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Your home is not only an important investment, it’s also one of your most treasured possessions. That’s why it’s important to protect it against any harm that might come to it, as this could impact both your home’s resale value and your quality of life.

We here at LowestRates.ca want to help you protect the things that matter most. We want to arm you with all the information you need before purchasing home insurance. Be sure to try out our comparison tool to get 15+ quotes in less than three minutes.

Your questions about home insurance in Barrie, answered.

How much does home insurance cost in Barrie?

There are several factors that go into what an insurance provider will quote you. Every insurer has a different means of assessing risk, which can lead to a variation in quoted prices.

What risks are specific to 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.

What risks does home insurance cover in Barrie?

Different regions have different environmental risks. Home Insurance providers 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 insurer 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 insurers will not cover.

What risks won’t home insurance cover 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:

  • Earthquakes
  • Landslides
  • Overland flooding

There are also events that are more likely to occur that an insurer 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?

There are four types of home insurance:

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 are considered “special needs” homes that have a structural defect 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 insurer 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?

In many cases, insurance customers 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 insurer 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.

It’s important to compare quotes from a variety of providers. Rate comparison tools are useful for quickly comparing the offerings of multiple competitors in just a few clicks.

What are the best 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. Ratings 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 an insurance agent before making a final decision.

There are many licensed home insurance providers serving Barrie, such as:

  • Allstate
  • Aviva Insurance
  • Desjardins General Insurance
  • Economical Insurance
  • Johnson Insurance
  • RBC Insurance
  • The Co-Operators
  • The Personal
  • Travelers
  • Wawanesa

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