Get the Best Home Insurance in Newmarket

Home insurance in Newmarket 

Newmarket is a quaint town of about 90,000 people within the Regional Municipality of York just outside Toronto. It is part of the Greater Toronto Area in the Golden Horseshoe region. 

The housing market is expected to grow in the near future thanks in part to government initiatives. The federal government is providing over $26.4 million in funding through the National Housing Co-Investment Fund (NHCF) and the third round of the Rapid Housing Initiative (RHI), and The Regional Municipality of York is providing over $16 million to the projects to help build 141 homes in York Region — and with it, increased demand for home insurance.

Like anywhere, homeowners in the region will want to protect what is likely their most valuable asset. That is why you'll want to purchase home insurance for your property. 

Home insurance in Ontario, and therefore Newmarket, is optional. Still, most lenders will only provide a mortgage if you take out home insurance coverage first. Below are the types of home insurance you can get in Newmarket, including the most common and additional coverages. 

Types of home insurance in Newmarket

These are the most common types of home insurance coverage in Newmarket. 

Homeowners can choose between one of three insurance package types depending on their needs and budgets. Insurance providers may market each differently, but they're generally described as outlined here: 

• Basic – This protects Newmarket homeowners from named perils in their policy, such as theft and vandalism. As its name suggests, this coverage policy offers the most basic form of coverage for Newmarket homeowners and, as a result, tends to be the least expensive. It is sometimes called a 'named perils' policy. 
• Broad – A Broad homeowners insurance policy protects the home against all named perils and protection for some contents. It is sometimes called a 'standard' policy. 
• Comprehensive – This offers the most protection and is generally the most expensive policy for homeowners. It protects the home, as well as its contents, against all perils. It is often referred to as an 'all perils' policy. 

Home coverage

• Property and building – Homeowners in Newmarket who opt for property and building coverage will have the structure(s) on their property and the property itself protected from perils. The number of perils you're protected from depends on how much insurance you buy. Typical protected incidents include fire, theft and water damage, vandalism, and theft. Not all structures on the property are necessarily covered under the property and building part of your policy, so it is best to consult your insurer if anything is unclear. 
• Contents and personal property – Contents and personal property coverage protects your possessions, such as home furnishings, clothes, and sports equipment, against theft and vandalism. More expensive or valuable items, like fine art and jewelry, are usually not protected under general policies and require an add-on or rider to be protected. It's best to discuss this with your Newmarket home insurance provider to see what protection is available. 
• Additional living expenses – Temporary displacement can occur due to wildfires, chemical spills or other emergencies. This protection covers your temporary housing costs. If damage to your home forces you to spend a week at a hotel, additional living expenses protection will cover the cost of the room and food up to a certain amount. 

Liability coverage

• Personal liability – Accidents happen, and personal liability insurance can help with legal expenses if someone injures themselves on your property. Without it, you could be on the hook for thousands of dollars of legal and other fees. 
  • Coverage amount: $100,000 included in basic coverage
  • Recommended coverage amount: $1,000,000 (but can go as high as $5,000,000) 
• Voluntary medical payments – If someone is injured on your property, but you are not found legally liable for the injury, this insurance will cover medical expenses for one year from the date of the accident. 
  • Coverage amount: $5,000-$10,000 with no deductible
• Voluntary property damage – In cases where you cause unintentional damage to someone else's property, this coverage will help you pay for any unintentional direct loss or damage. It also covers accidental loss or damage to someone else's property by a minor (12 years or under) in your care. 
  • Coverage amount: $1,000 (but can vary between insurance providers and go as high as $6,000)

Add-ons to home insurance coverage in Newmarket 

Add-ons — called riders or endorsements officially — are changes and additions you can make to your homeowners' policy to fill gaps in your Newmarket home insurance policy. 

You can buy the following add-ons for greater protection. 

• Overland water – Flooding is a problem in many parts of Ontario, including Newmarket. There is also the threat of melting snow in the springtime. This add-on helps protect against damage from this type of overflowing water.
• Sewer back-up – In cases where the main sewer backs up or water from downspouts, septic tanks, drains, and eaves troughs cause damage, this add-on will protect you. 
• Earthquake – Covers losses or damage caused by an earthquake. Newmarket is not known for its earthquakes, which is why this is more prevalent for homeowners on the West Coast of Canada, where it is more likely to occur. 
• Mass evacuation – Forest fires, chemical spills, or severe weather can create so much damage that it causes the need for a mass evacuation from your home. During this temporary displacement, you'll need shelter, food, etc., which this add-on is meant to help you with. In some cases, insurance providers will also assist with commuting costs if you are far from your workplace. However, it is best to talk to your Newmarket insurance provider about how much coverage you can get during your temporary displacement. 
• Identity theft – Covers the cost of replacing important documents, such as your passport. 
• Lock replacement – This add-on provides coverage if you need to replace the locks on your house. 

How much insurance coverage do I need for my home in Newmarket? 

Home insurance coverage is personal and different for everyone. If you live in a higher-risk neighbourhood with more exposure to certain hazards — like flooding or wildfires — you may need more insurance than someone living in a less risky area. The same goes for people with more expensive homes with a high replacement cost and more home furnishings to insure. 

Talk to your broker or agent about how much coverage suits your situation. 

How to get the cheapest home insurance in Newmarket 

Getting cheap home insurance in Newmarket is possible if you know where and how to look. Here are some steps you can take to stretch your insurance dollars:

• Comparison shop – RATESDOTCA gives you fast and easy access to the cheapest Newmarket home insurance rates from the top home insurance providers in the area. All you must do is provide us with information on the home you want to insure and a few other details. You’ll have a list of cheap insurance rate quotes to compare in just a few minutes.
  
• Bundling – Using multiple insurance products from one provider can also save you money. By bundling home, life and auto insurance, for example, you will qualify for discounts from your provider. They appreciate your loyalty and will provide savings for your business.
  
• Installing a security system – The safer your home, the less susceptible it is to home theft or vandalism. Your home insurance provider assesses your rates based on risk. Reduced risk means fewer claims and, therefore, lower rates.
  
• Increasing your deductible – Deductibles, the amount you pay out-of-pocket before your insurance benefits kick in, are another risk factor your Newmarket home insurance provider looks at when calculating your premiums. The higher your deductible, the less risk it is for your provider.
  
• Upgrades – Renovating your home and upgrading old plumbing or wiring will take out potential risks of flooding or fires, for example. Home insurance providers look at that reduced risk and provide cheaper rates as a reward for your efforts.
  
• Ask for discounts – Many Newmarket home insurance providers will offer discounts to clients who are members of school alumni associations, unions or other organizations. Talk to your provider to see if you qualify for these discounts.
  
• Improve your credit score – A good credit score indicates to Newmarket home insurance providers that you are a good risk. Stay on top of bills and payments, and you will likely be able to save on insurance premiums.