Unlike your standard condo or tenant insurance policy, home insurance in Orillia is a tad more expansive and includes protection for your property’s physical dwelling. You may insure your home for its actual cash value or its replacement value, up to the insurance limit. You can also include coverage for your detached structures, signage, and landscaping. Your home may be protected against a wide array of perils, such as fire, lightning, falling objects, vandalism, hail, theft, electricity, water damage, and more, depending on your specific policy.
Liability insurance is one of the most essential protections for any type of insurance. Liability coverage can be purchased to protect you and your family if you cause bodily injury or property damage to a third party or if they suffer an injury or property damage while on your property. For example, if a person coming to your door to sell popcorn for the local girl scouts initiative was bit by your dog, they may sue you. Dog bite lawsuits can cost tens or even hundreds of thousands of dollars. As such, it’s highly advised that homeowners carry anywhere between $1-$3 million in liability protection.
Your belongings have value. Consider the amount it would take you to fully replace everything you own today. That’s a lot of money, right? Your valuables, clothes, electronics, appliances, furniture – the list can go on and on. A standard home insurance policy in Orillia will insure your contents up to a specific limit. Certain high-value items, like jewellery, may need additional coverage, so be sure to consult with your broker about coverage for jewellery, furs, or collectibles.
Additional Living Expenses
If your home caught on fire and damage was caused, it might be covered by your policy – but where would you live as repairs are being carried out? Some policies offer coverage for additional living expenses, which reimburses you for extra living expenses during a period where your home is uninhabitable. It may offer you coverage for reasonable expenses, such as temporary housing costs (hotel bills), food, clothing, and even childcare until you can return to your home.
If you have bought your home and are mortgage-free, home insurance in Orillia is not mandatory. If you are still paying off a mortgage or other outstanding property debts, it may be a condition of your loan that you carry home insurance.
Your Orillia home insurance costs are gauged off several factors. Those factors include you, as the homeowner, and your insurance history and policy payment history. They also include your home, its location, its age and condition, its systems, and its proximity to fire stations and large bodies of water, as well as crime rates in the neighbourhood, your coverage options, and more. For an accurate estimate of your costs, get a free home insurance quote in Orillia with McDougall.
It can be, but you should inform your broker or provider of your plans before you make any renovations. If your renovations are major enough, you may even need to acquire temporary builder’s risk insurance to enhance your existing Orillia home insurance and to protect your home against any potential damages or risks you could face during construction. If you do renovations without checking with your provider, those renovations may not be insurable if a loss occurs.
Because renting out your home or portions of your home constitutes as business activity, any rental-related losses wouldn’t be covered by your home insurance. In Orillia, you can acquire landlord insurance or Airbnb insurance to protect your home if you rent it out for added income.