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Home Insurance in Simcoe

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Home Insurance in Simcoe

Simcoe is an absolutely beautiful place. As the largest community in the Norfolk County area, Simcoe is surrounded by other small communities, has lovely parks, and is very close to the shore of Lake Erie. Furthermore, it's close to the GTA, making a visit to the big city a very realistic opportunity. This small-town feel, combined with its natural beauty, makes it a very appealing place to call home. 

Your home is very valuable, probably your most valuable investment. You can make sure its properly protected with the assistance of our Simcoe insurance brokers.

Why Do I Need Home Insurance in Simcoe?

A home insurance policy in Simcoe, like everywhere else, is meant to protect you financially if something disastrous happens to your home. Although your home may seem sturdy enough to take anything that can be thrown at it, it is essential to remember that life tends to throw curveballs at you when you're not expecting them. It is in these unforeseen circumstances you'll be glad that you protected yourself in the first place. 

Disasters such as a fire could start innocently and spread quickly, catching you off guard. A harsh storm could cause severe wind damage to your home, damage your walls, and shatter windows. Also, note that homeowners insurance covers more than just the home itself. If someone breaks into your home and steals your most valuable possessions, or a guest gets injured on your property and decides to sue you, a proper policy can protect against these as well. Given the many things that could go wrong, protecting such an expensive investment only makes sense. Even if nothing happens, insurance will give you a very welcome peace of mind.

Is Simcoe Home Insurance Mandatory?

Legally, house insurance is not mandatory. However, it is highly recommended that you protect something so valuable. Furthermore, many financial institutions won’t approve your mortgage if you don’t have home insurance. Home insurance also protects many of your possessions, so make sure to create a home inventory list. Suppose a fire, storm, or other disaster damages or destroys your home. In that case, your most valuable asset and many of your other possessions could be gone entirely, resulting in you having to pay to replace these items out of pocket. You could also face lawsuits due to things happening on your property or theft of valuable items. While an insurance policy can't prevent these disasters, it can ensure that if they occur, you can financially recover from such an incident and keep your life in order during a tough time.

What Types Of Home Insurance Are There In Simcoe?

Insurance can be overwhelming. One of the most challenging things is figuring out what you're covered for. The four different types of insurance below give you a general idea of the type of protection you may need. If you would like to know more about what insurance policies are best for you or what additional coverages are available, your Morison Insurance broker would be happy to speak with you.

Comprehensive 

Comprehensive coverage, also known as all perils coverage, is an all-encompassing variation of insurance. It will cover everything except for things mentioned explicitly in the insurance policy that are excluded. This makes it very good at covering unforeseen risks. For example, if flooding is not mentioned explicitly as an exclusion in a comprehensive coverage policy, then you would be covered in the case of flooding. Please note that in many of these cases, you will be given optional types of coverage, such as overland water coverage, to help cover anything that could be missing and is not automatically included.

Named Perils

Named perils is a much more limited type of insurance coverage. Named perils, also known as basic coverage, only covers items specifically mentioned and listed in the policy. This usually refers to the most common risks to your property, meaning that you will be protected from the most likely scenarios, such as fire and wind damage. As with a comprehensive coverage policy, you can add additional coverages at an extra cost.

Broad

Broad coverage protects you from property damage, meaning the home itself has more perils insured for versus a Named Perils. However, there is only limited coverage for the contents inside of your home. 

What Does Home Insurance In Simcoe Cover? 

Simcoe home insurance coverage will vary from policy to policy. Not all insurance plans are considered equal. However, there is a general list of all things that can be covered. These items include:

  • Wind Damage
  • Water damage, such as from storms or flooding
  • Accidental fires, including damage done by smoke
  • Theft, such as burglaries and break-and-enters
  • Injuries to others that occur on your property
  • Damage done to a neighbour's property from your property, such as a ball heading into a neighbour's yard and hitting something 

Please note that this is a list of standard perils under most plans. Some plans will contain more than this, while others will contain only some of these. Please also remember that there are other coverages, such as personal identity theft insurance and service lines coverage, that can be added to most insurance policies. To learn more about what Simcoe home insurance policy is best for you, please speak with your Morison Insurance broker, and they will be happy to answer any questions you may have.

What Is Not Covered By Simcoe Home Insurance? 

Although there are a variety of situations where Simcoe home insurance will cover you, there are a few situations that your coverage does not protect against. These situations include:

  • Damage that is the result of wear and tear and the product's natural lifetime running out
  • Damage that happened due to poor maintenance
  • Damage that is done intentionally, such as by starting a fire
  • Damage due to water seeping in over time 

Please note that there are also many individual items that often require their own insurance policy, such as jewellery insurance, which can be covered for an additional cost. For a complete list of what isn't covered and what type of additional coverages are available, you should speak with your Morison Insurance broker to find out more.

How Much Does Home Insurance Cost In Simcoe?

Sadly, there is no set cost to home insurance in Simcoe. There are a large number of factors involved in the cost. Although you could estimate the cost to range from $900 - $2000  annually, it could still fall outside this range. Also, each insurance company will likely charge you differing amounts, even if you request identical coverage. Some of the factors involved in determining the cost of your individual insurance policy include:

  • The cost of the home
  • The level of coverage desired by the policyholder
  • The claims history of the insured
  • The age and make of the home being insured
  • The size of the home
  • Any updates and renovations made to the home
  • The location of the home
  • The mortgage
  • Your credit score
  • Whether or not there is a pool or a wood-burning stove

Please note that this is not a complete list. If you would like to learn more about the factors that could impact cost or to get a Simcoe home insurance quote, please contact your Morison Insurance broker.

Can I Lower My Home Insurance Premiums In Simcoe?

Luckily, there are steps you can take to lower your premiums. These include the following:

  • Increase your deductible
  • Avoid making a claim on minor incidents to keep your claims history clean
  • Bundle your home and auto insurance policies
  • Install water damage prevention devices (sump pump/backwater valve/automatic shut-off valve) 

Please note that this is not a complete list of ways to lower your insurance premium. If you would like to know more ways to lower your costs or would like a Simcoe home insurance quote, please speak with your Morison Insurance broker to find out more.

Are There Discounts For Home Insurance In Simcoe?

You'll be happy to know that even after you can lower the base price of your Simcoe home insurance, there are home insurance discounts that will let you save money even further. Some of these discounts include:

  • The home alarm discount
  • Loyalty discount
  • Mortgage-free discount
  • New home discount
  • Non-smoker discount
  • Water mitigation discount
  • Unfinished basement discount
  • Renewal discount
  • Multi-property home discount

Please note that this is not a complete list of possible discounts you can receive, and things will change based on which insurance provider you are with. If you would like to know more possible discounts or would like a Simcoe home insurance quote, please let your Morison insurance broker know, and they will be happy to assist you.

Do I Need Simcoe Home Insurance If I Am Renting?

Yes, but it works differently since you don’t own the property. The type of insurance that is recommended in this case is tenant insurance. Tenant insurance protects you in many ways that a property owner’s insurance policy does. Although anything provided by your landlord is insured by your landlord, your own possessions are your responsibility to insure.

It can protect your possessions if damaged or stolen. It can also grant you many of the same legal protections, such as protecting you if someone is injured on your property. If you are forced to move out due to substantial damage to your property, tenant insurance will also cover a portion of your expenses.

If you have any questions about tenant insurance or would like a quote, we recommend contacting your Morison Insurance broker, and they will be happy to assist you.

Do I Need Simcoe Home Insurance If I Am Renting My Property To Someone Else? 

Yes. This is a form of property insurance known as landlord insurance. Your policy must specify that you are renting out to a tenant who is there long term and that you are not the only one living there. Your property policy would include coverage for the dwelling and any contents such as appliances in the house. While your tenant is responsible for their own possessions as well as their own actions, there are plenty of things that could go wrong that neither of you would be at fault for. You can't control fire or flooding, and as a result, something could happen beyond anyone's control. If property damage like this happens, you are the property owner and, thus, are the one responsible for covering costs such as repairs. Landlord insurance will also cover any of your stolen possessions if there is a break-in.

If you would like to know more about landlord insurance or would like a Simcoe home insurance quote, please get in touch with your Morison Insurance broker.

Where Do I Get A Simcoe Home Insurance Quote?

You can get a Simcoe home insurance quote from Morison Insurance. Morison Insurance is a family-run insurance brokerage with over a century of history helping Ontario residents. Our brokers are insurance experts and can get you the best coverage for your insurance needs at the most competitive price possible. Either fill out the form on this page or call us at 1-800-463-8074 and take your first step in getting the level of coverage you deserve.

 

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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