Home Insurance in Oakville

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Oakville Home Insurance Quote

Which property insurance do you need?

Different Types of Home Insurance

When shopping around for property insurance, you must understand the differences between home policy types. Each policy will have unique coverage and completely different price points. Choosing the incorrect policy type may result in a termination of your insurance policy for misrepresentation or a complete denial of claim.

Tips and Answers

Oakville Property Insurance

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Oakville is home to the most expensive house in all of Canada! Known as the “Crown Jewel”, it’s price tag was a staggering $59 million!

Oakville has a wonderful reputation in Ontario. If you ask any resident on the west side of Toronto, they will agree that Oakville is home to some gorgeous mansions. But the city is expanding very quickly. If you take a tour around Dundas and Trafalgar, you will see many new subdivisions rising which include entry level town homes and condos. Even the “entry level” properties in Oakville don’t come cheap.

If you currently own a home or are looking to purchase a property in Oakville, you will likely need home insurance. If you are getting a mortgage, the mortgage company will require homeowners insurance as a part of the contract. If you have no mortgage, you can choose not to insure your home.

Don't forget sewer-backup and Overland Water Protection!

Assuming you do not want to take the risk of not insuring your house, your next step would be to select the coverages you would like. It is important to note that Sewer-backup and Overland Water (flood coverage) are optional and may not be included in many insurance companies basic plans. Depending on where you live in Oakville, some home insurance companies may not offer any water coverage if you live in a “high risk flood zone”.

What is the process of getting a quote?

Getting a home insurance quote is simple. The process will usually look like this:

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.  

Insuring a Custom oakville Home

Oakville is known for it’s beautiful architecture and large homes. If your home is worth over $1,000,000, a standard home insurance policy may not cover you properly. 

If you have a custom built home with expensive décor and  high end finishing, you 

How To Properly Shop For Home Insurance

Always create a list of the coverages that you feel your policy must have. If you are unsure of which coverages are good to have, speak to a licensed insurance broker as they will advise you. Once you have the coverages, only then should you continue comparing prices. If a price seems to good to be true, be sure to compare the coverage offered.

Once you have the coverages and correct endorsements selected, you can now compare what each insurance company is offering you. You will need to be very transparent with your house’s details because if it is deemed that you misrepresented the application, a claim can be denied. 

The home insurance company will want to know certain details such as the size of the house, the finishing (custom or basic), number of bedrooms and washrooms, weather the basement is finished etc. It is very important that you provide as accurate information as possible so that your home is adequately covered. 

The most common route of getting a good home insurance price is by bundling it up with your auto insurance. This will give you a discount on both your home insurance as well as your auto insurance lowering both policies significantly. 

save on Oakville Home insurance!

For most people, their home is their largest and most important asset. Get The right coverage at the best rate.

Expert Home Insurance Tips

Rented Home Insurance in Oakville

Renting houses, condos or parts of your home has been a very common and successful income stream. Many homeowners simply assume that they are covered because they have “property insurance”. This is not always the case. 

The largest mistake that many homeowners make is renting out their property without securing the right type of coverage. If you currently own several properties and have insured them all as primary homes, your insurance policy may not cover your claim as this is considered misrepresentation. 

With recent rules in the property insurance industry, most insurers want to have both the primary residence as well as any other rentals on the same policy. The Majority of  insurance companies won’t offer a rental insurance quote if they do not have the primary residence. 

A good tip when screening your future tenants, is to always request proof of tenant (renters) insurance from all your tenants. This spreads the liability to them as well and covers you in the event of your tenant’s negligence. 

If you are renting out the basement of your home or perhaps a room, be sure to notify your insurance company. Prices are not high and usually do not require a second policy outside your primary homeowners policy.

Save More On Your Home Insurance in Oakville

Here are  three tips to help reduce your property insurance rates

01

Bundle

The best way to lower your home insurance rates is to bundle with your Oakville auto insurance! Save up to 15%.

02

Shop Around

Every insurance company will offer different rates for your home. Shop around for the best one! 

03

Loyalty

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 of Ontario. Are you looking to move outside of Oakville? Get the best home insurance quote in your city! View our service areas below! 

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