What is Home Insurance?
Home insurance is protection a homeowner purchases from an insurance company that covers personal property and legal responsibility (liability) for property damage or bodily injury to others caused unintentionally.
Home insurance covers several perils such as fire or theft, however, there are exclusions to perils that are covered and policy limitations.
The usual home insurance policy covers personal belongings, coverage for the home and out-buildings such as garages or sheds, liability. The cost of additional living expenses that may be incurred if you are unable to live in your home following an insured loss are also typically covered.
It is important to point out that beyond the general information outlined above there are numerous details to be aware of and to consider to be sure you are properly insured. Details are important and that is why it is important to speak with an insurance broker who can explain insurance coverage options, limitations, exclusions, additional coverages that are available for purchase for high-value items such as jewellery or art, and additional information and options.
Do I need Home Insurance in Hamilton?
Ontario law doesn’t require homeowners to purchase home insurance, however, your home is likely among your most valuable assets so home insurance is a worthwhile protection to have. Our insurance brokers strongly advise that you get home insurance in Hamilton.
Here is an example of how important it can be to have home insurance: If you have a fire at your home, without insurance you will have to pay 100 per cent of the repair costs. When you purchase home insurance, the insurance company agrees to compensate you in case of specified unforeseen circumstances, such as fire. It’s easy to see that the amount spent on an insurance policy is reasonable when compared to potentially financially ruinous costs of paying personally for a substantial loss.
Where Can I Buy Home Insurance in Hamilton?
You can buy home insurance in Hamilton at Morison Insurance. We are your Hamilton home insurance experts with more than 70 brokers who are homeowners just like you.
For homeowners insurance in Hamilton contact us online or by phone. If you prefer to visit us personally, we would enjoy meeting you and will get your insurance quotes rolling.
Why Should I Use A Broker for Home Insurance?
Always use an insurance broker when looking for home insurance. An insurance broker is an accredited and trained professional who is licensed to sell home insurance – and other types of insurance – to the public. Insurance brokers don’t work for an insurance company. They are independent and they are dedicated to getting the best insurance coverage at a competitive price for their customers.
Our insurance brokers will shop at dozens of insurance companies to get the most competitive quote for your home insurance. We always look for discounts that can save you money. These are several of the reasons why you should use a broker for home insurance in Hamilton.
To get you the best insurance quote we will ask you a few questions about your home – such as where is it, when it was built, do you operate a business from your home and if your basement is finished. While getting information about your home we will also look for features that will help to save you money – lower your annual insurance premium.
What are the types of home insurance in Hamilton?
Whether you own a home or a condo, or you are a tenant in a rental unit, there is home insurance for you. Home insurance is a type of property insurance which also provides personal liability insurance which covers property damage or bodily injures not intentionally caused to others.
If you own a condo, the condominium insurance protects your unit only – your contents and items such as appliances. It also provides for personal liability coverage. It does not cover the condo building or common areas in the building.
If you rent your home, you can purchase tenant insurance which protects your personal belongings and provides liability coverage.
It is important to have home insurance in Hamilton. No one likes to think that ‘bad’ things will happen, but, unfortunately, they sometimes do. If you own a home or a condo, homeowners insurance is absolutely worth having.
As a purchaser of Hamilton home insurance, you should know there are different types of insurance policies available that provide different levels of coverage. There are comprehensive, basic and named perils, broad and no frills policy types. Our brokers will explain the different home insurance types, the coverages, exclusions and policy limitations as well as how you can report a claim quickly should one occur.
How much does home insurance in Hamilton cost?
The cost of home insurance in Hamilton can range between $600 and $2,500 annually for homes with a replacement cost of $300,000 to $550,000. This is based on multiple factors, some of those factors including where your home is located, how old it is, what size it is, if it is well maintained and other variables. For example, if your home is in a more rural area of Hamilton and you are not close to a fire hydrant or a fire station, this will increase your insurance premium.
|Building Value (Replacement Cost)
Male, Age 55
||$637 – $1,495
|Male, Age 35
$713 – $1,246
|Female, Age 56
$1,225 – $2,422
|Female, Age 50
$718 – $2,042
Some of the other factors that come in to play when determining the price of your home insurance in Hamilton are:
- The age of your roof
- If your basement is finished
- If you have a sump pump or back flow valve
- Type of heating in your home
- The type of electrical service in your home
- What kind of plumbing you have in your home
- Whether you operate a business in your home
- Do you rent a portion of your home
- Your claims history
As you can see, numerous variables impact the price of home insurance in Hamilton.We know Hamilton home insurance. Our brokers live across the Hamilton region and we are insurance experts. Our team focuses on providing you with the best options when you are looking for home insurance in Hamilton.
Are there discounts for home insurance?
There are discounts for home insurance in Hamilton. Our brokers will help you get all discounts you qualify for. In many cases customers receive several discounts. Savings can be significant. Our goal is clear: We want to save you as much as we can on your home insurance.
Here is a list of some of our most popular money-saving opportunities:
- Having a monitored burglar alarm
- Having a monitored fire alarm
- Making improvements to your home such as upgrading the wiring or plumbing, installing new roof
- Being mortgage free
- Being claims free
- Having water mitigation such as a sump pump or back flow valve
- Having several types of insurance with the same company such as having your home and auto insurance with the same insurance company. It’s often referred to as ‘’bundling”.
- Being a non-smoker
- Retiree discount
- Loyalty discount
How do I choose home insurance in Hamilton?
The first step is to contact an award-winning insurance broker in Hamilton to get the process started.
Our insurance brokers make getting insurance easy. We know insurance can be complicated and will take the time to answer any questions you may have. We can quickly get you several insurance quotes for your home from insurance companies across Canada.
When purchasing home insurance in Hamilton, we believe it’s best to go with a broker who knows the Hamilton and area community. When you tell us where you live, we know the area. You are not talking to someone in some other area of the country. You are talking with brokers who live in our Hamilton community and are award-winning insurance professionals.
Another reason to use a local insurance broker is that we are close by when you need us. If you need to change your insurance, report a claim or want to discuss anything about your insurance, we are here in Hamilton to serve you. At Morison Insurance each customer has a dedicated insurance broker who looks after their insurance needs. Our office on Upper James Street is easy to get to and has lots of free parking. Come to see us. And if you can’t get to our Hamilton office, give us a phone call. We are here to serve you.
When should I shop for home insurance?
The best time to shop for insurance is before your insurance policy renewal date or before your new home’s closing date. Beyond that the choice of timing is yours. Some people like to shop for home insurance several weeks before their insurance renews or their new home’s closing date. Other people want insurance quickly.
If you want to take your time, discuss quotes, details and options, we are at your service. If, on the other hand, you are looking for insurance quickly, we happily provide this too. We will provide you with excellent insurance and customer service the way you want it.
How is home insurance in Hamilton calculated?
Home insurance in Hamilton is calculated on a number of variables such as the replacement cost of your home, location of your home and updates to your home such as a new roof or new wiring.
A longer list of variables that can impact your insurance rate is included higher up in this article. In addition to applying saving discounts, there are other ways to lower your insurance costs.
Tip #1: Increase your deductible
The deductible is the amount of money when you file a claim that you will have to pay personally before the insurance company covers the remainder of the costs of a claim. You can choose the amount of your deductible when you purchase your insurance. A higher deductible can lower your insurance premium because it indicates that you are willing to take on a larger part of the risk and it will lower your insurance premium.
Tip #2: Keep your claims number low
A good claims history, having none or few claims, can also help to lower your insurance premium. It’s the number of claims that is most important. Sometimes it’s better to not make a claim on a relatively small loss because fewer claims can, in the long run, save you money with lower premiums.
Tip #3: Get your home and auto insurance from the same company
By buying your home and auto insurance from the same company, you can receive substantial savings. This is called a multi-policy discount and it is a good option to help lower your insurance bill.
Why is home insurance in Hamilton so expensive?
Home insurance in Hamilton is not really any higher than in many other communities in Ontario. The variables that are applied to determine the costs of home insurance in Hamilton are similar to those in other communities.
Luckily the Hamilton area has not suffered devastating floods or wildfires that many communities in Canada have endured and which negatively impact insurance premiums.
The important thing to be sure you are getting a good price for homeowners insurance is to shop at several insurance providers for a variety of coverages and prices. With one call, we will do this insurance shopping for you.
Where can I find reviews of Hamilton home insurance?
There are several places to find reviews on brokers that provide home insurance in Hamilton. Be sure to check out Google, Facebook and Yellow Pages.
Where to compare home insurance in Hamilton?
Compare home insurance rates in Hamilton by contacting Morison Insurance where we will contact dozens of insurance companies to compare prices and coverages available to you. It is important to contact an insurance broker that can shop your insurance at several different companies because the prices and coverages do vary.
How do I get a quote for home insurance in Hamilton?
Getting a quote for home insurance in Hamilton is as easy as 1, 2. 3.
- Contact Morison Insurance online, by phone or visit one of our offices.
- Our brokers get working on your insurance quotes.
- You decide which quote you want and together we get you insured.
If you are looking for home insurance, choose the award-winning Hamilton insurance team at Morison Insurance.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.