Letting your policy auto-renew might be convenient, but it could mean leaving money on the table.
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Factors that determine your home insurance quote in Barrie
Your home insurance policy will be customized to suit your needs and the property you’re insuring.
Home insurance premiums are determined by dwelling type (is it a single-detached home, a house with a basement tenant suite, or a condo?). Insurance companies also try to predict the kind and size of claim you might make in the future.
Here are some of the criteria insurance companies look at when calculating your premium.
- The square footage of your home.
- Contents and quality of construction.
- The location of your home.
- Distance to a fire hydrant.
- Your insurance claims history.
- The age of your roof.
- Your home’s plumbing.
- Your home’s electrical system.
Your Barrie home insurance questions, answered.
How much is home insurance in Barrie?
There are several factors that influence how much an insurance company will quote you for the cost of home insurance in Barrie. There are slight differences in the way each insurance company assesses risk. This leads to a variation in quoted prices.
That also means the average cost of home insurance in Barrie won't be an accurate indicator of exactly what you’ll pay. Before you decide on an insurance company to work with, shop around and compare home insurance quotes online in Barrie in order to save money.
If you want an idea of what your home insurance coverage in Barrie could be, get a free, no-obligation quote on LowestRates.ca. In only a few minutes, we’ll show you quotes from Barrie’s leading home insurance companies.
What kind of perils are specific to Barrie?
There are some specific risks to be aware of when it comes to house insurance in Barrie:
- Ice or hail storms. This sort of event can damage exterior features of your home, and in extreme cases cause roof damage and subsequent flooding. These weather events happen relatively frequently in Barrie; so, while it is likely to be covered, it will likely affect your premiums.
- Wind damage. A quiet street with a nice tree canopy can be a wonderful place to live. However, severe windstorms can cause branches to break and land on properties in your neighbourhood, which can also impact your premiums.
- Heavy snowfall. Residential roofs are only designed to carry so much weight. In the event of a severe blizzard, roofs can experience moisture damage, or even collapse under the weight of heavy snow. Southern Ontario (and Barrie, specifically) tends to get a lot of snowfall in winter, so this also could impact your home insurance premiums in Barrie.
What risks does home insurance cover in Barrie?
Different regions have different environmental risks. Home insurance providers in Barrie tailor their offerings to the risk profile of the region they’re serving, and of course, any laws and regulations that are relevant.
Generally speaking, events that are unexpected are covered in most policies, while events an insurance company considers predictable are not covered. Here are some risks you can expect to see covered in many of the policies you might be offered.
- Fires resulting from accidents or weather events (such as lightning strikes).
- Damage from debris (such as tree branches) from high wind weather events.
- Theft of property from a break-in.
- Inside-the-home water damage (such as damaged pipes).
- Damage occurring from ice or hail storms.
However, there are some events that are unlikely to happen in Barrie that most insurance companies will not cover.
What risks won’t home insurance cover in Barrie?
Remember, not all threats to homes are covered with a standard homeowner's insurance policy in Barrie. In addition to insured perils, there are also natural disasters that are unlikely to happen near where you live, and damage from these sorts of events is not likely to be covered by most home insurance providers. Some of these may include:
- Overland flooding
There are also events that are more likely to occur which an insurance company generally will not cover. These generally are considered the homeowner’s responsibility, for example:
- Conventional weathering of roof shingles, siding, and other exterior features.
- Damage resulting from do-it-yourself home repairs
- Damage from neglect.
What kind of home insurance do you need in Barrie?
Here are the main types of home insurance policies you need to consider for your Barrie dwelling:
Comprehensive - This type of home insurance covers the structure of your home and its contents from all risks, except risks that are generally considered uninsurable (damage from earthquakes and overland flooding, for example).
Basic or Named Perils - This is the opposite of a comprehensive policy. Only those risks that are explicitly included by name are covered by these sorts of plans. For example, if the policy does not mention fire damage, then a claim filed as a result of fire damage will not be accepted.
Broad - Also known as a “broad-form” policy, these plans tend to provide coverage that is a hybrid of comprehensive and basic insurance. For the home itself, these policies are similar to comprehensive plans, in that they cover all perils other than those are uninsurable. For the belongings in your home, broad policies tend to name the risks that are covered, while all unnamed risks are not covered.
No-Frills - As the name suggests, a no-frills policy offers limited coverage for properties that don’t meet the standards of insurance providers. Some homes under these policies have structural defects or other issues.
In addition to the risks covered in these policies, customers also have the option of purchasing endorsements. An endorsement is an agreement between an insurance company and customer to have an additional risk covered in an insurance policy, usually for an additional cost. Some endorsements homeowners in Barrie might consider:
- Overland flooding occurs from the overflowing of rivers or lakes as a result of the melting of ice and snow, or heavy rainfall.
- Flooding from heavy rain over your house.
- Sewer backup. This can occur from weather events, construction accidents, or from poor municipal maintenance.
What can you do to save on home insurance in Barrie?
Finding cheap home insurance in Barrie doesn’t have to be difficult. The price of home insurance in Barrie depends on a number of factors, including the size and the quality of the area’s insurance pool, as well as external factors such as extreme weather risks.
In many cases, insurance companies will offer discounts to customers who bundle their policies or take steps to reduce risks. Some examples of these discounts might include:
- Bundling: If an insurance company can administer the insurance of an automobile and home with the same account, they usually offer discounts.
- Installing safety equipment: Installing home safety and monitoring equipment reduces the likelihood of your home being broken into.
- Reducing risks: Keeping your home smoke-free and making repairs to decrease the risk of your basement flooding are examples of lower claim risks that often result in discounts.
- Shop around. It’s important to compare house insurance quotes in Barrie from a variety of providers. Rate comparison tools are useful for quickly comparing the offerings of multiple competitors in just a few clicks in order to find the best home insurance rates in Barrie.
What are the best home insurance companies in Barrie?
Everyone’s experience with insurance providers will be unique because insurance policies are tailored to the individual needs and circumstances of each customer.
Once you make sure your provider is licensed to operate, it’s important to make sure your home insurance provider suits your home and your family’s needs. Rating agencies can offer useful insights through customer surveys, but ultimately, the best insurance provider for your next-door neighbour might not be the right one for you.
Experts recommend gathering as much information from as many reputable sources as you can. Once you’ve narrowed your search, take the time to communicate with a home insurance broker in Barrie before making a final decision.
There are many licensed home insurance providers serving Barrie. Don’t forget to shop around and compare Barrie's home insurance rates to make sure you’re getting current home insurance rates in Barrie.
What if I own a condo or rent? Can I still buy property insurance online?
About the Author
Zandile is a Personal Finance Writer at LowestRates.ca. Before joining the team Zandile worked as the content editor for Real Estate Management Industry News. As a self-proclaimed budget warrior, Zandile dedicates most of her time to advocating for financial wellness.
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Red wine spills. Frozen food spoilage. Freak thunderstorms that ruin your furniture. There’s a claim for that.