Tackling Your Homeownership Risks With Insurance
Aurora has a lot to offer residents as a scenic community close to Lake Simcoe and Lake Ontario. The cost of living is 1% lower than the average of other Ontario regions, encouraging people from a wide range of backgrounds to settle down in the area. With comprehensive home insurance in Aurora, you can protect yourself from the financial risks associated with living in this beautiful city.
Housing Options
If you’ve chosen Aurora for your hometown, you will find home prices ranging from $900,000 to luxury homes topping $6 million. Although this is a significant investment, the job market in the region is climbing, and families enjoy an average income of $107,000 a year. The lower cost of living combined with the higher income makes a quality lifestyle affordable in Aurora.
Housing Risks
Whatever you pay for your property, there are always risks to homeownership, and homeowners around Aurora must be wary of damage from heavy winds, rains or snowfall. Home damage is just one expense you face. HUB International can help you find an insurance policy to address these homeownership risks and more.
Coverage Options for Home Insurance in Aurora
The purpose of insurance coverage is to provide financial support in the event of unexpected damage or loss. If you purchase your home with a mortgage, your lender may have specific requirements concerning coverage.
Even if you aren’t required to have insurance, it is wise to protect your major investment in your home with the right coverage.
Home insurance policies are written with covered perils. The most commonly included financial protections are for:
- Lightning strikes
- Fire or smoke
- Hail and windstorms
- Vandalism or theft
- Damage from cars, vehicles, aircraft or falling objects
- Explosions
Excluded perils typically include earthquakes, floods and damage caused by a lack of maintenance on the structure. There are ways to extend your coverage, either by crafting specific policies when speaking with our HUB brokers or purchasing add-ons.
Essential Coverage Areas for Home Insurance in Aurora
There are four major areas of coverage commonly included with homeowners insurance:
- Structure addresses costs of repair for damage done to your home and attached structures from a covered peril.
- Personal belongings coverage finances repair or replacement for your clothes, furniture, equipment or other personal items if they are destroyed or stolen.
- Additional living expenses assist with the costs of temporary housing and related expenses if the damage and construction efforts make the home uninhabitable.
- Liability protection is financial assistance to help with your defense should you face a lawsuit for either property damage or bodily injury to a third party that you or your family members are responsible for.
In addition to this coverage, you can get medical payments and other structures included as a part of your policy. Medical payments pay for the injuries to a third party while on your property; it doesn’t cover family members. Other structure coverage is for the repair or replacement of a fence, shed, pool or detached structure on your property.
Coverage Limits
It’s important to have enough coverage to address the costs of repair or replacement for both your house and the contents inside. Our brokers know how to value your property and can recommend adequate coverage to ensure you don’t lose everything to an unplanned event.