Waterloo Home InsuranceIf you own a house in Waterloo, Ontario, you're undoubtedly familiar with the region's unpredictable weather. Your home can flood one year and then be hit by a tornado the next.. That's why you need home insurance that'll cover all your losses, no matter what disaster strikes.
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Get Home Insurance for your Waterloo Home
Waterloo is the smallest of the three cities in the Regional Municipality of Waterloo, in Ontario. It’s a university city with two universities and a large student population. The average home price (all housing types) was $548,936 in March 2018 and has steadily increased over the last five years. The average assessed value for insurance purposes (single detached homes) was $224,800 in 2016. Home insurance is compulsory in Canada, so it’s important to know how much it costs if you’re looking to buy or rent a house or condo.
If you own a house in Waterloo, Ontario, you’re undoubtedly familiar with the region’s unpredictable weather. Your home can flood one year and then be hit by a tornado the next.. That’s why you need home insurance that’ll cover all your losses, no matter what disaster strikes. Here’s what you need to know about getting home insurance in Waterloo so that you can keep your property safe from Mother Nature’s wildest.
The basics of home insurance in Waterloo, Ontario
Understanding how home insurance works is important because it helps you know what you’re paying for and why.
Homeowners insurance is the most common type of coverage you’ll need if you own a home in Waterloo, Ontario. It covers both structural damage—such as when a tree falls on your roof—and content losses like personal items stolen from inside the house or damaged by water leaking through walls or ceilings.
There are three parts to each policy:
- Building Coverage: This is usually the coverage everyone knows about. It protects the building from physical damage from perils covered under the policy. These often include fire, lightning, hail, windstorm, water..etc.
- Liability Insurance: This pays for any damages caused by the harm inflicted upon others by unintentional actions but foreseeable by the insured person(s). Liability coverage also includes legal defence costs if someone sues you due to an injury caused by someone else’s negligence while on their property at any time during its everyday use, including overnight guests who stay there temporarily; this must be disclosed when applying for a new policy!
- Personal Property Coverage: This protects personal possessions against physical loss or damage from perils other than those expressly excluded from coverage under “Home Contents Coverage.” Personal property generally refers (but is not limited) to household furnishings, clothing/fabric items such as draperies/curtains/linens/mattresses/bedding, and recreational equipment like bicycles.
What does home insurance cover?
The main thing to remember is that home insurance covers the structure of your home and its contents.
The structure of your home includes its walls, floors, ceiling, and roof. It also covers the plumbing, wiring, heating system, and any other permanent fixtures in your house.
The contents of your home include everything that you own that’s not part of the structure: furniture, appliances, bikes, and electronics are all covered by standard home insurance plans.
If disaster strikes (whether it’s fire or storm damage) and destroys some or all of these items (or if they’re stolen), you’ll be able to recover the cost of replacing them.
What if I don’t own the home?
Even if you don’t own the home, you should get insurance coverage as a tenant or renter. It’s very similar to home insurance, however, you are not insuring the building as this is covered by the landlord’s policy.
Waterloo Home Insurance
Call today at 1-866-484-8880 for your Waterloo Auto Insurance needs, to learn more about how we can help you get the coverage for you and your family. We aim to simplify insurance, providing you peace of mind knowing that you’re covered in the event of an emergency. Trust Leibel Insurance for your home insurance guidance and expertise to get you the best insurance plans for your specific needs.