Home Insurance in Kitchener
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Kitchener Home Insurance Quote
Property Insurance Policy Types
Types of Home Insurance
Shopping for home insurance in Kitchener can get tricky. Not only must you be aware of all the unique coverages that each company offers, but you must have a good understanding of the several property policy types offered. Each one covers a unique risk and selecting the wrong one for your property can leave you without insurance.
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Kitchener Property Insurance
The entire K-W area is stunning. With so many green spaces such as Watson Park, Willow Lake Park and Chicopee Park, it’s hard not to like Kitchener especially if you are a hiker or own a dog!
Kitchener has so many great neighborhoods to live in. Alpine Village, Rockway, Idlewood and Lackner Woods are just a few. Just like Cambridge, Waterloo and the Greater Toronto Areas, Kitchener has experienced an increase in real estate prices. This is great for families who already live there and can enjoy some of that equity, but bad for young families trying to buy in Kitchener.
The Difference Between Home Insurance and Mortgage Insurance
Having home insurance is a great way to transfer risk. When you no longer have a mortgage on your home, it is your choice to insure the property or not. If you still have a mortgage, the lender will require that you carry insurance on that property.
Sometimes house insurance is confused with “Mortgage Insurance” but the two are very different. mortgage insurance is a life insurance policy you take out on the amount of your remaining mortgage. Should you pass away, your mortgage will be paid off to your lender. Home insurance is coverage on your actual property incase something happens to it such as a fire, flood or windstorm. It is very common to have both policies especially that mortgage insurance can cost as little as $20 a month.
What Does "Best" Mean?
Before we jump into how to get the “best” home insurance price, it’s worth defining what “best” means in insurance. Getting the best insurance price does not just mean the lowest. It means getting the coverages you need at the lowest price possible.
Here is an example: John spoke to two insurance providers. The first price he got was for $855 per year on his detached Kitchener property which he is not renting out. The second company offered $780 per year. John chose the cheaper version. Upon further evaluation, he discovered that the optional sewer-backup coverage wasn’t included in the second price and asked to add it putting his price up to $895. The first company already included Sewer-backup in their quote and offered mort coverage for his area as well.
How do you get a Kitchener Home Insurance quote?
As mentioned before, getting the correct coverage, the right policy type all for a good price may take some work. Once you have a clear understanding of what you require, you can shop around for the best insurance rates. This is how the home insurance quoting process looks when working 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? 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.
Are You Planning To Renovate or Rebuild Your Kitchener Property?
It’s becoming more common for families to purchase an older home and completely renovate it from top to bottom. If this is something you are considering, be sure to secure the correct coverage prior to starting construction. A standard homeowners insurance policy will not offer coverage on a construction project. Many companies will also not offer coverage once construction has begun.
Some insurance companies will allow small renovations in the home, simply call your insurance company and let them know of your plans. You may not require any separate policies.
Tip: If you are rebuilding your home, you will require a Builders Risk insurance policy. When hiring a contractor, verify that their company is properly insured as well. Do not start a construction project without proof of insurance!
Sewer Backup and Overland Water Protection
Both sewer backup and overland water protection are optional and therefore do not come standard on your insurance policy.
This is something that you must request in order to have the coverage. This is also one of the most common water damage claims in Kitchener.
Overland water protection protects you in the event that water enters your home through windows or doors.
Sewer backup coverage protects you from any damage caused by the backup of outside waters such as a big rain fall.
save on Your Kitchener Home insurance!
For most people, their home is their largest and most important asset. Get The right coverage at the best rates.
Home Insurance Tips
Rented Home Insurance in Kitchener
Are you purchasing an investment property that you will be renting out? Or perhaps you would like to rent out a part of your current home.
Both cases will require different insurance policies. Selecting the wrong type may have devastating consequences.
If you would just like to rent out a portion of your home such as your basement, a standard home insurance policy with a rented basement endorsement will be sufficient.
If, however, you have a second property that you do not live in, you will require a rented dwelling/condo insurance policy. A standard homeowners insurance policy on a rented home is not correct and can leave you without insurance should a claim occur.
Is your home currently vacant? Notify your insurance company that no one is living in your home as this posses a different risk.
Save More On Home Insurance in Kitchener!
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.
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We have been providing property insurance quotes across the entire province. Are you looking to move somewhere outside of Kitchener? 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.