Home Insurance In Peterborough
Located just 90 minutes northwest of downtown Toronto, the picturesque town of Peterborough feels a world away from the hustle and bustle of the big city. Known as the gateway to the Kawarthas, it surrounds Little Lake on the Otonabee River and is a friendly and thriving community to call home.
If you’re fortunate enough to own a house or be purchasing property in Peterborough, you know that properly protecting such a major investment is paramount. At Westland Insurance, we take pride in getting to know our clients so that we can help them to find home insurance coverage that will truly meet their needs without breaking the bank.
What Does Home Insurance in Peterborough Cover?
Although home insurance in Peterborough is regulated by the Financial Services Regulatory Authority of Ontario (FSRAO), the coverage available in individual policies from different insurance companies can vary significantly. This is why it is so crucial to work with an insurance broker who truly takes the time to understand your specific circumstances, requirements, and budget. At Westland, we have relationships with all the top insurance providers in Canada and can help you find the policy that will be the right fit for your needs.
While every policy is unique, Ontario home insurance is broadly intended to protect your home, property, and belongings in the event that they’re damaged or destroyed. In most cases, it also protects you if someone is injured on your property or you accidentally damage another person’s property.
The following categories are generally included to some extent in all Peterborough home insurance policies:
Covers repairs or replacement costs arising from perils included in your policy (often fire, flood, theft, power outage, lightning, hail, and more).
Covers repairs or replacement costs arising from perils included in your policy.
Covers damage or loss of personal property, such as the contents of your home or vehicle.
Covers the cost of accidental damage to another person or their property, including medical expenses.
Covers the cost of living outside your home if it’s being repaired or rebuilt.
What It Doesn't Cover
While every policy is different, Peterborough home insurance doesn’t typically cover the costs of general maintenance, standard wear and tear, or infestations. It also doesn’t cover anything not specified in your policy, so be sure to read the fine print carefully before committing to your home insurance coverage.
Why Do I Need Home Insurance & Is It Required in Peterborough?
Home insurance is not legally mandatory in the province of Ontario, but it is strongly recommended. Why? Because your house likely represents the largest investment you’ll ever make and, as such, it’s worth protecting. Without home insurance, the cost of unexpected damage or destruction can be astronomical. Your home is much more than just four walls; don’t put it all on the line!
In addition, it may not be possible to get a mortgage in Peterborough without proof of home insurance. This is because, in the event that your home is damaged or destroyed, your bank or mortgage lender will want to protect their asset. Home insurance can actually continue to cover your mortgage payments even in the event of a total loss. You can learn more about home insurance in Ontario if you’re interested in the provincial legislation.
Factors That Affect the Cost of Home Insurance in Peterborough
No two homes or insurance policies are exactly alike. Here are some of the factors that can impact your Peterborough home insurance rates:
- The age of your home
- Your home’s location
- The type of construction and building materials used in your home
- Your personal credit score
- Your previous claims history
- Distance to services (the distance of your home from a fire hydrant or fire station, for instance)
- The specific policy you purchase
Coverage Options for Home Insurance
Below are some of the most common types of home insurance coverage in Peterborough:
Basic coverage insures you against specific perils listed in your policy. It generally includes coverage for damage caused by lightning, windstorms, fire, and hail, plus more. A Westland agent can help you understand exactly what’s covered under your basic policy.
Not surprisingly, broad coverage covers your home for more than basic coverage. It still includes a specified list of perils, but the list is longer and more inclusive. In addition to basic coverage, common perils insured under broad coverage often include theft, vandalism, and unforeseen damages such as burst pipes.
Comprehensive coverage covers more damages than either of the other two options. Instead of listing the perils it covers, a comprehensive policy usually lists the perils it doesn’t cover. In other words, when you opt for comprehensive coverage your home is insured for all perils with the exception of a list of exclusions.
If you’re looking for enhanced home insurance coverage in Peterborough, you’ve got plenty of options. Westland offers protection against identity theft, sewer backup, home equipment breakdowns, overland water, and more.
Peterborough Home Insurance FAQ
If you run a home-based business that involves clients visiting your home or the storage of a large amount of inventory or other work-related supplies and materials, you will likely need to purchase business insurance or commercial insurance in addition to your home insurance policy. A Westland representative can help you find the right coverage for your specific needs.
Often, a private farmhouse can be insured under the same policy as your farm buildings. To find out more about this convenient option, speak directly with a Westland representative.
No. Technically, home insurance is not mandatory in the province of Ontario. That being said, you’ll almost certainly be required to show proof of home insurance coverage in order to be eligible for a mortgage.
If you’re generating income from renting out a portion of your property, this counts as business revenue and won’t be covered under your standard home insurance policy. You will likely require additional landlord insurance, but the specifics will depend on the type of rental activity taking place.
Both of these terms refer to the amount of money you would receive in the event that you made a claim as a result of personal property being damaged or destroyed.
Replacement value represents the amount it would cost to replace a new item at the current market value. For example, if your leather couch sustained water damage and you were covered for replacement value, you’d be able to purchase a comparable brand-new leather couch.
Actual cash value represents the amount an item is worth after its age and depreciation are taken into account. For example, if your leather couch sustained water damage and you were covered for actual cash value, you would receive a portion of its original value based on calculations made by your insurance company.
Westland Insurance is one of the most trusted insurance brokers in Canada. Find out why by contacting our Peterborough location online, by phone, or in person!