Home Insurance Caledon

With just over 66,000 people, Caledon is still considered a smaller city among the Greater Toronto Areas. It is growing very rapidly with many suburban homes being built yearly.

Home Insurance in Caledon, Ontario

Caledon is becoming more and more popular by the year. With so many great neighbourhoods to live in such as Belfountain, Bolton and Albion, it’s no wonder why so many people are buying properties there. 

Although Caledon is not as populated as cities like Mississauga and Oakville, the house prices can be quite high especially if you are looking to purchase a detached house. Luckily, house prices don’t have a direct impact on your property insurance rate.

How Do You Get Property Insurance in Caledon and How Long Does It Take? 

If you are buying a home in Caledon, home insurance prices may not have crossed your mind. If you are getting a mortgage on your home, the mortgage company will require home insurance. Many people realize this only once their lawyer requests the insurance binder. 

Thankfully, if you select a good insurance broker, creating a home insurance policy can take as little as 1 hour! Here is the process from start to end on getting a home insurance policy:

1. The  Property Insurance Quote. In the quoting phase, the insurance broker will gather all the required details of the home. Weather its a condo or freehold property, rented or owner occupied, size, finishings etc.. With this information, the broker will create a estimated “replacement cost” of the property which is very important in determining the rate. The higher the replacement cost of the property, the higher the insurance premium. 

Once we have a replacement cost and all the property details, and selected coverages we input the information into our systems to get quotes from multiple insurance companies. We than select the best fit and offer it to the client.

2. The Application. Once a client accepts the quote, we than move to the application phase. The insurance broker created a “Habitational Insurance Application” and we send it off to the clients email for signing. The client signs the forms and sends us back the documents. 

3. The Binder. Once we receive the required signed applications and documents from the client, we can than issue a 30 day insurance binder. The binder is a temporary insurance certificate which is legally bound to the insurance company. These are used to speed up the process. 

What is a Property Insurance Binder?

When a home insurance policy is created, it can sometimes take weeks for the insurance company to print and send out the completed policy documents to the client. Since clients may require a proof of insurance that same day, waiting weeks will not work. The solution to this is the insurance binder which is a temporary certificate of insurance until the policy arrives to the clients home.

Home Insurance in Caledon

If you would like to speak to a Caledon home insurance broker feel free to call Filip Ambroziak directly at (416) 803-2113 or email him at filipa@pbnet.ca. 

We will shop the entire home insurance market in Ontario to find you the best possible rate! 

We look forward to hearing from you.

 

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