Home Insurance Toronto
Toronto is a world leader in many industries; it’s a prime place to be, full of skyscrapers, tasty restaurants, and beautiful parks. There’s nowhere else you’d rather live—which is why you need home insurance.
Protect your family. Protect your belongings. Protect your home. With home insurance in Toronto, you can do just that. Live your life the way you want with coverage that’s right for your home.
At Westland Insurance, it’s our job to connect you with the best home insurance companies in Toronto. We aim to provide peace of mind to homeowners, making it easy to understand what your policy covers and how to save on your premiums.
What Does Home Insurance Cover?
Your home insurance policy will cover common risks, including theft, wind, water damage, vandalism, and fires. Basic coverage includes:
Your home is more than its walls and roof—it’s also made up of all your belongings. You’ve invested thousands in buying furniture, electronics, appliances, clothing, and collections. If these items were damaged due to a house fire or theft, the cost of replacing them would be enormous.
Property insurance is essential for any homeowner. With this policy, your insurance provider will cover the replacement cost of your personal belongings.
You know insurance covers property damage to your house—but what about other structures nearby? Any detached structures on your property (including fences, garages, and guest houses) will also be covered.
If your home is impacted by a fire, the damages could extend beyond your property. This may result in damage to other houses or individuals. With personal liability coverage, you can cover the damages to other properties and medical expenses.
When your home is uninhabitable due to an insurance claim, your policy will also cover additional living expenses. This includes hotel costs and food expenses.
What It Doesn't Cover
Your homeowner’s insurance will cover the most common perils, but there are limits to what claims will be accepted. We’re going to detail what most policies don’t cover:
Unless you purchase additional coverage, your policy will not apply to damage caused by overland flooding, landslides, or earthquakes. You may want to inquire about overland flooding insurance.
Personal property insurance has its limits; it only offers coverage up to a specified amount. If you have any belongings that are particularly expensive (such as fine art, jewellery, or musical instruments), you may need to extend your coverage limits. For additional coverage, contact an insurance agent at Westland.
Why Do I Need Home Insurance, and Is It Required in Toronto?
Buying a home is no small expense. You might be wondering whether you need home insurance or if you can get by without it.
Once you add up the cost of your personal property, you may realize that the replacement costs are far from feasible. That’s what home insurance is for.
By law, you’re not required to buy home insurance. However, most banks and mortgage lenders won’t give you a loan without it (similar to how many landlords won’t rent to you without tenant insurance). When you have a home insurance policy, it gives lenders a safety net and makes them feel more secure about the mortgage.
Factors That Affect the Cost of Home Insurance
House insurance is largely influenced by the value of your property. Other factors include the location itself; for example, a home in an area that’s prone to flooding or vandalism will typically cost more to insure.
Wondering what determines the cost of your insurance premium? The type of home you own, your personal claims history, and your location all factor into the price of your policy. Other factors include:
- Distance to a fire hydrant or fire station
- Credit score
- Claims history
- Age of home
- Construction materials
Coverage Options for Home Insurance
Looking for extra coverage? Our additional coverage options include:
- Home equipment breakdown
- Identity theft
- Overland water
- Sewer backup
- Service line coverage
- Claim protector
- Home equipment breakdown
Home Insurance FAQ
If you want to keep your home insurance costs low, avoid making claims unless it’s absolutely necessary. If it’s possible to pay out-of-pocket for minor expenses, do so; save your insurance for major claims, and you can keep your home insurance premiums low.
Another way to save is to stick with the same insurance company. Loyal customers are often eligible for discounts.
When you work with an insurance broker, you can compare home insurance quotes. It’s a great way to save money on your monthly or annual payments. At Westland, our insurance brokers will be happy to help; give us a call.
If you’ve made a home insurance claim in the past few months, you can expect your rates to increase.
It’s affected by the current state of the real estate market, the amount that other houses in your area sell for, and the condition of your property.
Before you can request an insurance quote, you’ll need to provide basic information about yourself and your property, including your contact details, address, and insurance history.
Home and tenant insurance are typically purchased in 1-year terms. Contact our insurance brokers, and we’ll find out if any home insurance providers offer shorter terms.
Contact Westland Insurance Today
Toronto homeowners know that real estate in this city fetches a high price. Protect the market value of your home (and your belongings) by purchasing home insurance coverage.
At Westland Insurance, we work with insurance companies across the country to find you the most affordable home insurance in Ontario. In just a few minutes, we’ll provide you with a home insurance quote online.
Whether you’re a condo owner or you’re looking for renters insurance, we’ll help you find the coverage you need at rates you can afford.
For Toronto home insurance, contact Westland Insurance today. We offer our services in the following locations: