Protect Your Biggest Asset
Owning a home is a dream for many Canadians and one that can easily come true if you live around Acton, Ontario. Only about 70 kilometers from the busy city of Toronto, Acton has a competitive real estate market with average home prices of around $779,767. It’s the perfect place to settle down without compromising on the lifestyle associated with a big city, and you can protect your purchase with Acton home insurance from HUB International.
There are a few things that could damage life’s biggest investment, such as vandalism or harsh weather conditions. Your chances of experiencing property crime are one in 152 in the area, while your odds of being a victim of violent crime are one in 676. The likelihood of weather damage to your home is higher, as snowfall, heavy rains, flooding and strong winds are common in the area as the seasons change.
Making repairs to your home is a necessary but expensive undertaking. It becomes even harder when the repairs are unexpected or comes from situations out of your control. Home insurance offers financial protection when unplanned events damage your home or cause injury to people who are on your property.
Requirements for Acton Home Insurance
That law does not require that Acton homeowners purchase home insurance, but it could be a requirement of your lender. There is a significant risk to lenders when issuing a mortgage, and insurance is a way to recoup potential losses in the event of property damage. Even if coverage isn’t required, it’s highly recommended.
Recommendations for Home Insurance
When it comes to purchasing home insurance, a quote from HUB International will let you know how much you can afford. It’s important that your policy covers major liabilities, and the policy limits need to be high enough to take care of anticipated expenses.
Coverage Options
Your Acton home insurance needs to address the biggest expenses of owning a home. These include:
- Physical damage to the dwelling or additional structures
- Damage or loss to personal property
- Medical expenses related to third-party injuries occurring on your property
- Liability expenses for third-party damages when you are at fault
In addition to the costs you can expect when accidents or injuries happen, you should also carry insurance to cover your living expenses when your home sustains damage and needs significant repair. Some policies will cover the cost of living in a hotel or other temporary housing situation while your home is under construction or restoration.
Coverage Limits
The damages you could face as a homeowner vary, and so could the costs to repair or replace covered items. Our HUB International brokers can guide you through the limits and exclusions of a policy, but there are a few common things to keep in mind.
As you consider a coverage limit, the recommendation is often to purchase enough Acton home insurance to rebuild your home in the event of total loss and replace your personal belongings. This means choosing between an actual cash value policy and replacement cost value for your belongings and property. Additionally, consider whether the policy has special limits for specific types of items.
Coverage Add-Ons
Standard home insurance covers basic liabilities. Because of the exclusions in most policies, you should talk to a broker about the following add-ons:
- Flood insurance
- Umbrella insurance
- Aggressive dog breed coverage
- Antiques or priceless jewelry coverage
Not everyone has these additional exposures, but if you do, supplemental coverage can save you thousands.