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Home insurance in Brampton provides the protection you need no matter what kind of home you have. When you need to make a claim, home insurance will help you keep peace of mind if anything comes up.

Home insurance in Canada is not legally required if you’ve paid your house in full, but it is required if you need to secure a mortgage. A bank will not lend you money if you do not have homeowners insurance to protect your one most valuable asset.

The two types of home insurance are:

• Broad home insurance: perils like water, lightning, hail, windstorm, fire, smoke, explosion, falling objects, vandalism, theft, and impact to vehicles or aircraft. 
• Comprehensive home insurance: this is the most comprehensive level of home insurance in Canada. This includes coverage for all perils with broad insurance in addition to unintentional damage and disappearance of home contents.

There are three basic types of home insurance you can get:

Comprehensive: This provides the most coverage and is the most expensive. It covers your home and its contents against all perils (except the ones specifically excluded from your insurance policy)

Standard: This covers your house and its contents against named perils and is less coverage than a comprehensive policy.

Broad: This is coverage that is right between a standard policy and comprehensive, covering your home against all risks (minus exclusions) and coverage for your contents against any named risks.

Talk to your dedicated insurance advisor about what coverage you need and also about any additional coverage options you may require. Optional add-on coverage costs extra but protects your home against specific risks.

It's always a great feeling when you find the right policy for your home insurance, but it should be reviewed regularly, especially when your situation changes and you experience certain home or lifestyle changes that could affect the coverage. You might need more or you might need less, whatever your situation is, it's always a good idea to talk to your dedicated insurance advisor about any changes and update your coverage accordingly, otherwise you may not be covered for certain things. And, you should especially review your coverage when you change the value of your home, which we will discuss further below!

There are many reasons as to when you should update your policy, here a few to be aware of:

Renovations: Any major renovations done to your home that will add value should be noted to your insurance advisor for any adjustments because now your home will be more expensive to rebuild if anything should happen. On the flip side, some maintenance renos like putting a new roof on your home could lower your rate.

Adding a pool or hot tub: You could be liable if anyone is injured or drowns (even if they are there without your permission) on your property. You won't be covered under your home insurance if anything should happen and you haven't updated your policy to include a pool and/or hot tub on your property. Adding these things are seen as a risk and can increase your premium.

Getting a security system: Adding a security system will help you save on your premiums, as it makes your home less risky to insure, and probably makes you sleep better at night knowing you have the extra security!

Buying a high-value item: If you purchase any high-value items such as art, jewelry, collectibles, antiques, sports or music equipment, you should check if your policy covers these expensive items because if anything should happen, your claim may not cover the full replacement costs. You may have to get additional coverage, to be safe.

Quitting smoking: Who knew that quitting smoking is good for your health and might have some other benefits as well? It reduces the risk of a fire at your home, so letting your insurance advisor know is a good thing, as it might decrease your premium.

Retiring: It's no secret that retired people tend to stay at home more often so they are more likely to keep up with the maintenance of their homes, spot any issues before they become more of a problem and are less likely to be victims of burglary. Some insurance companies offer seniors (and/or retired) a discount - it doesn't hurt to ask!

Adopting a dog: Again, this falls under liability if your dog bites anyone, so you should let your insurance company know as they may see this is as an added risk and will need to update your policy.

Renting your house: Anytime you think about renting out a room or your house (ie. Airbnb) for extra income, you will need separate coverage, called home-sharing insurance, as your regular homeowner's insurance coverage will not cover if anything should happen to the rental space. And, you will probably need a landlord policy for renting anything longer than 6 months.

A licensed insurance advisor can offer home insurance in Brampton. If you contact the broker channel they can provide you with more than one option, so you can see comparables in price and coverage!

The cost typically depends on a number of factors including the construction of the home, updates to heating, electrical, plumbing, and roofing, chances of water damage, prior claims, and more. It’s best to budget approximately $600-1500 annually for home insurance costs, but again this will vary person to person. 

Factors that influence the cost of home insurance include: the age of the home, the size of the home, the number of residents, the cost of replacement, the internal and exterior construction, the location, as well as the proximity to local services like fire and police stations. 

Home insurance is a tricky thing to predict, as many factors come to play when calculating the rates. Things such as the age of the structure and the construction of your home, wiring, etc...all these items that can be found in and around your home all affect the rate. Plus, every home insurance company underwriters risk differently, so that is why getting to compare quotes is important.

Here are a few things you can do to help reduce the cost of your home insurance:

• Increase your deductible: This is the amount you pay towards an insurance claim, so by offering to pay a higher percentage of a future claim, your insurance company will decrease the cost of your premium. But, keep in mind you will be paying more out-of-pocket when, and if, you ever file a claim.
• Bundle your insurance: Bundling always helps you save, whether it's your phone, tv, or internet! So, if you have a car, or any other insurable item, think about going with the same insurance company, who will most likely reward you with a discount!
• Shop around: Always compare home insurance quotes to see what all your options are on similar policies. No two policies are the same, so comparing will let you choose what's right for you.
• Lump-sum payment: providing payment for the entire year instead of monthly payments
• Ramp up your home’s security: Getting a home security system can help, specifically ones that are monitored 24/7 by a security company. (you can inquire if your insurance company is partnered with a specific one for more of a discount). Also, equipping your house with smoke detectors is a good move too (for everyone's sake).
• Purchase new: Sometimes buying a brand new build can result in receiving discounts on your premium. Doesn't hurt to ask!
• Professional membership: Do you belong to a union, an alumnus at a particular university or college, or a CAA member? Some insurance companies will offer a discount or group policies to professional members, associations and organizations.
• Claim Free: Obviously being 'claim free' have an advantage.
• Seniors: Being a senior will qualify you for certain discounts.