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Home Insurance

 


Your home is your haven. There are few things more valuable in life than our own personal possessions and the space we call home. You’ve worked hard to get them and they are all important to you. In the case of a fire most people could not afford to rebuild their home and replace their precious belongings. Most banks and mortgage lenders require that you purchase coverage in order to secure their loan. Landlords will often insist that renters carry tenants insurance in order to make sure they have liability coverage.

At L.D. Dermody we're here to help you understand home insurance. Our property insurance professionals can help you find the right coverage for your primary residence, whether it's:

We look to arrange a policy that provides the right balance between coverage and cost.

 

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The best way to obtain a home insurance quote is to speak directly to one of our insurance professionals. They're knowlegeable, friendly and are here to help. They'll guide you through a series of questions making sure that you obtain the home insurance quote that is right for you.




What Insurance Companies Look For In A Home


You can obtain insurance for most homes but the general overall condition and characteristics of the building will determine the type of policy available and the price paid. Generally speaking a building that is newer and in good condition will be less of a risk then one which is older and needs updates. Therefore it will be less expesive to insure. Some key areas that insurance companies look at are as follows:

Wiring: Some wiring (e.g., knob-and-tube, aluminum) can increase the chance of a fire, especially if the wiring has deteriorated or been damaged during renovations. Therefore most insurance companies want newer cooper wiring. If you purchase an older home with old wiring some companies my give you time to replace the wiring while others will require an inspection from the Ontario Electrical Safety Authority to ensure its safety. There are insurance companies who will provide coverage for homes with older wiring, but they tend to have much higher cost and have more restrictive policies.

Electrical service: It is preferable to have breakers instead of fuses, and 100-amp service at a minimum. Fuses and lower electrical service can increase chances of a fire.

Galvanized/lead pipes: Galvanized or lead piping usually means that the plumbing is older, and older plumbing is more susceptible to cracks, leaks and other problems. Insurance companies generally prefer buildings where the plumbing has been upgraded to copper or plastic or a combination of both.

Hot Water Tank: Older hot water tanks often rust and burst open. Most companies are looking for tanks that are less than 25 years old. Tankless water heaters are even better.

Heat source: Insurance companies like furnaces which are 20 years old or newer and fueled by electricity, natural gas or propane. Other sources will also be considered. Oil-heated homes can present a costly environmental hazard so there will be many questions about the details of the furnace including the age and condition of the tank. Most companies require an oil tank that is no older than 24 years., even if it looks good from the outside as they are known to deteriorate from the inside out.

Wood stoves: These are a common source of house fires and carbon-monoxide poisoning, particularly if they are not properly installed and maintained. Insurance companies require that all wood stoves be WETT certified.

Age of roof: Companies generally prefer the roof to have been updated within the last 20 years, depending on the roofing material.

Other uses of your home: Companies will want to know if you have built or are planning to build a rental apartment into your home, begin operating a business there or make any other significant alterations to the structure or the way it’s used.

Location: A portion of the fire insurance premium is determined by the community’s fire-protection services. Most companies have three categories:

  • Hydrant Protected. – The home is within 1000 feet (305 metres) of a hydrant and within 8 miles (13.5 Kilometres) by road by a responding fire hall.

  • Firehall Protected – the home is beyond 1000 fee  (305 metres) of a hydrant but is within 8 miles (13.5 Kilometres) by road by a responding fire hall.

  • Unprotected – the house is beyond 8 miles (13.5 Kilometres) by road by a responding fire hall.

  • Some companies will provide a Superior Water Tanker Shuttle Discount.  This is available for Firehall Protected communities with a Fire Department approved Superior Water Tanker Shuttle Service.

 

A portion of the water damage premium will be determined by the community’s history of flooding and water damage claims. Some areas will be restricted as to the amount of sewer backup coverage that will be available.

 

 




More Information:

Home Insurance Basics



We can quote:

 

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