We represent the best selection of home and property insurers in the country, and we’ll help you find the best home insurance coverage for your unique needs.
You’ve invested a lot in your home. Protect it from the unknowns of the future with a customized home insurance policy. Your home insurance policy provides coverage for your home and your personal belongings, as well as provides liability protection.
- Your home: Coverage is provided for your home, and any other residential buildings you have on your property such as garages, tool sheds and greenhouses.
- Your personal belongings: The contents of your home are also automatically insured.
- Liability protection: Home insurance also provides liability coverage in the event someone hurts themselves in your home, or if you damage third party property.
- Living expenses: It also provides additional living expense funds that are made necessary due to the damage or destruction to your home.
Homeowners policies are available in three different levels of coverage.
- The Standard home insurance policy – provides you with coverage from a specified list of “perils.” It is the minimum type of coverage available. Most homeowners today, however, choose one of the broader types of policies.
- Broad-form Insurance Policy – provides coverage from loss or damage from all perils, except those specifically excluded, but only insures contents for perils that are specifically named in the policy.
- Comprehensive Home Insurance Policy – The Comprehensive Policy usually increases your premium by about 15%, but provides coverage against many types of losses that are not covered under the Standard or Broad-form.
It is our goal to give you enough coverage to completely replace your home and everything in it without depreciation. It is important that you review your insurance limits frequently and tell us if you think the insurance is not adequate.
The policy has provisions to replace your property without deduction for depreciation, but you are required to keep in force, as much insurance as can reasonably be expected to replace your property. It is up to you to make sure your coverage is sufficient enough to replace everything should a fire destroy your home.
Get a home insurance quote online or call our licensed brokers
Ways you could save on your home insurance
- Install a monitored security system: A monitored alarm system can help to protect your home from intruders, and your valuables from being stolen. While the discount varies based on the company, homeowners can typically receive a discount by having a monitored alarm system installed.
- Replace and maintain your home’s roof: The age and condition of your roof plays a role in calculating your premium. An older roof can result in a higher rate, whereas a newer or well maintained roof could bring savings. It is recommended that homeowners perform a regular roof inspection at least twice a year (in the spring and fall). Once your roof has reached the 20 year mark, a replacement may be a good idea. To take advantage of a reduced rate, you should share the information on maintenance and replacement with your insurance company.
- Regularly maintain your hot water tank, and replace if needed: One of the main questions insurance companies ask, aside from your roof, is related to the age and the condition of your hot water tank. This is because 50% of home insurance claims involve water damage, according to the Insurance Bureau of Canada. As the hot water tank is an essential appliance, insurance companies take the age and likelihood of its leaking into account. An older tank may contribute to a higher rate, whereas a newer or well maintained hot water tank could bring your rate down. Although the service life of hot water tanks can vary (based on the type of water, and quality of the tank), it is typically a good idea to consider replacing it after about 10 years.
- Give consent for a credit check: In all provinces, except Newfoundland and Labrador, credit history can be used to help determine home insurance premium. If you have a good credit score, there is potential that your rate could be lowered.
- Inform your insurance company when you are mortgage-free: While it is not a commonly known discount, paying off your mortgage could result in savings. Many insurance companies offer additional savings for when you own your home free and clear. However, it’s important to know that your bank won’t share this information with your insurance company – It is your responsibility to inform them to take advantage of this discount.
- Install sewer backwater valves and sump pumps and perform regular maintenance: If you haven’t already, you may want to consider installing sewer backwater valves and sump pumps to keep your basement dry, and help to prevent property damage. When city sewer systems are overwhelmed (perhaps due to a heavy rainstorm), a backwater valve stops this sewage from backing up into your basement, helping to prevent flooding inside your home. The sump pump collects any water from the weeping tiles around your basement, and redirects this water to the outside of your home. The presence of a properly maintained sewer backwater valve and sump pump reduces the likelihood that you will have a water claim, and therefore insurance companies typically offer discounts or price breaks as a result.
- Bundle your home and auto policies: By insuring your home and vehicle, or multiple products (such as two cars, or two homes) with the same company, you can receive multi-line discounts on both products.
- Use an insurance broker: An insurance broker can offer you the best of both worlds – access to several insurance companies where they can shop around on your behalf, and the knowledge and experience as licensed professionals with your best interest in mind. The licensed brokers at A.P. Reid Insurance can help ensure that you are taking advantage of all the available discounts to reduce your home insurance rate.