Bundle Your Home & Auto To Save up to 25%!
Home insurance = peace of mind
Ottawa is the capital of Canada and home to our government offices. It is home to almost 1.4 million people, and is a bilingual city. Ottawa is a vibrant and youthful city and is known for the Winterlude festival, celebrating all things winter. Ottawa is the epicenter for Canada Day celebrations, where people come from all over to participate in the festivities! Ottawa has some of the oldest and most beautiful buildings and boasts beautiful architecture, a bustling downtown core, and a diverse range of neighbourhoods. It is also home to two prominent universities: The University of Ottawa and Carleton University.
Home insurance is not legally required in Canada, especially for those who have paid off their home. But, it is mandatory for those who need to get a mortgage. Since buying a home is one of the biggest investments people make, it's important to consider getting homeowners insurance to protect the place they live, raise a family and keep their belongings. These are all things that a homeowners insurance policy can cover and we can help with that.
Home Insurance In Ottawa
The average amount that homeowners can expect to pay can range from $700-$2,00 per year. The insurance costs can vary significantly depending on where you live (location), the type of home you have, the risks in your area, the value of your home and coverage limits - these can all affect your home insurance quote.
There are three basic types of homeowners insurance available in Ottawa:
Comprehensive or All Perils - This is the most extensive coverage you can get, and it covers your home and all its contents against all unexpected perils, excluding certain uninsurable events such as flood and earthquake damage etc...check with your advisor for a full list.
Basic or Named Perils - This covers your home and its contents against perils that are listed in your policy.
Broad - This coverage is somewhere between comprehensive and basic policies. It covers some high-value items - such as the structure of your home- as well as certain named perils.
Additional home insurance coverages available:
- Fire department charges: Covers the fees charged by the fire department for visiting your property for an insured peril.
- Mass evacuation: Covers your living expenses if you had to vacate your home.
- Counterfeit money and cheques: Covers you if you mistakenly accept fake money or if your cheques were altered or forged.
- Lock replacement: Covers the cost of replacing the door locks on your home if your keys are stolen.
- Frozen foods: Covers the cost to replace frozen foods if your freezer breaks down.
Home insurance rates in Ottawa are determined by a range of factors, many of which differ between homes and homeowners. Here is a look at some of the variables used to determine home insurance rates:
Replacement cost. A major factor used to determine home insurance premiums is replacement cost. This is an estimate of how much it would cost to replace (or rebuild) your home in its current condition, not the current market value of your home. For example, if your home would cost around $225,000 to rebuild, and it’s current market value is $365,000, you would receive $225,000 in the event of a total loss.
Coverage types. There are different types of home insurance, including Comprehensive, Basic, and Broad. Depending on which type you choose, and depending on whether or not you add additional coverages to your policy, your premium will either be higher or lower (higher if you add specialized coverages, such as for high-value items). Speak with a Dedicated Insurance Assistant to find out which coverage is right for you, and to learn about what discounts you may qualify for.
Personal claims history. It’s simple: the fewer number of claims you make as a policyholder, the less likely your insurance company is to view you as high-risk. The reverse is also true, so try to avoid making claims (when possible).
Renovations and improvements. Home betterment projects are likely to increase the replacement cost value of your home and property, and will therefore raise the cost of your home insurance premiums. Report all home upgrades to your Dedicated Insurance Assistant.
Home type. Rates will vary based on whether your property is a detached home, semi-detached home, rental property, condominium unit, or seasonal dwelling.
Value of possessions. A basic home insurance policy will cover your home and its contents, but if you want to insure high-value items, such as expensive jewelry or valuable antiques, you may require additional coverages (which will raise your premium).
Safety and security. Factors such as proximity to fire hydrants, location of the nearest police station, fire alarms, carbon monoxide detectors, sprinkler systems, quality of door locks, and home security systems can have an impact on your premiums.
Crime rate. The crime rate in your area is a key factor used by insurance companies when determining your premium. A high-risk area is more likely to result in costly damages and insurance claims, and will therefore increase your home insurance premium.
Home build. Roof condition, type of electrical wiring, plumbing quality, age of home, type of construction materials used, and type of heating are all factors that insurance companies consider when calculating your home insurance premium.
Deductible. Like with auto insurance, if you raise your home insurance deductible, there’s a good chance you’ll get a discounted premium.
Purchasing insurance to protect your Ottawa home and its contents can be costly. But don’t worry, there are lots of ways to lower your premium. Here are a few cost-saving measures to keep in mind:
- Compare your options. In order to find the lowest home insurance rates available, you need to shop the market. By using a rate comparison site like Surex.com, you’ll be able to compare rates from up to 10 of Canada’s leading home insurance companies at once. After you find a cheap rate, you can inquire about discounts (and coverage details) from a Dedicated Insurance Assistant. Home insurance is important — and we recommend that all homeowners have it — but there’s no sense in overpaying for coverage.
- Agree to a credit check. By allowing an insurance company to do a credit check on you, you could qualify for a discount to your premium. This is assuming that you have a good credit score. Why does a healthy credit rating result in a discounted premium? Because insurance companies view policyholders with strong credit as low-risk customers who are less likely to make a claim.
- Avoid minor claims. If possible, avoid making minor claims on your home insurance policy. Not only will repeat claims position you as a high-risk customer in the eyes of your insurer, making minor claims may not be worth it when factoring in the cost of your deductible.
- Don’t pay for more coverage than you need. With home insurance, you have to remember that it’s all about the cost to replace your home, not the market value of your home. Therefore, you only need coverage for the replacement cost of your home (not the higher market value of your home). Also, if covering your high-value items significantly increases your home insurance premium, they may not be worth insuring. Speak with a Dedicated Insurance Assistant for an unbiased and professional opinion on how to secure the right coverage for your property needs.
- Britannia Park and Beach
- Jacques Cartier Park
- Mooney's Bay Park and Beach
- CF Rideau Centre
- Bayshore Shopping Centre
- St. Laurent
- Canadian War Museum
- Parliament Hill
- Rideau Canal
Have questions? We've got answers:
Policyholders typically pay for home insurance in monthly installments. However, you may request to pay your full annual premium in one shot. Not only will this eliminate the possibility of forgetting to pay a monthly installment, it usually results in a discount to your premium, as you’ll avoid the service fees insurance companies usually charge for processing monthly payments.
Yes, fire and smoke damage are covered in even the most basic home insurance policies. Additionally, if you need to stay in temporary housing (i.e. hotel or short-term rental) while your fire-damaged home is repaired or replaced, a basic home insurance policy will cover that as well.
Home insurance premiums can be lowered through a number of tactics, including shopping on Surex.com for the lowest rates, raising your deductible, only purchasing coverage that you actually need, installing safety and security features in your home, bundling your insurance policies with the same provider, paying for your full premium annually (instead of monthly), purchasing a new home or condo (within 10 years old), allowing your insurance company to pull a credit check (providing you have a good credit score), and avoiding minor claims.
Home insurance usually comes in one of three forms: (1) Comprehensive or All Perils, (2) Basic or Named Perils, and (3) Broad. Comprehensive is the most expensive insurance, but also the most thorough. It covers all perils except those which have been explicitly excluded from your policy, and those which usually require extra coverage (e.g. high-value items, flood damage). Basic coverage is protection for your home and its contents against identified perils. Lastly, Broad coverage is a combination of ‘Comprehensive’ (when it comes to your home) and ‘Basic’ (when it comes to your possessions). Always speak with a Dedicated Insurance Assistant to get an no-pressure and unbiased perspective on which coverage is right for you.
‘All Risk’ coverage is the same as ‘All Perils’ coverage, which means it’s the most comprehensive (and therefore the most costly) type of home insurance. All Risk coverage will protect your home and its contents against all threats, save for those which have been specifically excluded, and those which require additional coverage (i.e. flood damage, coverage for high-value items).