Affordable Ottawa Home Insurance Online
Your home is your most precious financial investment, so why not protect it from the unknown. At Sharp, we help you turn your insurance uncertainties into a secure future, where you know we have you covered when the unexpected happens.
Our brokers have your options ready and aligned with what you want – optimal coverage that matches your wallet and your lifestyle.
How Much does home insurance cost in Ottawa?
If you own a home in Ottawa, you’ll pay on average $1,249 per year or $104 per month for your premium. The capital’s rate is higher than the provincial average of $1,207 per year.
What Factors Impact the Cost of Home Insurance Rates?
The cost of home insurance in Ottawa depends on several elements, including:
- Claims and insurance records
- Type of home, construction materials, & square footage
- Age of roof, heating and electrical system
- Security or loss mitigation devices (e.g. burglar alarms, sump pumps)
- If you have tenant(s)
- Proximity to fire station/fire hydrant
- Home value
- The claim and crime rate in your area
- Credit score
- Natural disasters (frequency & severity)
- Proximity to a river or lake
- Discounts you’re eligible for
- Policy options (e.g. loss settlement, limits)
Do I Need Home Insurance in Ottawa?
It’s not the law to purchase home insurance in Ottawa but it’s a necessity. If you have a mortgage, it’s also a requirement from the lender or bank. Imagine losing all your belongings in a fire and you need to replace everything, including your home – do you have the money?
Our brokers help guide you through the process of finding the best home insurance rates to fit your budget.
The 5 Top Reasons to Buy Home Insurance in Ottawa
As an Ottawa homeowner, you want to feel secure about your personal items and your savings. While you can’t control a hailstorm that destroys your roof or someone slipping on your kitchen floor, you can control how you’re protected.
While there are many reasons to buy home insurance, here are the top 5 reasons why:
- You don’t have enough money to rebuild your home or replace your clothes, furniture, etc.
- You can’t pay for lawyer fees. If a visitor hurts themselves or their belongings are damaged unintentionally – you need liability insurance.
- Your mortgage lender needs it.
- You need additional living expenses after a disaster.
- Peace of mind: you want to worry less about the “what ifs.”
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 the Different Types of Home Insurance in Ottawa?
If you’re lucky enough to buy in a popular neighbourhood in Ottawa, like the Glebe or Westboro, you likely looked at the crime and claim rates of the city beforehand. If not, it’s a good idea. Consider all your options when choosing your home insurance policy.
3 common home insurance options:
Offers the most protection for your home and contents. Offers coverage for everything unless it’s specifically excluded.
Basic or Named Perils
These policies may only cover specific perils.
Covers your home for a comprehensive list of perils but provides only named perils coverage for your contents.
8 Additional Coverages:
- Overland Water: covers flood damage caused by the overflow of lakes and rivers, snowmelt, and precipitation.
- Sewer Backup: covers damage caused by the backup of your home’s sewer and drains.
- Groundwater: some insurance companies provide coverage if groundwater 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 earthquakes, 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.
Some of the above additional coverage is offered by some insurers as part of a comprehensive insurance package.
Did You Know?
If you’re mortgage-free, you can get a discount on your home insurance rate. Ask your broker for more information.
What’s Covered under my Home Insurance Policy?
Ottawa living is not cheap, so it pays to do your research on home insurance. Contact one of our brokers to direct you to one of our insurance company partners for help. Start off with the main home insurance coverage options.
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.
Certain home insurance policies include lock replacement, frozen food replacement, and identity theft if a covered policy covers it. Ask your insurance company for help.
Did You Know?
If you’re building a new home, your insurance company may offer a new-build discount on your policy.
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 insurer and what your options, there are insured and uninsured perils.
12 perils covered under a policy:
- Electrical current
- Impact by vehicle or aircraft
- Falling object
- Weight of snow
- Riot, vandalism, theft, & other malicious acts
- Water damage – certain types
Uninsured Perils/Common Endorsements/Add-Ons:
- Sewer backup
- Overland water (flooding)
- Earthquake and landslides
These perils can also be bought separately. But some Ottawa insurers include them in a comprehensive home insurance package.
What is Not covered by Ottawa Home Insurance?
When you insure your home, there are circumstances that won’t be included in your policy, including certain uninsured activities. Below are 8 items that are not covered.
- Wear and tear
- Damage caused by insects, vermin, and animals
- Water damage if no one has checked on your home every 3 days
- Any damage caused by illegal activities by the homeowner
- War or terrorism
- Nuclear incidents
- Your home is vacant for 30 + consecutive days. If you have a loss, you may not have coverage.
Get the Right Home Insurance Coverage in Ontario
Getting the right home insurance coverage in Ontario is the perfect mix of protection and price.
Did You Know?
You can have too much insurance coverage. You could be paying money for protection that you’ll never need. Go over your insurance policy details with your broker every year.
What is a Loss Settlement Option for Home Insurance in Ottawa
When your home is damaged or destroyed, you receive an amount from your insurance company that is determined by your loss settlement options.
3 Loss Settlement Options:
this is the cost to replace your home, as it is.
Actual Cash Value
this is the market price or purchase price of your home minus the depreciation.
this is an agreed value for an item or building. This isn’t commonly used for home insurance but may be relevant if you’re insuring jewelry, a classic car, or heritage home.
Our experienced brokers are available any time to make sure your loss settlement option, to make sure they’re in-line with your needs. We compare options and set up the best plans for you and your lifestyle.
What are your Policy Limits for Home Insurance in Ottawa?
A policy limit is the maximum amount you’ll receive if you have a covered claim. Different areas of your policy may have different limits – your personal belongings or contents limit can be different than your home or dwelling’s limit, for example.
A home insurance broker in Ottawa can 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?
Your deductible is the amount that you’ll pay out when you have a covered 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 Ottawa, you’re required to set a deductible amount.
How much coverage do I need for my Homeowner’s Insurance in Ottawa?
The amount of coverage you need for your home insurance in Ottawa 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 Ottawa homeowners 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 Ottawa
If you’ve been labelled as high risk by your insurance company, what does this mean? You’re high-risk if you have:
- Been cancelled for non-payment or another reason by an insurer
- A high number of claims
- You live on a rural property
- You live in an old or heritage home without upgrades to the electrical or plumbing systems
- An empty home
- Multiple mortgages
Being high risk does not mean you can’t get home insurance in Ottawa; it means it may be harder to find adequate coverage to protect your home. Less coverage, higher premiums, and/or less choice with your payments is also possible.
We can help you protect your home. Request an Ottawa home insurance quote online and we’ll find you the ideal coverage that best suits your needs and the needs or your family.
How do I Get Cheap Home Insurance in Ottawa
Home insurance rates in Ottawa can vary greatly and go beyond what area of the city you live in. When your premiums are set, there are many considerations, including your claim history, credit rating, and essentially the coverage your insurer provides.
7 Tricks to get the Lowers insurance rates in Ottawa:
- Shop around for competitive rates
- Maintain a good credit score
- Find about discounts, especially if you’re a longtime policyholder
- Increase your deductible
- Bundle and Save (home & auto)
- Home improvements, upgrades (e.g. new roof)
- Self-insure for smaller losses
What does Sharp Insurance offer to customers
Sharp Insurance works with the very best insurance companies in Ottawa. For you, that means competitive home insurance quotes, excellent customer service, and digital options.
At Sharp, here is what sets us apart:
We’re an independent brokerage.
Digital capabilities: we use technology to make insurance easier.
We have experienced staff that provides great customer service.
We work for you. In fact, we have access to a lot of different insurers in Ottawa.
At Sharp, we have an app and web portal that gives you the freedom to manage your insurance needs from your car or the comfort of your home. Download or print your pink cards, review your coverage, submit a claim, request a change and more. No more waiting on hold!
How Can I Compare Ottawa Home Insurance Quotes?
The best way to compare home insurance quotes in Ottawa is to fill out Sharp’s online form or give us a call to receive your no-obligation free home insurance quote. We make it easy to find competitive quotes and discounts that fit your budget and suit your important insurance needs.