Home Insurance Toronto – Comparing the cost of home insurance rates is easy with an interactive tool that tells you estimated annual costs based on location.
RATESDOTCA’s interactive map tool, Home Insuramap, produces estimated annual home, condo and renters insurance premiums for each postal code zone in Ontario.
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If it shows a light gray color, it means you are paying some low home insurance premium. If it appears in red, it means you are paying too much.
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To get started, enter your postal code and choose what type of insurance you’d like to see — home, homeowners or renters — and get a quote in seconds.
If you want the best rate for your particular home, you can quote by providing some basic information about your property – address, building age, fire safety and theft prevention measures – the site will instantly compare quotes from different insurance companies and find the best deal.
The entire process takes less than five minutes and is as easy as searching for a hotel or flight online. Insurance providers are well-known companies such as Aviva, CAA and Desjardins Insurance.
Fun fact: According to RATESDOTCA, the Greater Toronto Area has the lowest home insurance premiums in Ontario — which may come as a surprise given the city’s skyrocketing real estate costs. People in northern and southern Ontario are paying more.
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Home insurance is essential for home or condo owners because few banks or lenders offer a mortgage. RATESDOTCA works with home insurance companies and brokers in Ontario to provide comprehensive quotes.
“We collect your information quickly and use it to create better offers from each of our partners. Our service is fast, easy and free to use,” says RATESDOTCA.
By comparing Ontario home insurance quotes from multiple insurance providers in one place, people can instantly assess the market and find the best policy to protect your property.
Although home insurance is not mandatory in Ontario, some banks or lenders will grant you a mortgage if you cannot prove that your home is protected by an up-to-date home insurance policy.
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Insuring your home means you are protected against loss, liability and theft. Without home insurance, you are solely responsible for these costs.
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According to the Insurance Bureau of Canada, insurance claims are increasing for Canadians who suffer losses due to severe weather.
In the past 15 years, Ontario has experienced three major weather events that have caused billions in damage.
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In 2020 alone, Ontario experienced two major insurance loss claims due to weather. A southern Ontario snow and rain storm caused $98 million in damage and a fall storm caused $88 million in damage, according to the Insurance Bureau of Canada. Many people don’t think about home insurance when shopping for a home. Insurance can be a particularly interesting thing to consider, though, if you’re thinking of buying a home that has unique features that are sustainable and environmentally friendly.
Home insurance costs can vary from home to home; Therefore, you need to know exactly how your home can be affected by any sustainable feature. This article discusses when green homes are more, and less, expensive to insure.
Green homes are essentially homes built or renovated with the environment in mind. A common feature of these houses is the efficient use of energy, which makes them less expensive to operate.
These houses may include high-performance building envelopes, additional layers of insulation, water-conserving technologies, and daylighting and/or other energy-saving measures.
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Green homes typically rely on renewable energy sources to meet some or all of their energy needs. Solar panels, solar thermal systems, geothermal, wind or micro hydro are all examples of energy sources that a green home can use to reduce occupants’ dependence on fossil fuels.
In addition to this, or in addition to this, a greenhouse can be made of natural or sustainable materials. These building materials can contribute to energy efficiency and reduce the carbon associated with homes. They contribute to the well-being of the occupants, which is another characteristic of a green home.
The short answer is that it depends. Homes are insured based on a variety of factors, so each situation needs to be evaluated individually. Let’s go into more detail about when going green can save you money on your insurance and when it can cost you more.
Some insurance companies offer discounts for energy-efficient homes or homes that use sustainable materials. Finding a company that offers them is often leg work. LEED-certified homes, in particular, are eligible for insurance discounts through a few different insurers, such as The Co-operator and La Capital General Insurance.
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You can get 25% of your insurance premium back if you successfully apply for the Canada Mortgage and Housing Corporation (CMHC) Eco Plus program. Applicants must have CMHC insurance and their homes must meet EnerGuide’s rating standards for energy efficiency.
Finally, even insurers that don’t specifically offer green discounts often offer discounts if your home has features that make it more climate-resilient. Again, this depends a lot on your geographic area and your insurer, but metal roofs, for example, are a common green feature that insurers discount because they’re more durable in weather events.
Durable materials are usually more expensive than standard ones. Insurance companies want to save as much money as possible; So, if they think you are expensive to repair your home, they will set the insurance premium to protect themselves.
Triple-glazed windows are more expensive to replace, for example. Thus, insurers may increase the price of your home insurance to cover those potential costs.
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In case of damage claims, insurance policies may not cover additional costs for durable goods unless you account for them when drafting the policy. This may mean that you may have higher out-of-pocket costs if you choose to replace, for example, a salvaged wood floor.
Solar panels or roof-mounted solar thermal systems are another good example of how green home insurance can be expensive. If bad weather hits or a tree branch falls on a roof with solar panels, it’s not just the roof that needs to be repaired, but the expensive technology as well. Insurance companies that do not offer green discounts may charge higher premiums to cover additional risks.
Think of your home first. All features of the property including square footage, construction materials and additional safety features are taken into account while calculating the insurance premium.
Different companies offer different coverage options and each may not be right for you. This includes any specific ‘green’ features your property may have or modifications you would like to make to your home to make it more sustainable.
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Next, get multiple references. Once you start looking for insurance providers, you quickly realize that there are many companies out there. Deciding which company to use can be overwhelming. Be sure to check out different home insurance plans with different providers.
Be sure to research eco-friendly organizations that want to encourage more sustainable living Companies investing in climate change can be the best option for you to get insurance at discounted rates.
This is the amount you pay for the cost of the claim. For example, if your deductible is $1000 and you have to repair $5000 worth of damage, you pay the $1000 deductible and the insurance company covers the rest.
People think that a lower deductible is better because they don’t have to pay more in case of a claim. This is not necessarily the best way though. With a higher deductible, your monthly payments will be lower, thus more cost-effective in the long run.
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Insurance companies evaluate the cost you have to pay to determine how much your property is at risk. They know it’s unlikely you’ll actually make a claim. For example, as previously discussed, renewable technology can be considered a risk. This increases premiums and is an important factor to consider in your budget.
There are a variety of variables that affect home insurance, especially for green homes. You should have an idea of what to consider when you try to insure your property. Do your research when it comes to insurance providers and be sure to ask for green discounts from all providers you speak with.
Use this handy checklist on your next project to keep track of everything
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