Kitchener Home InsuranceIf you live in or are planning on moving to the thriving metropolitan area in Kitchener, Home Insurance is going to be a primary concern. At Leibel Insurance, we’ll discuss your home insurance wants and needs and factor in how you can benefit and save using one of our partnered home insurance providers.
- Rest Easy Knowing Your Insurance Broker Helped You Find the Right Policy with the Best Coverage
- Protect Your Biggest Investment from Unexpected Large Losses or Claims
- Coverage Against Unanticipated Liability Claims and Defence Costs
Insurance for your Kitchener Home
There’s a lot to love about Kitchener-Waterloo. In fact, both cities are in the top ten for population and economy in Canada! The surrounding area has so much to offer that it’s frequently referred to as the Toronto-Waterloo Corridor.
Since you have so many choices when it comes to where you live and work, you may be wondering why you should consider Kitchener home insurance over other options. Before we get into the details, we’ll explain what you need to know about the city of Kitchener and its neighbouring areas when it comes to your home insurance policy.
Kitchener is the 10th largest city in Canada
Kitchener is the 10th largest city in Canada and the largest city in the Waterloo region. It’s located in the Grand River valley, an area that was originally home to many Indigenous groups, including Mississaugas, Natives, Hurons, Ojibwa, and Haudenosaunee tribes.
It was named after the German city of Kitchener (sometimes spelled Kitchner), which itself takes its name from a town called Küchengarten (which means “kitchen garden”) near Frankfurt am Main, Germany.
The insurance market in Ontario is government regulated
The insurance market in Ontario is government regulated. The provincial government sets the rates, minimum coverage, maximum coverage, and deductibles for every insurance policy sold in the province. For example, suppose you have an auto policy with a $500 deductible, and you get into an accident this year and make a claim on your home insurance. In that case, it will be limited to $500 because that’s what the province has set as its minimum deductible for auto policies (and home policies).
Home insurance in Ontario is different from home insurance elsewhere in Canada.
Home insurance in Ontario is not the same as home insurance elsewhere in Canada. It’s not the same as home insurance anywhere else in North America.
The province of Ontario has its own Insurance Board. It sets all policies for home insurance—except for Quebec and Manitoba, which have their boards (and Quebec requires you to have a minimum of $100,000 worth of coverage).
As such, there are four main types of coverage: property damage, liability protection (which covers legal costs if someone is injured on your property), additional living expenses if your house becomes uninhabitable due to an insured event (like fire), and personal possessions inside the home (like furniture).
There are also two types of premiums that apply to different types of policies: replacement cost value or actual cash value (ACV). ACV means that when you file a claim after an insured event occurs, your insurer will reimburse you based on what something currently value versus how much it would cost today to replace it—and this can sometimes mean paying less than what an item costs now.
Kitchener Home Insurance Experts
Get in touch with our team today at 1-866-484-8880 for your home insurance needs!