a $9,000 Rolex watch, you will not be reimbursed for it under your standard coverage. You will need to have an appraisal and pictures of the jewelry and you will be charged the premium depending on the value of your piece.
Its also a good idea to protect your Etobicoke home by preventing water losses. Consider purchasing a sump pump or a backup valve which also qualifies many homes for insurance discounts.
Do you have an auto insurance policy? It’s usually a good idea to bundle your home insurance policy up with your auto insurance for maximum savings. You can save up to 20% on both your car and home when combining the two!
Is your home under construction or being renovated?
If you are currently renovating your home, you must notify your insurance company and secure either a separate Builders Risk policy or get an endorsement from your insurance company to allow the renovations. Should you fail to do this, your insurance company may decline a claim or cancel your for non-disclosure.
Home Insurance Discounts for Etobicoke
Most home insurance shoppers in Etobicoke are aiming for as many discounts as possible. Here are some common discounts to reduce your insurance premium:
Loyalty: If you are with the same insurer for many years, they will offer a discount to keep you longer.
Bundle Discount: Save up to 20% just by adding your car insurance.
Burglar Alarm: Have a monitored burglar alarm? This can help you save on your rate.
Automatic Water Shutoff: Consider installing a device that shuts off your water if it detects a leak.
Claims-free: If you have no claims for 5 years (while being insured), you can qualify for additional discounts in many companies.
Deductible: Although this is not a discount, you can consider raising your deductible to reduce your rate. Example: $5000 instead of $1000.
Mature Citizen: If you are 55+ years old, you may qualify for a better rate.
Mortgage Free: Having no mortgage reduces your insurance premium.
Home Insurance For Etobicoke Neighborhoods
Etobicoke has some of the most beautiful neighborhoods and parks in all of Toronto. With many unique homes and condos, Etobicoke’s home insurance rates can be higher than average. Rates on average cost about $161 per month.
Humber Bay Shores: This is a condo neighborhood located right at the lake on Lakeshore. It has many new condo buildings with some over 70 stories tall. Since the majority of homes here are 1-2 bedroom condos, the rates are better than average as condo or tenant insurance policies can start at as little as $25 per month. Many of these condos are also investment properties so clients get rental coverage.
Mimico and Long Branch: This neighborhood is very close to the Mimico GO station and has great commute times to Toronto. It is also an older area and very close to Lake Ontario. Since homes can be 50+ years old, the plumbing and electricals may need to be updated. Because of this, home insurance rates can be a little higher in this area.
Kingsview Village: Home to a mix of older and newer homes close to Kipling and Dixon. Homes in this area have average property insurance rates.
The Kingsway: This is likely the most expensive area for home insurance in Etobicoke as the homes are high end and custom built. Homes here require expensive policies to ensure everything is covered correctly. In many cases, clients add several floaters to their property policies which increase rates on average. This area is also very mature with many large trees which pose additional risks to homes.
Rexdale: located on the north side of Etobicoke. Homes here can be older but are generally smaller so rates are not as high.
Islington: Very close to the Kipling Go Station and Sherway Gardens. Homes here, especially along Dundas can be over 50 years old and if renovations haven’t been done, insurance companies can charge a lot for home insurance. Be sure to update your roof (ideally every 20 years) and if you have aluminum wiring, have it inspected and updated to copper.
Centennial Park: This area has many homes, and often, investors purchase an older home and have it demolished to build a custom, high end home. This requires a builders risk policy. In general this area has good home insurance rates.
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More Home Insurance Tips
Etobicoke Rented Home Insurance
Are you currently renting out your Etobicoke home? As a landlord, be sure to have the proper coverage to avoid insurance issues.
One of the biggest mistakes new landlords make when purchasing home insurance is believing that a standard homeowners policy covers your rented house. If you currently own multiple homes and have insured them all as primary homes, your insurance company may not cover your claim as this is considered misrepresentation.
With recent new rules in the home insurance industries, most insurance companies want to have both the primary residence as well as any other rentals a client may own. Most insurance companies won’t offer a rental quote if they do not have the primary residence. For this reason, it is always best to keep all your homes in one insurance company.
Another tip is to request proper tenant insurance from all your tenants. This spreads the liability over to them as well and covers you in the event of your tenants negligence.
How To Save On Your Home Insurance in Etobicoke!
Here are a few tricks to help reduce your property insurance rates
01
Bundle
The best way to lower your home insurance rates is to bundle with your Etobicoke auto insurance! Save up to 15%.
02
Shop Around
Every insurance company will offer different rates for your home. Shop around for the best one! Speak to an Etobicoke insurance broker today!
03
Loyalty
Insurance companies love loyal clients, if you have been with your last company for 5 or more years, you will get a better rate.
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If you are looking to insure your Etobicoke commercial property, speak to Filip Ambroziak by calling (416) 803-2113.
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Filip Ambroziak
Filip Ambroziak is a RIBO (Registered Insurance Broker of Ontario) and LLQP licensed broker operating in Ontario. After many successful years in the industry, he has built a solid foundation in Etobicoke covering a range of small to large businesses, builders risk policies, commercial and personal auto, rented dwellings, high worth homes, dealerships, contractors, lawyers, real estate brokerages, non-for-profits and many more.
Filip is partnered with the largest and most reputable insurance companies in Etobicoke.
FAQ
Frequently Asked Questions
One of the easiest way to customize your home insurance rate is to increase or decrease your deductibles. There are several deductibles on your policy depending on your optional coverages.
Example: If you are paying $170 per month for your home insurance, you can increase your deductibles to $5000 or $2500 which would lower your monthly from $170 to $130 or less.
You can also choose to keep certain deductibles higher and others lower. Example: keep the sewer backup deducible at $1000 as claims are more common.
Many of these coverage are optional but very important to your Etobicoke home or condo insurance policy.
Sewer Backup – Covers you in the event that your drains backup into your home and cause damage.
Home Business – If you run a business from your home, you may have the option to add coverage for it. Its very important that you notify your insurance company and broker if you do have a business as some companies may reject the policy. If a claim occurs, it also can be rejected if not properly notified.
Earthquake – This is usually an optional coverage offered by insurance companies.
Overland Water – Covers you in the event of heavy rainfall which enters your home through your doors or windows.
Floaters – Many Etobicoke homeowners would like to insure expensive pieces of jewelry like a Rolex or engagement rings. These require an individual floater and would require a recent appraisal to be added.
Home insurance is not mandatory however if you have a mortgage, the mortgage company will require that you maintain a home insurance policy at all times until its paid off. Once its paid off, you can choose to insure it or not.
If you are a tenant, the landlord may require a tenant policy as part of the lease agreement.
Owning a home or condo in Etobicoke without home insurance coverage is never a good idea. For many, their home and the contents inside are their biggest assets.
In Etobicoke, Sewer Backup claims are the most common and can be quite costly. This is a very important coverage to have and is optional. Be sure to request it from your insurance company.
You can get a condo or home insurance policy with a claim but its very important that you provide all details to the insurance broker so they can place you in the right company who accepts the risk.
This question requires a better understanding of your situation. Insurance companies do accept basement rentals under a few conditions such as:
It cannot be a rooming house, tenants must maintain tenant insurance and its a single family (you don’t have 10 people living together).
In short, the condo Corp does not cover the contents inside your walls. You would require a condo owner insurance policy to protect your content and any legal liability you may have.