Kanata Home Insurance Broker
Award Winning Home Insurance Providers in Kanata
As a Kanata resident, life is busy (sometimes hectic) and the last thing you want to think about is home insurance. You have bills to pay and mouths to feed. We make your home insurance woes head to the highway with our knowledgeable brokers and expert client care team help you get to the place you want to be at competitive prices. We show you how we can help. But first let’s start with the burning question of cost.
How Much does home insurance cost in Kanata?
On average, it costs $1,249 to carry insurance for a home in Kanata. That’s just over $100 a month, slightly higher than the provincial average of $1,207 per year.
What Factors affect the Cost of Home Insurance Rates?
You may be surprised to find out you don’t have the same home insurance rates as your neighbour or friends. This is a common occurrence, as there are so many variables that go into calculating your individual rate. Here are a few factors.
13 Factors that affect the cost of your home insurance rate
- Home type (construction materials & square footage)
- Age of roof and heating and electrical system
- If you have tenant(s)
- Insurance history (claims, etc.)
- Price of your home
- Installing burglar alarms, sump pumps
- Proximity to fire hydrant
- Crime/claim rate in your neighborhood
- Credit rating
- Frequency of natural disasters
- Proximity to a river or lake
- Discounts that may apply
- Policy options (e.g. Limits)
Do I Need Home Insurance in Kanata?
Whether you live in the community of Beaverbrook or Emerald Meadows, you’ll need home insurance. Unlike car insurance, you can own a home without insurance but it’s more of a necessity. Also, mortgage lenders and banks require that you have home insurance.
But where do you start? If you’re new to homeownership or want to change insurance providers, now would be a great time to connect with one of our expert brokers for guidance.
The 5 Top Reasons to Buy Home Insurance in Kanata
You may have just bought your new home or you’re downsizing as your kids are moving out. Whatever your life situation, it’s important to have protection in the form of a home insurance policy. You may live in the safest area of Kanata or have had good luck in terms of avoiding natural disasters. No matter where you live or what you’ve experience, a solid home insurance policy is the way to go.
Below are the top 5 reasons to buy a home insurance policy:
- You lack the funds to rebuild or repair your house or buy new clothes, furniture, etc.
- Your mortgage lender requires you have it
- You can’t afford to pay for living expenses after a disaster.
- You don’t have disposable income to pay a lawyer. If a visitor injures themselves or their belongings are damaged unintentionally, you may have to pay for it.
- You won’t have to worry about unknown costs.
What are the Different Types of Home Insurance in Kanata?
Eastern Canada tends to have fewer natural disasters than the western part of the country. This is a good thing for Kanata residents, as this is reflected in their home insurance rates. But weather and other losses are unpredictable. Why take a chance and go without adequate insurance coverage – it’s not worth it. Below we cover the basic home insurance options.
3 home insurance options:
8 Optional Coverages:
- Overland Water: covers flood damage caused by the overflow of lakes and rivers, snowmelt, and precipitation.
- Sewer Backup: offers protection against damage caused by the backup of your home’s sewer and drains.
- Ground water: some insurance companies provide coverage if ground water floods your home.
- Service Line: the repair or replacement of service lines on your property, including sewers, water mains, electrical cables, and internet lines.
- Earthquake: covers damage caused by earthquake, landslides and other earth movements.
- Bylaws: covers the costs for bringing your home up to current bylaws if you need to rebuild after an insured loss.
- Identity Theft: extends identity theft coverage.
- Floaters: if you have jewelry, sports equipment, electronics or collections that are valued at more than your content limits, consider protecting it with its own “floater” add-on.
Did you know?
If you rent out part of your house to someone, you can require that they take out a renters’ insurance policy. This will protect you (and the renter) if there is a loss.
What’s Covered under my Home Insurance Policy?
The standard home insurance coverage in Kanata includes protection for your home, its contents, legal liability and temporary living expenses.
3 Standard Coverage Options:
- Property Damage – Helps you rebuild or repair your home and outbuildings like sheds, fences and decks if they’re damaged by a covered peril. This will also help you replace your belongings, including furniture, clothing, appliances, and more.
- Personal Liability – If someone gets hurt or has their stuff damaged because of your unintentional actions or while visiting your home, this coverage will help with damages and legal expenses if you’re sued.
- Additional Living Expenses – If you’re forced from your home because of a mandatory evacuation or a covered claim, this will help you cover the additional costs with accommodation, food, and transportation.
If you think you need insurance coverage for lock replacement, frozen food replacement, or identity theft, as your insurer if they provide it. Our brokers are also here to guide your through the insurance policy details.
What Type of Damage is covered by Homeowner’s Insurance?
A peril, or risk, is an unexpected or accidental event that causes damage or a loss. Depending on your insurance company and your options, there are insured and uninsured perils.
12 perils covered under a home insurance policy:
- Fire
- Hail
- Water damage (certain types)
- Explosion
- Lightning
- Smoke
- Electrical current
- Wind
- Impact by vehicle or aircraft
- Falling object
- Weight of snow
- Riot, vandalism, theft, & other malicious acts
3 Common Endorsements/Add-Ons:
- Sewer backup
- Overland water (flooding)
- Earthquake and landslides
You can add the perils above to your policy. Some insurance companies will include them in a comprehensive home insurance package.
What is Not covered by Kanata Home Insurance?
Part of home ownership is taking care of your house, inside and out. Home maintenance can improve your insurance rates. An insurance policy won’t cover situations where you let your place go or any illegal activities. See below for a more comprehensive list:
- Damage caused by insects, vermin, and animals
- Wear and tear
- Mold
- Water damage from frozen plumbing if you’re away
- Any damage caused by illegal activities by the homeowner
- War or terrorism
- Nuclear incidents
- Your home is vacant for 30 + consecutive days.
Did you know?
The size and value of your home is a major factor in determining your home premium. The maximum cost to replace your home is the replacement cost.
What are my Loss Settlement Options for Home Insurance in Kanata
When a fire or hailstorm damages your home, you need to know how much your insurer will pay you to fix it. The amount you’re reimbursed is based on the loss settlement option you choose when you set up your insurance policy.
3 Loss Settlement Options:
What are your Policy Limits for Home Insurance in Kanata?
You’ve set up your policy’s loss settlement options, but have you heard about policy limits and why they matter? A policy limit is the maximum amount of money you’ll received if you have a loss and make a claim. Your personal belongings and contents have different limit amounts.
A Kanata home insurance broker will help you choose the right policy limits that fit your lifestyle and your pocketbook.
What is a Deductible and how does it impact my Homeowners Insurance?
A deductible is the amount that you’ll pay out when you have an insured claim. Higher deductibles decrease the chance that smaller claims will be filed. Why? Typically, the higher the deductible, the lower your rates. If you have an incident you can pay out-of-pocket, then you’re more likely to do this as opposed to filing a claim.
How does a deductible work under a home insurance policy? When you first choose a homeowner’s policy in Kanata, you’re required to set a deductible amount.
How much coverage do I need for my Homeowner’s Insurance in Kanata?
The amount of coverage you need for your home insurance in Kanata depends on your personal preferences or, your mortgage lender’s requirements if that’s a factor.
Generally, we recommend an all-risk or comprehensive policy with limits that properly protect you without you having to pay for more than what you need.
Working with one of our Kanata homeowner’s insurance brokers means you’ll have someone who understands the ins and outs of insurance. Our knowledgeable brokers can help you determine your insurance needs, find the best coverage for the best price, and answer all your questions.
What is Considered High Risk Home Insurance in Kanata
You’re a high-risk homeowner if you have:
- A high number of claims
- An old home with shoddy electrical or plumbing systems
- A vacant home
- Your policy has been cancelled for non-payment
- You live on a rural property
- Multiple mortgages
A high-risk homeowner won’t be left out of having a policy all together; it means it will be harder to get a solid policy with reasonable home insurance rates.
At Sharp, our brokers can guide you to best protect one of your most precious investments. It’s easy to get an online home insurance quote in Kanata. We’ll be happy to find you optimal coverage that suits you and your pocketbook.
How do I Get Cheap Home Insurance in Kanata
Everyone wants a cheaper home insurance rate. But we understand that you don’t want to skimp on value. So, let’s go over some tips on how to get a lower rate. We have you covered!
7 Tricks to lower your insurance rates:
- Shop around for competitive rates
- Maintain a good credit score
- See what discounts apply to you (e.g. new home build)
- Increase your deductible
- Bundle and Save (home & auto)
- Home improvements, upgrades (e.g. new roof)
- Self-insure for smaller losses
Did you know?
If you have a trampoline, pool, or hot tub at your property, your insurer might see this as a higher risk and increase your insurance rates.
What does Sharp Insurance offer to customers
At Sharp, our digital tools can help you find your insurance documents, submit a claim, and more. We look at our users for direction on how to move forward. What do you need to make your insurance experience better than ever? Our award-winning brokers guide you along the way. A few reasons to choose us as your insurance partner.