Home Insurance in Cambridge
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Which type of property insurance do you need?
Types of Home Insurance
When shopping for home insurance in Cambridge, 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.
Answers and Tips
Cambridge Property Insurance
Cambridge has so many great neighbourhoods with their own unique beauty. Some include: East Galt, Silver Heights, Preston Centre and St Andrews.
Does resale value matter for home insurance rates?
Your homes resale price has little to do with your home insurance cost! When calculating the insurance cost for your Cambridge home, insurance companies want to know how much it would cost to put you back to the position you would be prior to the loss. This is called “The Replacement Cost” of your home.
Assume your house burned right down to the ground (No human or pet was injured). What would be the cost to build that same house up? How much would the construction materials cost, the labor etc. Your house may have a resale cost of $700,000, but the actual house on top of the land costs about $300,000 to replace.
This is great news, last thing we would want is for our home insurance rates to increase as fast as the real estate market did. It would bankrupt us all.
How to get the best Cambridge Home Insurance Rate
Always remember, price is very important when it comes to home insurance, but it is not “the most important” factor when shopping for coverage. Most insurance companies will have similar rates if you are comparing the house insurance coverages correctly. The best way to shop for these rates is by selecting an insurance broker and having him/her compare the coverages or by doing the research yourself.
Always be transparent with the insurance company. They need to know the accurate details of your house to get an accurate price and correct coverage. If you have custom finishings in your kitchen, mention it so that is included in your coverage. Have a finished basement? Include that information as well.
Due to all the recent whether related claims and general losses in Canada, home insurance companies have become more strict with their underwriting. This means they are more “picky” with which risks they choose to insure and may deny to offer certain coverages for some areas.
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 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. Floaters can cost as little as $10 extra per month. The most common jewelry floater is for engagement rings.
Is your home under construction or being renovated?
If you are currently renovating your home, you must let your insurance company know 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
Cambridge Rented Home and Landlord Insurance
Are you currently renting our your Cambridge house or condo? Be sure to have the proper coverage to avoid insurance problems.
A good 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 tenant’s negligence.
One of the biggest mistakes clients 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.
How To Save On Cambridge Home Insurance
Here are a few tricks to help reduce your property insurance rates
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.
Get more Great Home insurance rates
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