Living in Burlington
Burlington is a part of the Greater Toronto megaregion located on the western edge of Lake Ontario. With over 180,000 residents, this town is near both beautiful natural environments and major urban business centers. Nature enthusiasts can get their fill in the 1,400 acres of parkland as well as nearby conservation areas such as the Mount Nemo Conservation Area and the Bronte Creek Provincial Park. Locals who love taking a waterfront constitutional will enjoy the Spencer Smith Park and its views of Lake Ontario. If you’re a lover of food and culture-centered festivals, the Park has plenty to see and participate in year-round. The Art Gallery of Burlington and the Burlington Performing Arts Centre also provide opportunities to scratch your itch for arts and entertainment.
Burlington is not just a place of leisure. It’s also a major place for business. Major employers such as Fearmans Pork Inc, Cogeco Cable and Evertz Microsystems have operations here. This area features an economy built on food processing, electronics, transportation, business services, biopharma, and environmental industries. This diverse base of industries means a resilient economy that makes Burlington a great place to put down roots. Burlingtonians generally enjoy a high quality of living with a median household income of over $93,000, well above Canada’s national average. The average cost of a home is over $1.2 million in Burlington, indicating that buying and selling residential properties are a big deal here. Having a place to come home to is especially nice here, so it’s critical to have home insurance in Burlington.
Protecting Your Burlington Home
Ontario doesn’t require residents to have home insurance in Burlington or other parts of the state. However, banks and other mortgage lenders usually require proof of coverage before providing financing. A policy for home insurance helps protects your property and its contents from damages due to fire, theft, and other types of destruction. Most people don’t have the money to replace losses out of pocket, so home insurance offers you peace of mind knowing that you’re protected for covered losses. Imagine having to shell out over $1 million dollars to replace your house in the aftermath of a destructive tornado! Having home insurance in Burlington isn’t just good sense; it’s also a part of being a responsible property owner.
When shopping for home insurance in Burlington, you should be aware of the types of policies that exist:
- Standard: Also called “Named Perils,” this policy specially covers stated events or occurrences (or perils) that pose a risk to your home.
- Comprehensive: This policy is generally the most extensive, including not only the building and its contents but also personal liability and other exposures.
- Broad: Slated between standard and comprehensive policies, a broad plan is considered mid-tier and varies based on specific coverages.
- No-frills: This is basic coverage for houses that fall outside of typical insurance standards.
It’s important to be aware of what your policy for home insurance in Burlington does and doesn’t cover. Certain exclusions apply, requiring you to purchase additional coverages such as the following:
- Flood or overland water
- Windstorm damage
- Earthquake
- Scheduled personal articles or high-dollar valuables such as jewelry, collectibles, and electronics
- Sewage backup
- Breakdown of equipment and major appliances
- Umbrella coverage for limits above your existing coverages
Just as different homes and households have different features, a home insurance policy should be customized according to your needs and preferences. Give yourself the peace of mind that comes with knowing that your major investment is covered with a plan for home insurance in Burlington.