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 Brampton
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 Brampton home insurance questions, answered.
How much does home insurance cost in Brampton?
How much is home insurance in Brampton? The truth is, the price of Brampton home insurance depends on the particulars of your situation. That’s a frustrating answer, we know. Basically, companies underwrite risk differently, so you can expect to see some price variation. That’s also why the average price of home insurance in Brampton is not a useful indicator of what it will actually cost.
But here’s the good news: there’s an easy way to get an accurate estimate of what home insurance in Brampton will cost you. Compare quotes on LowestRates.ca and you can see quotes from dozens of home insurance companies. Our partners’ rates are updated throughout the day, every day, so you get the most current home insurance rates for Brampton.
The Financial Services Regulatory Authority of Ontario (FSRA) itself recommends comparing insurance quotes before locking into a policy. When you compare Brampton home insurance rates, you’re equipping yourself to make an informed decision. Plus, you’re increasing your chance of scoring a better rate.
What kind of perils are specific to Brampton?
- Cold temperatures. No exception to Canada’s harsh winters, Brampton can see temperatures plunge in the colder months, resulting in freezing or bursting of water pipes.
- Flooding. In the summers, Brampton can see powerful thunderstorms, which can bring a high volume of rainfall, possibly resulting in flooding.
- Earthquakes. Though they’re not common, moderate earthquakes are possible in Brampton.
What perils does house insurance cover in Brampton?
Generally speaking, home insurance is meant to look after your personal belongings (e.g., appliances, furniture, some electronics); additional living expenses (should you need to temporarily evacuate your home); and personal liability, should you be sued for an injury sustained on your property.
Home insurance typically covers the following risks:
- Smoke damage (excluding fireplaces).
- Wind and hail.
- Electrical current.
- Sudden or accidental water damage (caused by a defective washing machine or burst pipes).
- Broken windows.
- Falling objects (unless propelled by a landslide, avalanche, or earthquake).
What perils won’t home insurance cover in Brampton?
The following perils aren’t covered in a standard home insurance policy:
- Sewer backup.
- Flooding caused by overland water.
- Damage from freezing outside the home.
- Damage from insects and rodents.
- Damage to property acquired illegally.
If you’re worried about any of these risks, you can add special home insurance coverage to your base Brampton home insurance policy. Additional coverages are called ‘riders’ or ‘endorsements.’
What kind of home insurance do you need in Brampton?
Again, that depends on your circumstances and your personal tolerance for risk. There are four basic types of home insurance:
Comprehensive - Of all the policy types, this one is the most extensive. It covers both your home’s structure and its contents for all risks. The exception would be any perils that are specifically excluded, for example, non-insurable perils like overland flooding and earthquakes.
Basic or Named Perils - This policy only covers your home against perils that are named in the policy.
Broad - A mid-priced policy that’s somewhat of a mix between comprehensive and basic. This policy covers your home’s structure against all insurable perils. Contents, however, are only protected against named perils.
No-Frills - Intended for properties that don’t meet normal insurance standards (i.e., homes that have major structural issues).
You might also want to purchase insurance endorsements, which are additional forms of coverage that homeowners can add to beef up their policy. Brampton residents in particular may want to consider purchasing endorsements for things like overland flooding and sewer backup. It’s also possible to purchase additional coverage for things like fine jewelry and equipment used for a home business.
What can you do to save on homeowners insurance in Brampton?
- Bundle home and auto insurance with the same provider.
- Offer to pay a higher deductible (e.g., the amount you pay out of pocket for a claim).
- Use a comparison site like LowestRates.ca to find the best rate.
- Pay an annual lump sum upfront as opposed to monthly premiums, which include administrative costs.
- Mention that you’re part of a union, certain organization(s), or an alumnus of a qualifying university or college.
- Equip your home with smoke detectors and monitored intruder alarms.
- Be “claims free” (e.g., never have made an insurance claim before).
- Oftentimes simply being a senior citizen will qualify you for a cheaper rate.
- Buy a newly-built home, which can sometimes qualify you for a discount.
What are the best home insurance companies in Brampton?
There’s no such thing as the best insurance company for everyone. It’s going to depend on your situation. We advise against choosing an insurance company solely based on which one is offering you a cheap home insurance rate for your Brampton residence. In the end, what matters is that you get affordable Brampton home insurance that provides appropriate coverage.
To make that happen, you’re going to want to do your due diligence on insurers and evaluate whether or not giving them your business is a good idea. That includes checking the insurer’s rating on websites like insurer rating agency A.M. Best, doing a bit of Googling and seeing if the words “scam,” and “rip-off” turn up when you search the insurer, or, contacting the Better Business Bureau to see if any complaints have been lodged against the company or brokerage.
You don’t have to go to these lengths to find a reliable insurance provider: LowestRates.ca has already vetted the insurance companies in our online marketplace. When you apply for Brampton home insurance quotes online with us, we will only ever show you results from trusted Canadian insurance companies.
Finally, you should never feel pressured into buying a policy. Take your time and don’t worry about asking too many questions. Your agent should be happy to answer them for you.
Here are some of the major Canadian home insurance providers serving Brampton:
- Intact Insurance
- TD Insurance
- The Co-operators
Compare Brampton home insurance quotes today to find your lowest rate.
What about property insurance for condos or apartments in Brampton?
About the Author
Alexandra Bosanac is the Core Content Manager for LowestRates.ca. Her reporting has appeared in Canadian Business, the Toronto Star, the National Post, and the CBC.
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Red wine spills. Frozen food spoilage. Freak thunderstorms that ruin your furniture. There’s a claim for that.