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.
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.
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.
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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
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
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.
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