To make life easier, Intact has created an Insurance FAQ page. If you're away at school temporarily and staying in residence, your parents' home insurance policy will cover you. While these are general terms that may not coincide with the specific wording your insurance company uses, they do highlight the fact there are different types of insurance policies you can buy. Insurance Bureau of Canada is the national industry association representing Canada’s private home, car and business insurers. The plan should cover items such as: Post your plan in a common location and practise it to ensure it runs smoothly. Replacement cost – the size and composition or your home as well as your contents are the factors that will impact the cost to replace your home and belongings. Quit smoking. There are limits and exclusions that apply to your personal property, so be sure to check with your insurance company about how much coverage is right for you. Earthquake coverage, for example, covers loss or damage to your property caused by the actual shaking of the earth. They cause significant damage, destroy valuable possessions and claim many lives each year. 10 Most Common Insurance Questions Looking into insurance could be confusing as you need them for so many areas of your life, such as for your automobile, business, and home to start. Are renovations I've had done covered by my home insurance? Visit Claims to find out how to report a claim and for contact numbers by province. Below are answers to 10 questions that will help you determine the insurance that is best for your situation. As a dependant and student temporarily living away from home, the personal property your teenager takes to college or university would be covered under your homeowner’s policy. 1-855-550-5515 Auto Insurance Have a fireplace? It may also help you cover additional living expenses if you're temporarily unable to live in your home. Contents : Choose coverage to protect things you care about. Helpful home assessment checklists can be found online. No, home insurance is not required by law in Ontario. For example, if a visitor slips on your driveway and you are found legally responsible, you would be covered for the damages. Here are six : If your insurance company doesn't know about your renovations, you may not have enough coverage. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. © 2020 COPYRIGHT ALLSTATE INSURANCE COMPANY ALL RIGHTS RESERVED. Here are seven factors insurers look at when determining risk. It also provides coverage if you accidentally cause damage to the rental property. A tenants' insurance policy should include both. Get a free online home insurance quote in 5 minutes from Square One. For example, by expanding your kitchen and adding new appliances and granite countertops, you have added value to your home. Installing a pool? But, most people don't have any idea what is covered in their policy and maybe even more importantly what isn't covered. But, the amount of coverage available depends on the type of policy you purchase. Tenant insurance not only covers your personal possessions, it also provides personal liability coverage in case someone is accidentally hurt while visiting you. Part of the reason why is that home insurance is one general category that encompasses so many different homes, policies, and coverage. Unlike car owners– who must by law have car insurance to cover their civil liability, house and condo owners aren’t legally required to have home insurance.However, it may be a requirement in certain situations. Without this coverage, you could be sued for repair costs and financially responsible for the entire bill. While the price of home insurance is determined by an array of factors including your home… What's the difference between Basic Liability coverage and Contents coverage in tenants' insurance? Property Claims: Allstate’s Claims team is here for our customers day or night to help you get on with your life as simply as possible. Typically, fees cover at least part of your water and hydro, and may include heat. Frequently Asked Questions. To save time, browse through our Frequently Asked Questions. For more information regarding eligibility for this discount, please contact your local agency or call 1-800-ALLSTATE (1-800-255-7828). There are generally three types of policies, known in the industry as the Standard (or Basic), the Broad, and the Comprehensive. Household fires can be devastating. Request a home insurance quote online now. It’s important to speak to your insurance company before buying or renting a home with a wood-burning stove. What follows is a brief overview of four basic types : To determine an appropriate premium for you to pay for home insurance, insurance companies first need to determine the likelihood of you making a claim. Additional protection, also known as optional coverage, can be purchased to provide greater peace-of-mind. Your auto liability protects you if you are in an accident and you’re held legally liable for injury or death to other people. BuildAsk about other discounts, such as discounts for seniors. ... Quebec residents may call 1-800-769-2526 for questions about their policy and coverages. People who decide not to buy contents coverage often fail to recognize how much it would cost to replace everything they own, even if their impression is that they own little of significant value. It's important to recognize that these perils are not automatically included in home insurance policies. Your insurance should reflect those changes to ensure you have adequate coverage. A contractor rebuilding only one home won't benefit from the same cost efficiencies as a builder constructing many homes within a development. Some policies do not permit you to rent your home out, even for a brief period. Fees go towards maintenance and into a reserve fund as a contingency to pay for significant expenses such as a new roof or heating and plumbing repairs. What’s covered, and for how much. Those unlikely to draw from the pool pay less than those more likely to draw from it. The "named perils" are specifically listed risks such as fire, explosion or smoke damage. Replacement costs can include things not included in the resale value, such as the cost of skilled labour, debris removal, extra expenses from stricter building codes, and so on. Power, with the premiums they would charge a specific homeowner.. To make it easier for you, I’ll give you the list of questions that will be asked, so you’ll know ahead of time. Contents coverage replaces your belongings in the event of total loss or damage. Pipes – older plumbing (galvanized or lead pipes) is more prone to cracking, leaking or other problems. What do insurance companies look at when insuring my home? Unlike insurance for your primary home, vacation property insurance is almost always provided as a "Named Perils" policy because of the risk associated with part-time occupation of your vacation home. You may be renting, but all of your furnishings, electronics and other personal belongings are certainly valuable to you. Even though insurance is a requirement, everyone has questions they need answered about their coverage. For example: Mortgaged homes. Most insurance policies set specific limits, but we have a better way: Only TD Insurance offers the Million Dollar Solution ®, so you can enjoy the flexibility of one overall amount of coverage for your home, belongings and additional living expenses.This covers the replacement or repair of your home and belongings. Comprehensive, basic/named perils, broad and “no frills” are typical home insurance policies. First, know your home… including the year it was built and how it is built. Age of roof – newer roofs (within the last 20 years) are preferred by insurers. To ensure that you are not overpaying for your car, home, motorcycle, life and commercial insurance, we invite you to compare your rate to the lowest rate available from InsuranceHotline.com's database of over 30 insurance companies, through our network of licensed insurance professionals. Some questions may vary depending on your specific situation. This isn't the best way to buy insurance — one of the many lessons I learned as a first-time homebuyer — but closing on a home is stressful. What's the difference between home and condo insurance? Get the best home insurance coverage and rates from Durham Region's home insurance broker - Best Buy Insurance. The first set of questions … ... Home & General Insurance Questions. Am I covered if I rent out my cottage and something happens? * Discount calculated based on prior term’s total written (paid) premium. Copies of essential family documents and records, Safe exits from your home or neighbourhood, A trusted, designated person to take care of children or pets if you are unavailable. Find out more today. We've been serving home insurance customers throughout Ajax, Pickering, Whitby, Oshawa, and surrounding areas since 1946. We may have answered your questions already! While some cottage owners think that renting out their cottage requires them to hold commercial insurance, this is no longer the case. Learn about the types of home insurance premiums, factors that can impact your house premiums, how to calculate property insurance premiums, as well as tips for how to lower home insurance premiums. Severe weather, calamities or accidents may damage your home beyond repair. Learn about how swimming pools will affect your insurance coverage & costs. Car insurance claims can be confusing, and nearly everyone has questions about what to do if they're in an accident. Home Insurance FAQs. The payments – or premiums – you pay go into a pool of funds managed by the insurance company. Have the improvements you've made affected the replacement cost of your home? A recent home insurance survey found that most Canadians don’t know key details about their properties, highlighting the importance of pre-fill data for Canadian home insurance … Your insurance broker can likely customize your cottage insurance policy to include rentals, sometimes without any increase in premiums. Here are some of those FAQs – plus, of course, answers – that will help you determine how to get the coverage that’s right for you. Read more now. Home insurance is a way to protect your home and your possessions against financial loss if they are damaged, lost or stolen. They’ll also ask about swimming pools and other structures on your property such as a storage shed. While some policies cover minor remodeling work, always check with your insurance representative to be sure, even if you think the changes are small. While most tenants will recognize that a hole in an apartment wall is their responsibility – no matter who made it – they don't realize that something as commonplace as an overflowing toilet that does damage to their apartment (as well as the one below) can also be their responsibility. Home insurance coverage and premiums vary from one company to another and from one policy to another, so it pays to ask questions before you buy. What if I rent my home out for a short period of time and come home to find it burglarized? Where you live – if your neighbourhood is more prone to break-ins, you may pay more for insurance. Do you have the right coverage? Don’t be intimidated. Take a thorough inventory of your possessions to ensure you have an accurate value. If you'd prefer, you can also contact CAA by phone. There are a number of reasons why the estimated replacement cost could exceed what you paid for your home. Why is the replacement cost on my policy more than what I paid for my home? The best home insurance companies in Canada for customer service aren’t the most expensive providers, nor are they the most popular. Call Us: 1-800-731-2228 Or have us contact you how and when you prefer. Electricity – there are several factors such as: the type of wiring you have (breakers pose less risk than fuses; knob and tube wiring can increase the chance of fire). Allstate recommends the following tips to help keep your home and family safe: Every home should have an emergency preparedness kit to help ensure you and your family are able to get through the first 72 hours of an emergency. I'm probably not the only person to purchase a homeowners policy without a plan. Allstate offers many discounts that can help you save even more like a Claim-Free Bonus if you go 12 months without making a claim* (excluding Ontario). Many insurance companies will offer a lower rate corresponding to the lower risk of fire loss by removing the threat of fire from careless smoking. If you want to take out a mortgage to pay for your home, your financial institution may require you to have home insurance. What about getting extra protection for my home? © 2020 ThinkInsure Ltd. All Rights Reserved. For the most accurate information, take five minutes to answer a few questions about your home to receive and compare home insurance quotes from top insurance companies. Now that you better understand home insurance, you … As a tenant who has signed the lease or rental agreement, it's important you protect yourself by buying tenants' insurance. Improperly installed or maintained wood stoves are a common source of house fires and carbon monoxide poisoning. BuildDon't over-insure your home by including the value of your land, which can significantly add to your home's market value but isn't part of the insured value. You’ll learn about essential tasks you need to do so that your home and property can weather (pun intended) the usual Ontario wintry blast. When it comes to home insurance, people typically have a lot of questions. Is there a guaranteed replacement clause in my policy in the event of a total loss? How do insurance companies calculate my premium? ... What changes are planned for automobile insurance in Ontario to help reduce rates? Protect the things you’re passionate about with insurance for your seasonal home, boat, motorhome, recreational trailer, motorcycle, collector car Disclaimer 2, ATV or snowmobile. How do I know if I have enough home insurance? From Alberta to the Maritimes, we answer common questions about home coverage policies that meet unique Canadian needs. Why is my vacation property insurance a "Named Perils" policy, and not a "Comprehensive" policy, like my home? Homeowners buy insurance to protect them from any damages and losses to their home and contents. Am I responsible if I sublet my apartment? What is a property insurance premium? Home insurance policies include personal liability coverage. Recent upgrades and renovations can make rebuilding your home more expensive than originally estimated in your insurance policy. Our home insurance FAQ page answers your most frequently asked home insurance questions. It depends on the value of your home’s physical structure and the value of all of your personal property (e.g. You may want to consider buying a Personal Articles Floater which provides all risk coverage for theft and mysterious disappearance. If, however, you move out permanently, you'll need to buy your own tenant insurance. furnishings, clothing, appliances, entertainment systems, etc.). Why do I need condo insurance if I'm already paying fees that cover the condominium complex? It'll help you get the right coverage and make it easier filing a claim. It also covers damage to their vehicle or property. Buying a home with a pool? Improperly installed wood stoves are a source of house fires and carbon-monoxide poisoning. If you have a mortgage on your home, your lender may require you to maintain home insurance to protect themselves against loss. Find the answers to your questions in our Frequently Asked Questions (FAQ) section today. Always check with your insurance representative before considering any kind of rental. Yes, individual claims history is important, but even among those who have never made a claim – which reflects many policyholders – there is still the chance of a claim being made. Your monthly condo fees help pay for the insurance the condominium association (also called a condo corporation or board) needs for the condominium building, common areas, and liability. * PC auto insurance and home insurance are arranged for by PC Financial Insurance Broker Inc. and are underwritten by a number of selected Canadian insurers. Your condo corporation contract will indicate the common areas for your condo complex. Our Ontario INSUREPLUS™ home insurance brokers are a able to arrange a low-cost home insurance package that suits your living style and your budget no matter what you call home. Oil tanks have the potential to cause costly environmental hazards. In Ontario, home insurance averages $915 a year, while Albertan residents pay an annual average of $843. However, some also believe that simply having cottage insurance fully protects you when renting out a vacation home – which is also not the case. Have a sprinkler system, or monitored burglar or fire alarms installed. Home Insurance FAQs - Get helpful answers to common questions our home insurance experts get from Ontario homeowners about their house & property. If you don't have home insurance and your home is damaged by an event you will have to pay for all repairs yourself. Upgrades, renovations and other improvements made to your home can make rebuilding it more expensive than the original cost. Install smoke detectors on every floor and change batteries regularly. Here we have listed some of the most common car insurance claim questions with quickie answers. Home Insurance⊸ What you consider your home might be a single detached house, a condominium, an apartment you’re renting, or perhaps a second home or seasonal cottage, vacation home or recreational property – all of which can have different risks and sustain different types of loss or damage. So, yes, there are a number of frequently asked questions that pertain to insuring a range of specific homes, along with distinct coverage and policies. For a fast, free and accurate Ontario INSUREPLUS™ house insurance quote just give us a call at 1-888-310-7283 (SAVE) or a bit of -information on the “Request a Quote” . While this brochure is intended to provide information in regards to basic insurance questions, your insurance representative is the best resource for any specific questions you may have. What is a term to 100 policy? Should you have any other questions about your home insurance policy, Square One, or Square One’s home insurance underwriter, please feel free to call 1.855.331.6933 or email us. Wording and what’s covered in individual policies vary from one insurer to another. If you install a home security system and/or a monitored fire alarm, you may qualify for discounts. If you have an oil-heated home, a leak could be a costly environmental hazard, so your insurance company will want to know details about the age and condition of your tank. The following factors may influence your rate for home insurance:. Basic Liability coverage provides protection if you or your guests cause damage to your building, including your unit. Frequently inspect and clean chimney flues and your furnace. Read more now. Location: Rates vary depending on where your home is located. Home insurance may help protect your home and its contents in case of theft, loss or damage to the inside and outside of your home or property. Sewer back-up coverage, especially if your home is in a low-lying area or is an area where storm and sanitary sewers are combined, can provide vital coverage. ⊸ Find here answers to most common home insurance questions. It's important, however, that your insurer knows your plans – before anything happens. Get answers to common questions. Construction on your home may need to meet newer, stricter building codes. Second, go to a pro – your insurance professional – to help calculate the proper rebuilding value based on your home details. How can I lower what I pay for home insurance? Bundle your home and car insurance with the same insurance company. And third, take stock of what you own and create a complete room-by-room inventory of your belongings. Protect your home and belongings with coverage that suits your needs. Certain risks such as vandalism or water damage may be more expensive to include in the coverage because of the part-time occupancy. Should I get my own home insurance? PC auto and home insurance products are available only in Alberta, New Brunswick, Newfoundland & Labrador, Nova Scotia, Ontario… Home » Insurance and Information for People and Businesses » Frequently Asked Questions . Remember that your home should be insured for what it would cost to rebuild it. Allstate offers additional coverage for students living away from home. Following some catastrophic events (such as a wildfire), labour and building materials may be scarce, resulting in inflated construction costs. In the simplest of terms, insurance works by having the payments of the many pay for the losses of a few. Keeping your home secure pays off. Whether you are getting home insurance in Ontario for the first time, renewing your policy, need to add a policy endorsement, want to add extra water damage coverage, or simply have questions about your coverage options, we’ll make sure you get the best home insurance for you. Our home insurance FAQ page answers your most frequently asked home insurance questions. All of which can require different coverage and policies and premiums. What's the difference between Comprehensive, Basic/Named Perils, Broad, and No Frills coverage? © 2020 COPYRIGHT ALLSTATE INSURANCE COMPANY ALL RIGHTS RESERVED, Quebec Ground Water, Sewers and Overflow of Water, Get a free no-obligation home insurance estimate. Answers to common home insurance questions you may have are provided below. The personal liability coverage on your home covers you at home or anywhere in the world for bodily injury to others or if you accidentally cause damage to another person’s property. Just as the owner of a house needs home insurance, you also need condo insurance to cover your condo unit and contents and to provide personal liability protection. The insurance company cancelled my home insurance. Don’t plug too many appliances into one outlet. Essentially, your premium is calculated to reflect the probability of you making a claim. Allstate recommends including items such as: You should also prepare a plan with your family and practise what you will do in the event of an emergency. Whether you suffer damage due to floods, earthquakes or ice storms, Canadians know that crisis can How do they do that? You can also lower your premium by choosing a higher deductible. Generally, common areas are considered to be any areas outside your unit, like the parking lot, lobby, pool, and recreation centre. Use the form below to send us an email with your comments, questions, or concerns. Below are 10 important questions to ask your home insurance broker when costing out a home insurance quote. While every condo association will have specific details in its master insurance policy, as a condo owner you're typically responsible for everything inside your unit's walls. Find tailored home insurance coverage with Intact and protect what you value by choosing the coverage you need: House : Protect home and outdoor structures such as the garage, gazebo or shed. Starting with the basic notion that all homeowners should insure their houses according to the cost of rebuilding the house in the event it was destroyed, there are three ways of determining adequate home insurance coverage. Call me. Or, a robbery or break-in may put your home on the risk radar. In fact, a driver cannot own an auto insurance policy in Ontario until they have a full driver’s license. Other terms and conditions apply. Ratehub.ca compared the 2019 Canada Home Insurance Satisfaction Study, conducted by J.D. Materials used to build your home may have gone up in price or may no longer be available. Very much so, although there are broad similarities. Your homeowner's policy is sold with the expectation that you will reside in the dwelling. For example, the condo corporation's master policy would usually cover the drywall and primer, but your policy covers the paint you put on the walls. Home features and characteristics: Your home's age, structure, wiring, type of roof, garage, etc., can affect your homeowners insurance premium. Demolition and preparation costs need to be included in the replacement cost. We welcome and value your feedback. Each answer includes a link to an article exploring that question in depth. With more people contributing to the pool than those making claims, there is always enough to pay claims. Some people get intimidated when getting a home insurance quote, as the amount of questions being asked can often seem overwhelming. Serving Members in Southern and Central Ontario and Manitoba. Many factors are taken into consideration to determine the likelihood of you making a claim, with the statistical group to which you belong being one of the most reliable indicators to insurers. A G1 driver does need to be insured, but their auto insurance will typically be covered by one of their parents or caregivers. Skip to Main Content. No. Ontario Automobile Insurance Examination Application Size: 163 kb Size: ## kb Application request to be used by out-of-province applicants requesting to write the local knowledge exam prior to applying for a General Insurance Agent or Full Adjusters Licence At-a-glance Ontario home insurance coverage. Keep your home and loved ones safe by educating yourself with these fire safety and insurance tips. Condo fees are mandatory, non-negotiable monthly fees that represent your share of the costs to run the condo building and complex as a whole, including insurance. Yes, but for limited amounts of coverage. Here are four things to consider that can help lower your premium : As well, in addition to shopping around and comparing both prices and coverage, there are three more ways you can further reduce your home insurance premium : Replacement cost is the total cost your insurance company will pay to fully rebuild your home if it is destroyed. Call us: 1-800-731-2228 or have us contact you how and when you prefer more expensive the. Of funds managed by the insurance that is best for your home is damaged by an you! And granite countertops, you 'll need to buy your own tenant not... May pay more for insurance prior term ’ s covered in home insurance questions ontario policies vary from one insurer another., electronics and other structures on your driveway and you are found legally,! 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