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Home Insurance in Ottawa

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House Insurance for Ottawa Residents

There are so many beautiful places to live in Ottawa. Neighbourhoods such as The Glebe, Kanata, Sandy Hill, Westboro, Rockcliffe, Kanata, Nepean, Gloucester and beyond, contribute to the unique beauty and vibrancy that make Ottawa one of the best places to live in Ontario. Regardless, homeowners here need the financial protection afforded by the right Ottawa home insurance, perfectly tailored to give you peace of mind that you are covered against all the perils you are most likely to encounter. When you want to learn more about the Ottawa home insurance options available for your protection, our Ottawa insurance brokers are here for you.

What is Ottawa Home Insurance?

Home insurance is a type of personal insurance that offers financial protection from the consequences of damage or theft to your dwelling and belongings due to unexpected accidents or events such as fire, theft and other perils. Ottawa home insurance is designed to provide personal property coverage for your home and possessions in Ottawa, as well as liability coverage for legal defence fees and settlement costs if you are found liable for injury to others or damage to the property of others.

For example, suppose your house is seriously damaged in a fire. In that case, your Ottawa home insurance carrier will provide funds to restore your house to a habitable condition and replace or repair damaged belongings, up to the limits outlined in your policy, so you and your family can get back on your feet and return to your regular lives as soon as possible without suffering financial hardship. If you do not have Ottawa home insurance, on the other hand, you will have to pay out of pocket for repair, replacement and restoration costs.

Do I Need Home Insurance in Ottawa?

All homeowners need home insurance to protect them from paying for major unexpected expenses in the event of an insured loss caused by factors such as a fire, flood, burglary or natural disaster. Everyone experiences misfortune in their lives, and while Ottawa home insurance can't prevent those unpleasant circumstances, it can save you from financial stress when the worst happens.

Most homeowners don't have the financial ability to snap back from a disaster without seriously straining their budget, or being forced to use up their savings and start from scratch, and that's why Ottawa home insurance is so important. No matter how cautious and careful you are, there's no way to prevent every last mishap or misfortune that could befall you. But with help from the right home insurance broker, Ottawa homeowners can sleep easily at night knowing they won't suffer financial hardship when an insured loss strikes them.

What Are the Types of Ottawa Home Insurance?

There are several types of home insurance available for your Ottawa residence, such as a comprehensive policy, a standard policy, a broad-form policy, and a no-frills policy. Each type provides a different level of protection against various losses. An insurance broker can further explain the differences between these policies to help you determine what is best for you.

  • A comprehensive insurance policy provides the most protection because it includes all risks except those outlined in your home insurance policy.
  • A standard policy only covers risks outlined in the policy. This is also known as a basic or named perils policy.
  • A broad-form policy is in between an all-perils policy and a comprehensive policy.
  • A no-frills policy provides limited coverage and is not as popular or recommended.

What is Covered By Ottawa Home Insurance?

There is no such thing as a one-size-fits-all approach to an insurance policy, and Ottawa home insurance is no exception to the rule. What is covered by your specific house insurance policy will vary according to factors such as the type of policy you have and the type of coverage options you choose. Your Ottawa home insurance should be tailored to offer protection against the perils that you and your property are most likely to encounter. Here are some of the types of insurance coverage that are typically included:

Fire Damage

Fire is a threat to every homeowner, which is a standard component of Ottawa home insurance policies. That typically includes fires that were started accidentally or resulted from extreme weather conditions, from faulty electrical wiring and lightning strikes to cooking mishaps and knocked-over candles. However, there are certain exceptions to some types of policies, so it's best to consult with an experienced broker who can explain your coverage and ensure you have the right protection.

Water Damage

Nearly half of all damage to homes is caused by water, so it's important to include it with your Ottawa home insurance. It generally covers water-related damage that is accidental or sudden. However, water damage protection varies from policy to policy and has special exemptions for some circumstances. For example, moisture damage resulting from a plumbing failure such as a burst pipe would typically be covered—but damage caused by a lack of maintenance to your plumbing system is often not included.

There are also optional add-ons for certain types of water damage. You usually won't be covered in these circumstances unless you have the right add-ons for your Ottawa home insurance policy. Additional water damage coverage can include:

  • Overland water coverage to protect against financial loss related to flood damage from heavy rain or overflowing lakes and rivers
  • Sewer backup coverage for damage caused by wastewater and raw sewage backing up into your house or overflowing
  • Groundwater coverage to cover losses related to sudden underground water damage caused by spring thawing or excessive rainfall that saturates the soil

Contents Coverage

Your house is right up there among your most precious possessions, but it's also full of almost all your other possessions—and those belongings need Ottawa home insurance coverage. A typical policy will insure your contents against perils such as fire, theft and natural disasters so you can receive funds from your insurance company to cover the cost of repair or replacement for your valuable items.

Personal Liability

In addition to covering repair and replacement costs for damaged property and contents, your Ottawa home insurance protects you from financial loss when you are held liable for causing third-party bodily injury or third-party property damage. It covers legal fees and settlement costs for medical bills, funeral expenses and repair or replacement should you accidentally injure someone or damage their property.

How Much Does It Cost for House Insurance in Ottawa?

The cost of Ottawa home insurance can range between $750 and $1,700 annually for homes with a replacement cost between $350,000 and $750,000. The cost of your home insurance will depend on numerous factors including where you live, the age of your home, proximity to fire services, size and style of your home, and more. An Ottawa home insurance broker can help you get home insurance tailored to your specific needs.

Below are some examples of Ottawa home insurance quotes. Premium prices will vary depending on the insurance company, individual circumstances, and coverages. An insurance broker will provide you with competitive quotes to ensure your home investment is properly protected.

HOME REBUILDING COST

APPROX. PRICE (per year)

< $350,000

$750 - $1,200 

$350,000 - $550,000

$800 - $1,600 

$550,000 - $750,000

$1,150 - $1,800

> $750,000

$1,700 +

*Each quote was provided with the assumption that the individual has prior insurance history and is claims free.

What Factors Go Into Determining a Quote for Ottawa Home Insurance?

When you apply for Ottawa home insurance, the insurance company will review your information to get a sense of your insurance risk exposures and which insurance solutions you need so they can determine how much they will quote you. The key factors they consider include:

  • Location of your home
  • Your credit history
  • Your history of insurance claims
  • Replacement cost of your belongings
  • Type of materials your house is constructed with
  • Distance between your house and the nearest fire hall
  • The local crime rate
  • How old your house is—historic homes built in the earlier parts of the 1900s are more costly to insure

Are There Discounts For Ottawa Home Insurance?

Many Ottawa home insurance discounts can reduce your premium. Some popular home insurance discounts include:

  • Fire and Burglar Alarm Discount
  • New Home Discount
  • Mortgage-Free Discount
  • Non-Smoker Discount
  • Unfinished Basement Discount
  • Claims-Free Discounts
  • Multi-Policy or Bundling Discount
  • Water Alarm Discount
  • Loyalty Discount

By calling a Morison home insurance broker, Ottawa homeowners can ensure they get all the discounts they are entitled to on their Ottawa home insurance policy.

How Can I Compare Ottawa Home Insurance?

You can compare Ottawa home insurance by getting several competitive quotes from a qualified home insurance broker. Ottawa residents can rely on our experienced team for expert, unbiased advice and help to review coverages, premiums and discounts.

Should An Ottawa Condo Owner Have Insurance?

Yes. Condo owners should have condo insurance. Condo insurance is different from Ottawa home insurance because the protection needs are not the same. Personal condo insurance provides liability coverage and personal belongings coverage for electronics, furniture, clothing and more. It also offers improvements and betterments coverage for upgrades to your condo unit and additional living expenses coverage. The price of condo insurance can be as little as $30 per month (before taxes), depending on what you want to insure.

The condominium corporation or association that looks after your condo building will have insurance for common areas, such as elevators, lobby, and the actual building. This may be why some condo owners believe they do not need condo insurance. However, the corporation's insurance does not provide coverage within the condo owner’s unit.

Should An Ottawa Renter Have Tenant Insurance?

Yes. Ottawa renters should have Ottawa tenant insurance to protect personal belongings, such as electronics, personal items and more. It also provides personal liability coverage. In some cases, landlords require proof of tenant insurance in a lease because the landlord’s insurance will not protect the renter’s personal belongings or liability risks. Tenant insurance is usually relatively inexpensive, depending on what you want to insure, and can be quickly arranged with the help of an insurance broker.

Is Home, Condo Or Tenant Insurance Mandatory In Ottawa, Ontario?

Home, condo and tenant insurance are not required by law in Ottawa, or anywhere in Ontario; however, many mortgage lenders require proof of home insurance before providing a mortgage.

Additionally, given that many of us have a lot invested in our homes and personal belongings, we value the protection that home, condo, or tenant insurance provides in case of insured losses or events.

Why Should I Use A Broker For Ottawa Home Insurance?

A top-rated insurance broker provides you with expert advice, the best protection and competitive quotes for your Ottawa home insurance. Whether you are a homeowner, condo owner or renter, we focus on your individual needs to ensure you and your dwelling are properly covered. At Morison Insurance, our goal is to protect what matters most to you.

Where Can I Get Ottawa Home Insurance?

The experienced brokers at Morison Insurance make it quick and easy to get Ottawa home insurance. We do not work for insurance companies, we work for you. That's why finding the best possible coverage for your unique Ottawa home insurance needs is the top priority for our customer-focused home insurance brokers. Ottawa, contact us by calling 1-800-463-8074 or filling out the contact form on this page. We look forward to the opportunity to serve you.

 

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.

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