If you’re a homeowner, renter or landlord, home insurance is for you. It doesn’t matter if you live in a single-family home, duplex, condo, or something else, we can help protect the things you worked hard for.
At New World Insurance, we know our customers deserve peace of mind knowing their family and assets are protected in the event something beyond their control happens. We can help you customize your insurance coverage to your lifestyle and specific needs.1-800-838-6353
Home Insurance Coverages
Here are some coverages a basic homeowners insurance plan will include:
- The structure of your home if it needs repairs or to be rebuilt from damages caused by a fire, hail or other disasters as outlined in your policy. Many policies also include some coverage for structures detached from your home like a shed or gazebo. A standard policy doesn’t offer coverage for some types of water damage or gradual wear and tear, so be sure to ask your New World broker questions to help you better understand your policy.
- Your personal belongings like clothes, furniture, jewellery, and other personal items if they’re stolen or destroyed by a disaster. Depending on your policy, this coverage is a percentage of your homeowners’ insurance. If you have collectibles or higher-end items, let your New World broker know as they’ll want to ensure you have adequate protection on these too since your basic coverage may not be enough.
- Liability protection covers you from potential lawsuits for bodily injury or property damage that you or your family members cause to others. This also includes the damage caused by your pets. So, if your child accidentally breaks a neighbour’s window, you’re covered. Plus, liability covers the cost of defending you in court up to the limit stated in your policy.
- If you can’t live in your home due to damages from an insured disaster, the additional living expenses in your homeowner’s policy will pay the costs of hotel bills, meals and other expenses while your home is being fixed or rebuilt. There are limits, so ask your broker how much coverage you have and if there are timelines for how long you have to submit your expenses.
Home Insurance FAQ’s
Why do I need home insurance?
Often, buying a home will be one of your most expensive purchases. Homeowners insurance means that you and your assets have financial protection. Additionally if you have any kind of mortgage or loan on your home, you’re required to have insurance coverage since lenders like banks want to protect their investment.
No one wants a disaster of any kind to damage or destroy their home, but in the event that something does happen, your home insurance policy protects you (and your lender) from financial loss.
What are the types of home insurance?
There are many types of homes out there, so we know it may be confusing to know what kind of insurance you need. Here are some examples of homes we insure:
- Seasonal property (cottage)
We also have insurance specifically for landlords.
If you’re unsure about what insurance you need for your home, our New World brokers would be happy to guide you on the types of coverages best suited to your living arrangements and space.
What are premiums and what affects them?
A premium is the amount you pay to your insurance company for your policy. A few factors that affect your premiums are:
- Location of your property affects your premium because insurance companies look at the type of claims made in your neighbourhood, how many claims are made and the cost of each claim. This information helps them determine how likely you are to have a claim and what it may relate to.
- Do you have a claims history? Your personal claims history influences your overall rates too.
- The amount of coverage you need is factored into your premium as basic plans often have lower insurance rates. However, we don’t recommend just a basic plan as more comprehensive packages offer you better security.
- Do you have a home-based business or are you going to renovate your home? Details like this need to be considered because your business is not covered by standard policies. Also, some renovations (like replacing your roof) can actually lower your premium as it means your home is up to date with safer or better materials.
- Like we briefly mentioned above, how your home was built and what’s inside counts. Things like your electrical, plumbing, roof, stoves, security systems, pools, or how close you are to fire hydrants, can affect your premium. Things that make your home safer often reduce your premium costs while things that could present a risk increase the cost.
- How much would it cost to replace your home if it were destroyed? The materials used to build your home and the size affect the cost. If you have a high replacement cost, your premium will likely be higher too.