High-Risk Home Insurance in Ontario
Home insurance is a little different when it comes to high-risk as compared with auto insurance. Generally, it’s less about your own behaviour than it is about the home you live in. Rustic, rural homes, unrenovated homes, older homes and unique structures may be labelled as high-risk.
Like your vehicle insurance, failing to make your home insurance policy payments on time can label you a high-risk policyholder. This means home your insurance rate will increase, often double, triple your standard home premium. High-risk insurance may also have its limitations. Non-standard insurance typically means you are limited to only specific means of payment and won’t have the same array of coverage options as you would with standard insurance.
It can be tempting just to cancel the insurance altogether, but home insurance is oftentimes required by a mortgage lender and cannot be avoided. Other times, if you are mortgage-free, home insurance is optional — but it’s necessary if you can’t afford to rebuild your home, you can’t afford the cost of a lawsuit or if you don’t want to worry about any unexpected issues. Ask a Sharp high-risk insurance broker in Ontario for advice on how to save on your home insurance policy today.