Home Insurance Guelph

Your home is one of the most important assets you own. Whether you just bought a new home in the Guelph area, are relocating to a new neighbourhood, or are looking to save money on your existing home insurance policy, having home insurance protection is important.

Home insurance, also called homeowner’s insurance, is a type of insurance product that covers a private residence. It provides coverage for residents for any repair or rebuilding that is caused by an insured peril. Perils might include fire, smoke, theft, vandalism, falling trees, and weather damages like lighting, wind, or hail. A home insurance policy might also cover the homeowner’s possessions like furniture, clothes, and more.

Although real estate prices in Guelph are generally 20-30% cheaper than Toronto and other expensive markets, the homeowners and renters market has become more competitive throughout the years. Home to excellent education institutions, quiet neighborhoods, and a great economy, Guelph is an excellent choice for individuals and families looking for their next homes. When owning a home is one of the biggest investments people make for their futures, it’s important that the investment stays protected as a secure shelter for you and your family.

Request a homeowner’s insurance quote online or give us a call at 1-855-777-4376 (HERO).

Home Insurance Coverage Guelph

A home insurance policy may help protect your property and its contents in case of theft, loss, or damage to the interior and exterior of your home and other properties. If your home is being rebuilt or repaired because of damages by an insured peril, your homeowner’s insurance policy may also include living costs incurred during that time, such as hotel or rental expenses.

Just like any insurance product, a home insurance policy is not standardized. Although insurance companies that serve Guelph residents can offer pre-packaged homeowner’s policies with common coverages, you can also choose to customize your home insurance policy. For example, you can opt to be protected against all perils, or choose specific perils that you want coverage against. You can also choose the coverage limits and deductible amounts you want for your home insurance policy.

Your home insurance policy may cover loss and damage such as:

  • Protection for your home
  • Personal property that you and your family own, including furniture, electronics, clothes, and more
  • Any detached structures, including sheds and carports
  • Living expenses in case you need to find a new place to live temporarily while your home is being repaired or rebuilt
  • Liability for property damages and bodily injuries caused to your neighbours or anyone else that’s on or visiting your property

Types of Home Insurance in Guelph

Although purchasing home insurance for your property, whether you own your property or are renting from a landlord, is not required by law in Ontario, it is highly recommended as a protection against potential loss and damage.

If you live in Guelph and are interested in purchasing a home insurance policy, it is important to understand the different types of home insurance available. The types of home insurance you can purchase include:

  • Homeowner’s insurance
  • Condo insurance
  • Tenant and renters insurance
  • Cottage and seasonal insurance

Homeowner’s insurance is a standard home insurance policy that covers private residences that a person owns. These could include detached homes, semi-detached homes, townhouses, etc. It is important for homeowners to remember that regular upkeep and maintenance is the basics of a homeowner’s responsibility. Your insurance company may decide to cancel or not renew your home insurance policy if your house is not properly maintained. They could also reduce your insurance claim.

Condo insurance is a type of property insurance meant for units within a condo building. A condo is different from a home because, although condo owners can have balconies, they do not have backyards, sheds, basements, and other structures on their property. Condo unit owners can purchase condo insurance to protect contents like appliances, furniture, items stored in a locker unit, etc. A portion of the building fees that a condo owner pays contributes to condo insurance.

Tenant and renters insurance is a type of property insurance for people who live in a property they do not own. Tenant and renters insurance is used to protect their personal belongings and provide liability coverage. For example, it can provide protection for any property damage unintentionally caused to the building as well as bodily injury caused to other people.

Cottage and seasonal insurance is a type of property insurance for people with cottages or properties that they only live in during certain periods of the year. For example, if your cottage is only used for the summer months each year, you will only likely need property insurance to protect you and your guests during those periods.

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How Does an Insurance Broker Work in Guelph?

Insurance brokers act as the middlemen between you and the insurance company. Insurance brokers act in the best interest of their clients to find affordable, competitive insurance rates. Insurance Hero partners with over 12 insurance companies serving homeowners and renters in the Guelph area to find the best property insurance policy.

How much is home insurance in Guelph?

The cost of home insurance in Guelph depends on many factors such as your home value and location in Guelph. Other factors that play a role include the replacement values of rebuilding your home, coverage limits and add-ons, deductible amount, and more.

What is the average cost of home insurance in Ontario?

The average cost of home insurance in Ontario is approximately $1250 per year, which is around $104 each month. Exact costs depend on where you live, the value of your home, the value of its contents, and replacement costs.

Can you be denied home insurance in Ontario?

An insurance company can deny you home insurance if you do not meet the coverage criteria of the insurance company or if the risk of insurance is too high. If you have filed a claim, the insurance company can deny coverage if the damages were done intentionally.

Is homeowners insurance based on property value?

Property value plays a large role in how much coverage you need and the premiums you pay but they are not the only factors. Generally, the higher the value of your property, the more expensive your home insurance rates will be.