Home Insurance In Vaughan
Located in the regional municipality of York, Vaughan is a southern Ontario city located just north of Toronto in the Greater Toronto Area (GTA). For the past few decades, it’s been one of the fastest-growing communities in Canada, known for its multicultural diversity, numerous green spaces, and attractions such as Canada’s Wonderland and the Vaughan Mills Mall.
Purchasing a house in the Vaughan area is a major milestone, and at Westland Insurance, we understand that it’s so much more than just four walls and a yard. Your home is the place you’ll make a lifetime of memories with the people you love most, and you deserve the peace of mind that comes with knowing it’s properly insured.
When insuring your Vaughan home, there are many considerations to keep in mind. Below, we’ll cover the basics and would be happy to assist you with any remaining questions at your convenience online, over the phone, or in person. Check out our locations page for branch information.
What Does Home Insurance in Vaughan Cover?
Home insurance in Vaughan is overseen by the Financial Services Regulatory Authority of Ontario, but the province of Ontario doesn’t mandate the types of coverage that must be included in home insurance policies. That being said, the overarching purpose of home insurance is to protect your home, property, and belongings. Most policies include some combination of coverage for the following:
- Your dwelling
- Additional structures on your property
- Personal property
- Personal liability
- Living expenses (while out of the home due to circumstances covered by your policy)
What It Doesn't Cover
While every Ontario home insurance policy is unique, it’s not standard for Vaughan home insurance to cover standard wear and tear, pest infestations, or general maintenance costs. Be sure you’re well aware of what is covered and what isn’t under your insurance policy before you sign it. Provincial legislation provides more details about standard home insurance requirements that you can review if interested – we have information on home insurance in Ontario that outlines the basics.
Why Do I Need Home Insurance, and Is It Required in Vaughan?
Simply put, you need home insurance because your home is probably the single largest investment you’ll ever make, and it makes good sense to protect it! You’ll also almost certainly be required to show proof of home insurance in order to be approved for a mortgage.
Legally, home insurance isn’t required in Vaughan, but at Westland, we strongly encourage you to purchase it regardless. The cost of repairing damage and replacing belongings due to unexpected circumstances (not to mention the risk of being personally liable for injuries incurred on your property or accidental damage to someone else’s property) can be financially catastrophic.
Factors That Affect the Cost of Home Insurance
The factors that can impact the cost of your home insurance are vast and varied, which is why no two Vaughan home insurance policies are identical. Some of the most common include:
- Your home’s location, age, and construction
- Your personal credit score and claims history
- Distance to services (a fire hydrant, for example)
- The type of policy you purchase
Coverage Options for Home Insurance
Insures your home against a list of specific perils as specified in your policy.
Insures your home against a more extensive list of perils as specified in your policy.
Insures your home against all perils, with the exception of a list of exclusions as specified in your policy.
Insures your home against a wide range of non-standard perils including identity theft, sewer backup, equipment breakdowns, overland water, and more.
Vaughan Home Insurance FAQ
There are a few ways to proactively work on lowering your home insurance rates. These can include:
- Comparing a wide range of quotes from different home insurance providers
- Bundling multiple insurance policies through the same provider
- Increasing your deductibles (though this may result in higher costs in the event that you do need to make a claim)
- Remaining claims free
- Enhancing your home’s safety features (locks, security system, sprinkler system)
- Finding out if you’re eligible for specific discounts
High home insurance premiums can be due to a number of different factors such as living in a high claims area, having a personal history of making home insurance claims, or having a home that’s deemed high risk due to its construction, age, or other reasons.
If your home insurance rates have dramatically increased since the previous year or you’re confused as to why they’re so high, the best thing to do is speak directly with a Westland Insurance broker who can help you understand what’s going on and find a suitable solution.
For insurance purposes, the value of your home is determined by considering what the cost would be to rebuild your home from scratch using similar materials to the original, but in the current economy. It may or may not correlate to the market value of your home were you to sell.
To receive an accurate home insurance quote, you’ll need to provide fairly detailed information about your home, its occupants, and the contents. Every insurance provider requires slightly different information, but in most cases, you’ll need to provide your home’s address and answer a variety of questions about its age, construction, claims history, renovations, and more.
Most home insurance policies are available on an annual basis, but you can speak with a Westland Insurance broker about the best options for short-term coverage. If you’re planning to sell your home within the year, cancelling your policy or transferring coverage to your new home with the same insurance company is usually possible.
Home replacement cost guarantee ensures that the full cost of replacing your home will be covered, even in the event that the amount exceeds the limits outlined in your policy.
At Westland Insurance, we know that finding the right home insurance can be a journey. That’s why we’re committed to getting to know our clients so that we can fully understand their needs, lifestyle, and budget. For personalized home insurance quotes in Vaughan, contact Westland Insurance today!