Home Insurance in Caledon
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Which property insurance Policy do you need?
Types of Home Insurance
When shopping for home insurance in Caledon, its very important to know which policy you require. There are several home policy types including home, condo, tenant and rented condo/dwelling. Choosing the incorrect one may void your policy should a claim occur.
Tips and Answers
Caledon Property Insurance
Caledon is becoming more and more popular by the year. With so many great neighborhoods to live in such as Belfountain, Bolton and Albion, it’s no wonder why so many people are buying properties there.
With just over 66,000 people, Caledon is still considered a smaller city among the Greater Toronto Areas. It is growing very rapidly with many suburban homes being built yearly.
Although Caledon is not as populated as cities like Mississauga and Oakville, the house prices can be quite high especially if you are looking to purchase a detached house. Luckily, house prices don’t have a direct impact on your property insurance rate.
The Caledon Home Insurance Process
If you are buying a home in Caledon, home insurance prices may not have crossed your mind. If you are getting a mortgage on your home, the mortgage company will require home insurance. Many people realize this only once their lawyer requests the insurance binder.
Thankfully, if you select a good insurance company, creating a home insurance policy can take as little as 1 hour! Here is the process from start to end on getting a home insurance policy:
1. The Property Insurance Quote. In the quoting phase, the insurance broker will gather all the required details of the home. Weather its a condo or freehold property, rented or owner occupied, size, finishing’s etc.. With this information, the broker will create a estimated “replacement cost” of the property which is very important in determining the rate. The higher the replacement cost of the property, the higher the insurance premium.
Once we have a replacement cost and all the property details, and selected coverages we input the information into our systems to get quotes from multiple insurance companies. We than select the best fit and offer it to the client.
2. The Application. Once a client accepts the quote, we than move to the application phase. The insurance broker created a “Habitational Insurance Application” and we send it off to the clients email for signing. The client signs the forms and sends us back the documents.
3. The Binder. Once we receive the required signed applications and documents from the client, we can than issue a 30 day insurance binder. The binder is a temporary insurance certificate which is legally bound to the insurance company. These are used to speed up the process.
What is a Home Insurance Binder?
When a home insurance policy is created, it can sometimes take weeks for the insurance company to print and send out the completed policy documents to the client. Since clients may require a proof of insurance that same day, waiting weeks will not work. The solution to this is the insurance binder which is a temporary certificate of insurance until the policy arrives to the clients home.
What is a Property Insurance Floater?
If you own expensive jewelry, you may consider adding a floater to your policy. Property insurance policies come with standard jewelry coverage up to $1,000 per claim. If you own a $15,000 watch, you will not be reimbursed for it under your standard coverage. You will need an appraisal and pictures of the jewelry and you will be charged the premium depending on the value of your piece.
The most common jewelry floater to add to a policy is for an engagement ring. These floaters on average cost about $10 per month for a $10,000 ring.
Is your home Being Renovated or under construction ?
Are you planning to renovate your home? Did you buy land and plan to build on it? You will require a builders risk insurance policy as a standard homeowners policy will not cover you.
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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 Property Insurance Tips
Caledon Rented Dwelling/Condo Insurance
Are you currently renting our your Caledon house or condo? As a landlord. be sure to have the proper coverage to avoid insurance issues.
One of the biggest mistakes landlords make when purchasing home insurance is believing that a standard homeowners insurance 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 insurance 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.
Renting a basement? Be sure to mention that to your insurance company. Most companies accept a rented basement and are willing to add it to your homeowners insurance policy at a very small cost.
How To Save On Home Insurance in Caledon
Here are a few tricks to help reduce your property insurance rates without removing coverage.
Every insurance company will offer different rates for your home. Shop around for the best one!
Insurance companies love loyal clients, if you have been with your last company for 5 or more years, you will get a better rate.