Welcome to the Guelph home insurance guide, where you will learn about home insurance premiums in Ontario, savings opportunities on home insurance, and other useful tips.
What are average Home Insurance cost in Guelph?
The chart shows typical renters and homeowners insurance premiums in Guelph, in Ontario, and in other provinces in Canada. You will note that renters rates are lower than homeowners rates. This is because the renters (also known as tenant’s) premium only covers contents and (sometimes) liability. On the other hand, homeowners insurance in Guelph covers the dwelling, property itself, outbuildings, and can include other specific risks as outlined in a rider.
Increasingly, cities in Ontario are impacted by flooding. Check your policy to see if it includes overland flooding – that is, when water enters the dwelling from outside sources such as excessive rain and overflowing riverbanks. Sometimes this coverage is offered as a separate rider, or is bundled as an addition with sewer backup protection. As the costs to remediate any type of flooding are very expensive, we recommend checking with your insurer to see if you have coverage or require a rider.
Cheap Home Insurance in Guelph: 10 Tips
- Renovations: Did you know that renovating can actually lower your home insurance premiums? This is because it typically involves upgrading older or unsafe items like worn out shingles and pipes.
- Anti-theft protection: Some home insurance companies offer a discount for homeowners that have alarm systems installed.
- Monitoring: As with a discount for a home alarm system, a doorperson or other types of monitoring may also result in a discount.
- Plumbing insulation: Avoid a burst pipe scenario by insulating your pipes.
- Hydrants and fire-station: Some insurers offer a discount if your home is near a hydrant or a fire station.
- Professional Memberships: Are you a member of a professional organization such as Certified Management Accountants of Canada? Some insurance companies offer discounts to members of professional organizations.
- Dependent students: Are you a student living in your own apartment but still fitting CRA’s definition of a dependent? Some policies will cover you under your parent’s insurance at no extra charge.
- Annual vs. monthly payments: Monthly payments mean more time in administration due to filing, processing, and mailing. Annual policy payments take less time to process, therefore they cost slightly less and are cheaper in the long run.
- Stop smoking: If you need yet another reason to stop smoking, know that smokers pay double or more the rates of non-smokers.
- Repair when possible: If you can repair the damage for less than the cost of the deductible, do so to preserve your claim-free discount.
5 Elements that will increase your House Insurance costs
- Business property: Running a business from home, like a bakery or daycare, means more people and equipment on the premises. This increases your risk factors and can also increase your insurance.
- Expensive items: Do you collect wine? Art? Play musical instruments? Own expensive watches? Items like these can be greater than your contents maximum, requiring a separate rider to insure your valuable items.
- Fireplace/wood stove: Due to the fire and smoke damage risk, you may need to pay additional premiums or complete a home inspection prior to being approved for a policy if you have a fireplace or wood stove.
- Aluminum wiring: Prior to the 1970s, aluminum wiring was used in houses. It’s not used any more because it is a fire risk. If you are buying a house that has not been updated from this time period, you will need a full inspection by a certified electrician, and if you are offered a policy, it will be expensive.
- Roof type: Wood shake and shingle roofs are not as secure as metal roofing. The more durable/fireproof the roof, the less risk to cover.
Guelph Home Insurance quotes, examples
Guelph home insurance quote #1:
Homeowners insurance for a 2-bedroom condo under 1,000 sq. ft. in a high-rise building located next to the intersection of Eramosa Rd and Woolwich St:
$20 per month ($240/year)
Guelph home insurance quote #2:
Homeowners insurance for a 2-storey unit in a townhouse. This is a brick building with a built-in single garage, equipped with a monitored burglar alarm, has no basement, and is located next to Jubilee Park:
$53 per month ($636/year)
Guelph home insurance quote #3:
Homeowners insurance for a 1-storey detached brick house, under 1,000 sq. ft, a new roof, no basement, no garage, located next to Edward Johnson Public School:
$48 per month ($576/year)
5 Home Insurance myths to know
Myth #1: Home insurance is mandatory
Unless your lender requires homeowner’s insurance as part of the conditions, or your landlord mandates tenant’s insurance as part of the lease agreement, home insurance is not mandatory. However, unless you can afford to pay thousands out of pocket for repairs due to circumstances like hail damage or fires, insurance is always recommended.
Myth #2: It is fine to overstate the value of the damage
The last thing you want to do is overstate the damage. Once the insurer investigates the claim, they can deny it – and cancel your policy – if it is obvious that you are trying to take advantage. Any time a policy is canceled by the insurer, it is much more difficult to get insurance elsewhere.
Myth #3: If I am a tenant, my landlord’s insurance covers everything – it is their responsibility
The landlord’s insurance covers the physical dwelling/building envelope but does not cover your liability or your contents. If something is stolen from your unit or you leave the tub running and flood the downstairs unit, those costs are on you.
Myth #4: I’m paying for home insurance, so I should make every possible claim under it
Not only will you pay extra thanks to your deductible, your policy may not even pay out. Insurance is for unexpected damages like theft, storm damage, and fire. Making a series of small claims costs you more in the long run through deductions and loss of claim-free discounts.
Myth #5: Insurance is cheaper for older, less expensive homes
Any older home that is not maintained or has outdated elements like knob and tube wiring will be more expensive to insure than a newer home with all the safety codes and updated piping and roof systems in place.
Frequently Asked Questions (FAQ): Home Insurance in Guelph
What does Home Insurance cover in Guelph?
Coverage for homeowners insurance in Guelph depends on the type of insurance you need.
- Tenants insurance: Tenants insurance is also known as renter’s insurance. It covers your unit’s contents, storage locker, and liability.
- Homeowners insurance (house): This is very robust coverage that includes the rebuilding value of your home, liability and some protection for natural disasters such as floods, earthquakes, and landslides. Riders are often available for natural disasters not named in the policy.
How much is Home Insurance in Guelph?
The cost of homeowners insurance in Guelph depends on your home, the property, geographic location, age of structural elements, and much more.
- Tenants insurance is the most affordable type of policy and it can be as little as $20/month.
- Homeowners insurance for a house varies because of all the elements that affect the premium. These elements include but are not limited to the condition of the home, the type of wiring and plumbing, the presence of a swimming pool or fireplace, etc. Coverage can start at $50/month and go as high as several hundred dollars per month depending on the variables.
If you have valuables or other assets on the property such jewellery, collectables, or business equipment, this will result in additional costs. Also, details of your coverage like the deductible, coverage limits, etc. will impact the premium.
Who has the best Home Insurance in Guelph?
Different insurers specialize in different demographics, so the best way to get the cheapest home insurance in Guelph is to compare quotes from many different companies. For example, some companies focus on rural properties and others in condos, while some cover seniors or affiliated groups.
Our insurance professionals have access to more than 30 Canadian insurance companies. At no cost to you we will compare the market on your behalf and show you the best quotes for the coverage you need.
Home Insurance in Guelph – Reviews: where to find them?
Our proprietary insurance review platform has, since 2012, collected independent consumer reviews for a wide variety of insurance and financial products. Click here for free access to thousands of reviews.
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