The average home insurance costs in Hamilton range from $750 to $1,400 annually and are based on location in the city and the neighborhood. It also includes other factors such as home size, replacement value, coverage type, etc..... all these factors can affect the rate, so contact your dedicated insurance advisor today to get your home insurance quote today.

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It will strongly depend on your home’s physical structure, the value of personal property (including clothing, appliances, TV’s). It’s a good idea to take an inventory of your possessions to confirm you have an accurate idea of the value. There are limits that you’ll need to work with so it’s important to check with your insurance company to see what the right amount of coverage is for you. 

Keeping your home protected can help mitigate risks and provide peace of mind. Some ways of potentially lowering the cost of your home insurance premium include installing a home security system and fire alarm that may be eligible for discounts. Another option would be to opt for the higher deductible amount, a higher amount out of your pocket up front but that can save on your month-to-month payment.

Home insurance coverage in Hamilton depends on the type of insurance you need. Here are a few examples of different types of coverage:

Tenant insurance:  Also known as rental insurance, it typically covers the contents of a unit and liability.

Homeowners insurance (condo): Covers the condo unit and upgrades but not the condo building, as that is covered by the condo corporation, hence condo fees. Your home insurance policy would also cover contents (e.g. theft, damage, etc.) and liability.

Homeowners insurance (house): This is the most comprehensive coverage and includes the entire rebuilding costs for your property, liability, and contents inside the home. You can get additional coverage to protect against a wide range of natural impacts such as earthquake, flooding, snow damages, etc... and tree and garden as well as for some additional structures on your property like your shed for extra storage.

Having a continuous history or record of insurance shows your provider that you are willing to manage the risks you take on by owning or renting a home. When you have no gaps in your insurance coverage, this means that you are always protected. Continuous insurance for several years without having made any claims may amount to a lower overall premium because your provider might see that you are properly managing your risk to prevent avoidable losses. 

Give us a call to get your quote today. Speak to a licensed insurance advisor who will walk you through the process of getting homeowners’ insurance set up. Our advisors will collect your information and do the hard work for you by shopping around and providing quotes from 10+ leading insurance providers in Canada.

Home insurance helps you protect investments made in your home whether you own the house or are currently renting. The purpose is to manage risk if anything were to even happen to the contents and to provide coverage so you don’t need to worry in these situations. Home insurance isn’t mandatory in every Canadian province (i.e. in Ontario), but the majority of financial institutions require it before you can take on a mortgage. As for tenant insurance, landlords will often request some form of proof of home insurance before giving you a lease. Consider the benefits of home insurance.

Some common homeowners insurance riders (a.k.a. endorsements) that you may want to add to your policy are:

Scheduled personal property coverage: This coverage goes beyond your personal property coverage that includes the basics such as furniture, clothes, and electronics and covers more valuable items such as jewellrey, fur, and antiques. The extended coverage protects against additional risks your basic policy doesn't cover like the misplacement of losing valuable items.

Water backup damage: A standard homeowners policy typically does not cover water damage from a backed-up drain or sump pump, so you'd need to add optional water backup coverage to your policy. It helps pay to repair certain types of water damage such as the cost of replacing furniture or removing water after an unexpected backup that can damage your home.

Building code coverage: The standard dwelling coverage in a homeowners insurance policy helps pay to repair your home's existing structure to its original state after a covered claim. But, if your home is damaged and not up to building codes when a claim is filed, you'll likely have to pay out of pocket to cover the difference between getting it fixed and up to current building code standards. This additional coverage will help pay for the extra costs accumulated to comply with local building codes required for the repair of your home.

Business property coverage: If you are running a home-based business or have a business property you keep in your home, you should consider this option, as not every standard homeowner's insurance policy will include this. This additional coverage will protect the business-related items you keep stored in your home (i.e products you are planning to sell) as well as your home business.

You may also be able to get additional home insurance riders added to your policy for things like landscaping and renovation projects.

Insurance riders, also known as endorsements, expand your basic policy, letting you get more home insurance coverage. It's an optional add-on to your policy that allows you to increase the overall coverage of your home insurance. By adding a rider, you can select addons for certain category items such as an expensive jewellery collection or for drain back up - you essentially choose what you want the additional coverage for.