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Figuring out what coverage to get for your home in Mississauga is much easier when you better understand how insurance works.
Here, we’ll take you through the basics, outlining the different types of coverage available, important details to keep in mind for your neighbourhood and easy ways to save.
With this knowledge, you’ll be able to get a great policy at the best available rate. And, be content that your home and belongings are well-protected.
Whether you live in a house in Mississauga, a condo, townhouse or rental, when it comes to insurance coverage, one of the first decisions you’ll have to make is how much protection you want.
Most home insurance policies come with three basic aspects: protection against perils, protection of contents and liability protection.
You’ll choose between two main policy types, each distinct for the protection they offer around perils:
Though you’ll have the option to choose between policy types, brokers say comprehensive policies tend to be the most common.
Once you choose between an all-perils or named perils policy, we recommend you consider getting additional coverage for flood protection.
Though a comprehensive policy will offer protection against water damage, such as a burst pipe, flooding is often an exclusion.
Adding to the complication, insurance providers distinguish between different types of flood protection while others offer blanket water protection packages.
Insurance providers categorize flood protection in the following manner:
What’s important is that you have flooding protection for your home.
Consider getting protection that covers every type of flood risk, particularly if you live in an area that has flooded in the past, or if you know the home is situated on a floodplain.
Whether you have a comprehensive/all-perils or named perils policy, you’ll want to be aware of what perils you’re protected against for your home in Mississauga.
Common perils include:
When it comes to making a claim, you’ll be asked to provide evidence reflecting that you took reasonable steps to protect your home.
For example, you may have a difficult time making a successful water damage claim if a pipe burst during a cold snap and your heat wasn’t turned on.
While Mississauga isn’t unusually prone to extreme weather, incidents of it are becoming more common across the country. When you’re assessing what sort of coverage to get, consider whether you’ll need protection against unexpected weather such as flooding.
Many home insurance policies come with exclusions, which are restrictions to coverage for certain causes of loss.
It’s essential to understand any exclusions in your policy.
Common exclusions include:
It’s difficult to zero in on the cost of home insurance for any specific city or home because of how many factors go into determining a rate.
While location is one of the main factors affecting cost, there are other important variables such as the property you’re insuring (type, construction, age, state of repair), coverage type as well as coverage amount.
In general, the more coverage you have, the more you’re likely to pay in premiums.
Your premium will also be affected by the limits you select around liability. You’ll have the option to choose the amount of personal liability protection you want ($1 million or $2 million), as well as any limits for contents protection.
In 2021, the estimated average premium for home insurance in Ontario was $1,282, while the estimated average premium for home insurance in Mississauga was $1,062.
While home insurance rates across Canada have been increasing due, in part, to an increasing volume of claims from extreme weather incidents, cities less vulnerable to flooding tend to enjoy lower rates.
Mississauga homeowners are as vulnerable as other Canadians to flooding, particularly as severe weather becomes more common across the country.
Residents with homes near Lake Ontario or any of the tributaries that feed into it should take steps to make sure their homes are protected in the event of flooding, even though there is not a long history flooding in Mississauga.
For optimal protection, consider getting a comprehensive home insurance policy with additional coverage for flooding.
If you’re using our free online quote tool to compare rates from the best providers in Canada, consider opting for a “water protection package,” which is how some insurance carriers describe one of their flood protection options. A package is most likely to offer protection that’s most relevant to your area.
There are many easy ways to reduce insurance costs.
Comparison shopping is the crucial first step toward.
You can also bring down your insurance costs taking steps to reflect that you’re at low risk to make a claim.
Some easy ways to save include:
*Based on the difference between the average lowest home insurance premium and overall average home insurance premium from our site in 2019. Excludes tenant and condo insurance.