Home Insurance in Vaughan
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Property Insurance Policy Types
Types of Home Insurance
When looking for home insurance in Vaughan, the first step is to select the correct policy type. From there you can continue to select your coverage. Choosing the incorrect property policy type can lead to your policy being nullified. The four main property policy types are homeowners, condo, tenant and rented dwelling.
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Vaughan Property Insurance
Vaughan is a growing city, there is no denying that. With so many cranes in the sky and buildings going up, Vaughan is set for serious home price increases. Anyone currently in the real estate market will agree, finding affordable housing in Vaughan is becoming a thing of the past.
All this comes at no surprise. With so many attractions such as Wonderland and Vaughan Mills, families have so much to do and explore.
Factors That Effect Home Insurance In Vaughan
If house insurance pricing was connected with real estate pricing in Vaughan, we would be in trouble. Luckily, the market value of your home has little to do with the price you pay for your property insurance. Below are some factors which do affect you home insurance premium.
- The Replacement Cost. This is by far the most important factor to your home insurance pricing. It is also very important to have a correct amount. The replacement cost is determined by specialized software created for the insurance companies. With basic information about the home such as square footage, basement info and number of bathrooms, the software calculates the cost to rebuild the home.
- Property policy type. A rented dwelling insurance policy will likely cost more than a standard home insurance policy because its shown that an owner will take better care of the property than a tenant.
- Prior home insurance. If this will be your first time getting property insurance, your premiums will be higher because the company has no history of you.
- Prior claims. If you have any claims on your home, you can expect that your insurance rates will be higher.
Sewer Backup and Overland Water Coverage
It’s very important to know that both overland water and sewer backup are not standard coverages on a home insurance policy. Not all homes qualify for each coverage.
As a client, you should always request both of these coverages as these are the most common types of water damage insurance companies deal with.
Another good tip to save on your home insurance is to install water damage mitigation systems such as a sump pump. These will prevent water damage from occurring in the first place and lower your home insurance rates.
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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 101
Vaughan Rented Dwelling and Condo Insurance
As described earlier, selecting your insurance policy type is the first step to insuring your home correctly.
One of the main mistakes new property investors do is insuring their rented condo or house as a standard home. This is incorrect and should a claim occur, an insurance company can reject your claim.
If you have a home which you do not live in and will be rented out to tenants, you must have a rented dwelling/condo insurance policy.
If you are simply renting out the basement of your home, you may only need to add a rented basement endorsement to your current standard home insurance policy.
If your home is currently vacant, this poses a large risk and your company must be notified. In many cases, if the vacancy is short, a simple endorsement may be sufficient.
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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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