Home Insurance in Barrie

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Barrie Home Insurance Quote

Four Different Property Policies

Types of Home Insurance

When shopping for home insurance in Barrie, its very important to know which policy you require. There are several home policy types including condo, home, tenant and rented dwelling. Selecting the wrong one may give reason for your insurer to cancel you.

Answers and Tips

Barrie Property Insurance

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Barrie has been growing very quickly over the last few years. Barrie homes have seen major price increase especially in the last few years where young families are leaving Toronto in exchange for more space and a yard. It comes at no surprise that Barrie is so popular. Being so close to Lake Simcoe, people have access to many stunning waterfront trails. If you have the means for afford a boat, you will love Barrie! 

Overland Water and Sewer Backup Coverage

When shopping for home insurance, one of the most important coverages will be your water damage. Surprisingly, this coverage is not included in the standard homeowners policy. The client must specifically request overland water and sewer backup. 

Sewer backup covers any damage cause by the backup of water from flooded sewer systems. This is the most common property claim that insurance companies in Canada experience. Claims usually occur during heavy rain which exerts the local sewer systems. 

Overland water is a new coverage offered by property insurance companies and covers the home in the event that water enters through doors and windows. This is more of a “flood” coverage and is usually bundled with sewer backup.

Not all properties are eligible for these water damage coverages so be sure to review your current policy and ensure it is added. 

How do you get a Property Insurance quote?

Getting a home insurance quote is simple. The most difficult part is selecting the correct coverage options. This is where an insurance professional can assist you. Below are the four steps of obtaining a quote.

1. Get the details. We first ask you questions about your home such as the size, age, build and address of the property. Is it rented out? Is it your primary home? Does the home have custom finishing or basic from the builder? Is the basement finished?

2. Create a replacement cost evaluator. This is one of the most important steps when correctly shopping around for insurance. When shopping multiple insurers you should be using the exact same replacement cost so that you are comparing apples to apples. 

3. Decide which coverage and endorsements are required to to ensure the property is fully covered.

4. Using that same information, we then shop Canada’s largest insurance companies and see which provider offers the best rate.  

Property Insurance Floaters

Do you own an expensive piece of jewelry such as an engagement ring or a watch? Your home insurance policy has set limits on what it will pay out for jewelry in the event of a home insurance claim. In most cases, the limit does not come close to the value of the jewelry. For this reason, its always a good idea to add a jewelry floater to your property insurance policy.  

A floater is simply an addition to your policy to cover that one specific item. You will need to provide a recent appraisal as well as pictures of the piece. Your insurance premium will be based on the value. For an engagement ring worth $10,000, you can expect to pay about $10.00 per month. 

Is your home under construction or being renovated?

If you are currently renovating your Barrie 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.

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For most people, their home is their largest and most important asset. Get The right coverage at the best rates.

More Home Insurance Tips

Rented Home or Landlord Insurance in Barrie

Are you currently renting out your Barrie home? As a landlord, be sure to have the proper coverage to avoid insurance issues. Insurance companies are denying more claims every year.

One of the biggest mistakes landlords make when purchasing home insurance is believing that a standard homeowners policy covers your rented house. If you currently own multiple properties and have insured them all as primary homes, your insurance policy may not cover your claim as this is considered misrepresentation. 

With recent rules in the property insurance industry, most insurers want to have both the primary residence as well as any other rentals on the same policy. Most insurance companies won’t offer a rental insurance quote if they do not have the primary residence. 

If you are renting out the basement of your home or perhaps a room, be sure to notify your insurance company. Premiums are not high and usually do not require a second policy outside your primary homeowners policy.

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. 

Save More On Home Insurance

Here are  three tips to help reduce your property insurance rates

01

Bundle

The best way to lower your home insurance rates is to bundle them with your 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! 

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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