Home Insurance Etobicoke
Etobicoke officially became part of the City of Toronto in 1998. It amalgamated with other Metro Toronto municipalities such as Scarborough. To the world, Etobicoke is known as Toronto but to locals, we identify as Etobicoke.
Home Insurance in Etobicoke, Ontario
Etobicoke’s south side (Humber Bay Shores) around Park Lawn Rd and Lakeshore has seen a lot of transformation in the last decade. Going from an old motel strip to a community of 50 story condos. This dense area is filled with many working professionals who either own or rent these condos and require property insurance.
As a Renter, Do I Need Property Insurance?
Many landlords specify in their lease agreement that the tenant must hold a content/tenant insurance policy. If it is not specified in the contract, than technically you do not require it, however it is advised that you do have a policy just to cover your own content incase something were to happen.
Another benefit of a content policy is that is it starts your “property insurance history”. Home insurance rates are also based on how long you have had prior property insurance. So if you plan to eventually own a house or condo, starting your property record early will help you get a better rate later on.
I Plan to Rent Out my Etobicoke Home, What Policy Do I Need?
If you choose to rent out your condo or house, you will require a rented dwelling/condo policy. It is extremely important that you notify your home insurance company that you are renting the property out because if you have a standard homeowners policy, they will have the grounds to deny your claim.
You will also need to be very transparent with the home insurer and provide all details about the home and potential tenants. The company will want to know weather their are more than one family living in the same property. Some insurance companies won’t accept a house with 3 separate families under the same roof.
Home Insurance Tips
Do you own expensive jewellery? You will want to add a jewellery floater to your home insurance policy. Most Home insurance policies come with standard jewellery coverage up to $1,000 per claim. If you own a $9,000 Rolex watch, you will not be reimbursed for it under your standard coverage. You will need to have an appraisal and pictures of the jewellery and you will be charged the premium depending on the value of your piece.
Do you have an auto insurance policy? It’s usually a good idea to bundle your home insurance policy up with your auto insurance for maximum savings. You can save up to 20% on both your car and home when combining the two!
If you are interested in getting a home insurance quote, please call Filip Ambroziak at (416) 803-2113 or email email@example.com. We will be happy to compare quotes from Canada’s largest property insurers and see which rates are best for you.
We look forward to hearing from you!