Home Insurance in Georgetown
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Property Insurance Policy Types
4 Types of Home Insurance
Purchasing a home insurance policy sounds simple and in most cases can be. However, one should be informed on the different property insurance policy types. Selecting the incorrect policy would not be considered a small administrative issue, it can completely null your insurance policy should a claim occur.
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Georgetown Property Insurance
In January 1, 1974, Georgetown, Milton, Oakville, Burlington, Acton and most of the Esquesing Township became part of the Regional Municipality of Halton, now known as the Town of Halton Hills.
Are Georgetown Home Insurance Rates Rising?
Home insurance rates won’t just be rising in Georgetown, but all of Ontario. All the recent extreme weather events are causing insurance companies to loose 100’s of millions of dollars! Sadly, there is little you can do to avoid these catastrophic looses and higher premiums are a natural result.
Top Reasons Why Georgetown Home Insurance Rates are on the rise
Here is a short list of the top reasons your home insurance in Georgetown will be increasing in the coming years:
1. Old Municipal Infrastructure. As more houses are added to a given area, it increases the demand for water. Since the city’s piping and sewage systems aren’t expanding as quick as populations, this creates a large strain and causes more costly sewer backup claims.
2.Emergency services, skilled trades materials are getting very expensive. If major claims occur, one of the largest costs incurred is labour. A seemingly small water damage claim can result in a bill over $25,000 of Contractor labour and fire department charges.
3. Finished basements. Many people who bought homes prior to 2010 have made a lot of money on their investment. Many people decided to finish their basements with their new equity. Finished basements are very costly to fix and usually suffer high damages on any sewer backup claim.
How do you get a Georgetown Home Insurance quote?
Finding the best insurance policy at the lowest possible price is possible. Once you decide on the exact coverage that you would like on your home and understand which property policy type is required, you can then begin the quoting process. Below is an outline on how to get a home insurance quote with us.
1. Get all the details. We would 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? Is the basement finished? Does the home have custom finishing or basic from the builder? Is there a pool?
2. Create a replacement cost value. This is one of the most important steps when 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.
Have You purchased land and are building a house in Georgetown?
With so much wealth pouring into Ontario, it’s becoming very common to see houses being completely torn down and brand new custom homes being built.
In a case like this, it is extremely important that as the homeowner, you have a Builders Risk policy in place. This policy should also be purchased before the start of construction as many companies will not insure a project that has already started.
Another tip: be sure that the contractor you are using is also properly insured. You do not want someone damaging your property and running off.
Overland Water Protection and Sewer Backup
Both overland water protection and sewer back up is not a standard policy endorsement. Both must be requested and added separately to the policy.
This is a very important coverage to add because sewer backup is the most common water damage claim that insurance companies receive.
save on Georgetown Home insurance!
For most people, their home is their largest and most important asset. Get The right coverage at the best rates.
Home Insurance 101
Rented Home Insurance In Georgetown
Are you planning on purchasing a second home which will be rented out? You will require a Rented Dwelling or Rented Condo insurance policy. There is a significant difference compared to a standard homeowners insurance policy.
A standard home insurance policy is created for a home owner who currently lives in that home. The insurance company assumes that the owner will take good care of the home and therefore posses a smaller risk.
The moment you have a tenant in the home and you no longer reside there, you must switch your insurance policy to a rented version. Failing to do this can completely nullify your insurance policy.
Is your home currently vacant? Notify your insurance company that no one is living in your home as this posses a different risk as well. Having no one in the home is a much larger risk than having a tenant. Should a claim occur, the damage will be much larger as no one is there to stop it in the early stage.
Save More On Home Insurance in Georgetown
Here are three tips 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
We have been providing property insurance quotes across the entire province. Are you looking to move somewhere outside of Georgetown? Get the best home insurance quote in your city. View our service areas below! We are constantly adding more!
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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 created a client base 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 Ontario.