Homeowners insurance is the best way to protect your largest investment—your home. As a safety net, it protects your home in the event of damages, both physical and financial. Regardless of how modern or well-built your home is, it’s vulnerable to perils such as fire, vandalism, theft, and more.
Let our brokers help make the complex details simple for you to understand, and help you determine the coverage you need, at a rate you’ll love.
Homeowners insurance in Ontario and the rest of Canada is categorized into seven standard sections of coverage (A – G):
Learn more about what's covered by homeowners insurance in Ontario.
It is also very common for the bank to require that your policy contains ‘Guaranteed Replacement Cost’. This is an inexpensive, optional endorsement that states the insurance company will pay whatever amount is required to rebuild your home after a total loss, regardless of whether this cost exceeds the limit displayed on your policy documents. Guaranteed Replacement Cost also includes the expense of removing the debris from your existing home. This is a great coverage to have, the cost of removing wreckage and constructing a new home from scratch can often be difficult to estimate given the number of potential variables. Guaranteed Replacement Cost truly gives a homeowner (and their bank) peace of mind.
Your broker can help you determine if this endorsement is available for your home.
When a mortgage is paid off, this requirement for insurance is no longer in place. It is important though to note that if you are mortgage free, you are now solely responsible for your financial investment in your home. By not having homeowners insurance, you leave your largest financial investment unprotected from possible perils such as fire, water damage, wind and hail.
For more details or a quick, personalized quote on your home insurance, contact one of our brokers. Mitchell & Whale Insurance Brokers have been helping homeowners find – and understand – the best home insurance policies since 1948. We’ll be happy to find you the coverage you need at the best rate in Ontario.
Call us today at 1.800.731.2228 to speak with one of our brokers!