Home Insurance in North York
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Different Property Insurance Policies
Types of Home Insurance
When looking for a new home insurance policy in North York, you must understand the differences between each property policy. Not all home insurance policies will cover your home. There are several property policy types including home, condo, tenant and rented dwelling. Choosing the incorrect one may void your policy should a claim occur.
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North York Property Insurance
North York is one of the six districts of Toronto. As of 2016, it had a population of just under 870,000. By now, it is much closer to a million. North York has a stunning neighborhood called Bridle Path which is home to many beautiful mansions owned by celebrities such as Drake and Celine Dion.
With such quick population growth and a clear appetite to live in the city, it’s normal for real estate prices to increase. Luckily, as real estate prices increase, home insurance does not need to follow the same trajectory.
How Do Insurance Companies Determine North York Home Value?
Insurance companies do not use the market value of a house or condo to determine the premium for insurance. Insurance companies use an advanced software such as EXITV which determines how much it would cost to rebuild a home to what it was before. This is known as the “Replacement Cost”. If a home has custom built cabinets and expensive floors, its natural that the replacement cost will be higher.
For this reason, its very important to determine your replacement cost first, and once the value is created, you can comparison shop properly.
Can Your Home be Underinsured?
It most definitely can be underinsured and its happens often. If you neglect to mention several upgrades in your home or perhaps mislead the company to think your home is much smaller than it is, it can lead to a low replacement cost.
Be sure to always provide as much information to the insurance company. Here are a few points clients may forget to mention:
- Finished basement. This will increase the replacement cost.
- The number of bathrooms in the home.
- Upgraded kitchen and washroom counters. If you have marble counters but haven’t mentioned that, your company would only rebuild the basic wooden counters.
- Flooring. Do you have hardwood? It’s a good idea to notify your insurance company.
How do you get a Home Insurance quote?
To fully get peace of mind that you are covered, the best way is to speak to a North York insurance professional and do a review of your home.
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.
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 North York.
Sewer backup coverage protects you from any damage caused by the backup of outside waters such as a big rain fall.
Overland water protection protects you in the event that water enters your home through windows or doors.
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.
Home Insurance Tips
Rented Home Insurance in North York
Do you plan to rent your North York home or perhaps are purchasing an investment property? Be sure to purchase the correct insurance policy as there are several different types.
One of the biggest mistakes clients make when purchasing home insurance is believing that a standard homeowners insurance policy covers your rented house or condo. If you currently own multiple properties and have insured them all as primary homes, you have incorrect coverage and a company can deny your claim.
If you are renting out the basement of your home or perhaps a room, be sure to notify your insurance company. Premiums are not high and usually do not require a second policy outside your primary homeowners policy.
Another 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 tenants negligence. Be sure to get the actual policy in hand and not just a binder. You want to confirm that the policy is paid for and in force.
Save More On Home Insurance in North York
Here are three tips to help reduce your property insurance rates
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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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.