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Fire insurance 101.

Protection against accidental fire damage comes with most home insurance policies.

The coverage usually includes compensation for the cost of repairing structural damage caused by fire as well as replacing contents lost in a blaze.

While your policy is likely to protect you against fire damage from incidents such as lightning strikes, gas leaks, faulty electrical wiring, kitchen fires, candles, cigarettes, or even fireworks gone wrong, there will also be some exclusions.

For example, the home insurance policy may not extend to protection from damage cause by fire following a nuclear explosion, war, or riot.

When you select a policy, make sure you understand what coverage it includes and does not include. If what’s provided doesn’t align with your needs, you can add or extend coverage for protection against additional perils. Increased coverage usually leads to an increase in the premium.

 

Tips on how to get the cheapest fire insurance quote for your home.

Getting insurance for your home is easier than it may seem. To secure the lowest rate possible, the Financial Consumer Agency of Canada recommends following these steps when shopping for home insurance.

Compare home insurance quotes from various providers.

Ask your broker or agent about bundling your home and car insurance policies.

Ask your broker or agent about which discounts you qualify for.

You might be able to further reduce your by increasing your deductible (the amount you pay toward a claim before your insurance kicks in) and by offering to pay your insurance bill annually instead of monthly.

Increasing your deductible is a great way to save on home insurance in the short term, just make sure you have money reserved for this purpose. Focusing on finding cheap quotes isn’t always a good idea. Having the right amount of coverage — now that should always be the goal.

Factors that determine your how much fire insurance is for your home.

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.

Frequently Asked Questions about getting the best fire insurance

Who needs fire insurance?

If you have a home, you will want to seriously consider insuring it. While it is not a legal requirement, many banks will only provide mortgages for insured homes.

Fire insurance is folded into most home insurance policies. This makes sense because if you cannot front the cost of repairing your home or replacing its contents following a fire, then you want to cover yourself for that eventuality.

There is a specific kind of fire insurance for mobile homes, too.

Regardless of what sort of home you live in, insurance companies take the same approach to calculating your premium. They consider a range of factors. The premium they offer you is based, in part, on how much they believe it would cost them to replace your home entirely.

Anything you can do to mitigate that risk is likely to make you eligible for a discount. For example, you may receive a better premium for a home that’s new and in good repair because the materials themselves don’t warrant a fire hazard.

What does fire insurance cover? 

Most home insurance policies cover damage from fire.

Comprehensive policies will also protect your contents and offer additional living expenses. This means that if your home is damage in a fire, you will be covered for the cost of relocating and as well as the cost of replacing your contents.

If there is a fire, house insurance is meant to make you whole, returning your home to the state it was before the disaster.

How much is fire insurance?

It’s difficult to zero-in on the specific cost of a single peril within a home insurance policy.

The overall cost of a policy is determined by many factors, including the location of your home, its size, the condition of the structure as well as how much it would cost to replace in the event of damage.

Fire risk is one of the most crucial factors that insurers consider when drawing up a policy. As a result, any steps a homeowner takes to mitigate fire risk can help reduce the premium. For example, your distance to a fire station will affect home insurance rates, as will how far you are from a fire hydrant. In fact, you can get a fire hydrant discount on home insurance depending on how close you are to one.

While most home insurance policies do cover fire damage, some providers offer fire insurance on its own. Though these types of policies are not often written, they are available. They only protect against fire-related damage. This means that you won’t be protected against other perils covered by a comprehensive policy. You’ll be foregoing coverage for perils like water damage, hail and wind damage, broken windows, theft as well as additional living expenses and liability protection.

Which are the best fire insurance companies?

It is your decision to make based on the coverage they offer and the premium. We provide a range of quotes, for free, so that you can secure the best coverage at the lowest rate.

Remember that while we are all in pursuit of cheap home or fire insurance, it often makes sense to opt for comprehensive coverage that covers a broader range of perils.

Remember that home fire insurance in Canada is not mandatory but having no home insurance means fire damage becomes your cost alone to shoulder.

How do you get reasonable premiums on fire insurance?

When you reflect to an insurance provider that a risk is mitigated, they are often willing to reduce your premium. Here are some effective tactics for reducing your fire risk and, by extension, your home insurance premium:

  • Don’t smoke – If you’re not a smoker, you may be eligible for a discount on your home insurance premium.
  • Increase your deductible – Like all things insurance related, this will depend on your appetite for risk and your financial status. If you increase the deductible, which is the amount of money you will cover before the insurance company has to step in, then your premium will drop. It is a pay less now versus pay more later calculation.
  • Proximity to a fire hydrant – If your home is close to a fire hydrant, it signals to an insurance provider that a fire could be put out more quickly, reducing how much they would have to spend to cover your home fire insurance claim.
  • Smoke alarms – Installing smoke alarms signals to an insurance provider that there is a process in place to get help in the event of a fire. As a result, they may be willing to reduce the premium.

What other factors contribute to fire insurance rates?

In this era of more erratic weather and climate related disasters, you would be wise to consider how and if your comprehensive home insurance covers damage related to natural disasters.

We’ve all watched in horror as wildfires in Canada, and around the world, chew through forest and communities, sending people on the run. According to the Insurance Bureau of Canada, the fire that ripped through Fort McMurray in 2016 cost more than $5.2 billion in insured damage making it the most expensive natural disaster in Canadian history.

Of course, that was an extreme event. But they do occur, and insurers have taken note. As a result, home insurance in high fire risk areas has become increasingly costly.

Are you in an area that is prone to forest fires, even if it is not directly in your own backyard? It is possible that the comprehensive home insurance will not include forest fires.

What about how to get home insurance after a fire? The cost is likely to go up for home insurance after you have had a fire. That is because insurers are always going to be looking at your history and hedging their bets against the eventuality that it could become a trend. That includes whether you have been the victim of a blaze.

Remember that home insurance rates are calculated largely on how much the insurance company believes it would cost to replace your entire home. It wants to prepare for the eventuality that it will have to rebuild it from scratch. You can lower your premium by reflecting that you’ve done what you can to reduce your fire risk. This includes owning a home made with modern materials and with an up-to-date electrical system. If you happen to live close to a fire hydrant or station, even better.

How can LowestRates.ca help find the best rate for fire insurance for a home?

Start with our online quote tool. We offer free quotes from dozens of the best insurance providers in the country.

  • After you receive the quotes, you’ll connect with a broker who can answer any of your questions, for free.

*Shoppers who obtained a property quote on LowestRates.ca from January to December 2021 saved an average of 31%. The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca.

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*Shoppers who obtained a property quote on LowestRates.ca from January to December 2021 saved an average of 31%. The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca. Excludes tenant and condo insurance.