The Best Home Insurance in Sudbury

Home insurance in Sudbury 

Sudbury is the largest town in Northern Ontario, with a population of more than 166,000, according to the 2021 Canadian Census. Known for its nickel production and the Science North educational centre, home prices in Sudbury are relatively cheap. As of September 2023, the average sale price was $449,553, according to the Sudbury Real Estate Board. This compares with the provincial average of $851,756 — a difference of nearly 90%. 

Despite the relatively inexpensive price tag for housing in Sudbury, homeowners should seek out the right home insurance that covers their specific needs. 

While home insurance is not mandatory in Ontario, most financial institutions will not provide a mortgage without it. That is why you'll want to purchase home insurance for your property. 

Below are the types of home insurance you can get in Sudbury, including the most common and additional coverage. 

Types of home insurance in Sudbury 

There are three common types of home insurance coverage that insurance providers offer. These are relatively standard packages and can also be customized (as shown below) to a client's specific needs and coverage requirements: 

• Basic – This is the most superficial level of insurance coverage, in which only certain items or perils listed on your policy are covered. It is usually the least expensive option. 
  
• Broad – This is slightly more robust than basic coverage. It covers bigger ticket items and named perils on the contents within the home. 
  
• Comprehensive – This is the most expensive type of home insurance policy. Also referred to as "all-risk," it covers your home and belongings from all loss, except for some exclusions, which are listed in your policy. 

Home insurance coverage 

• Property and building – This protects your home and other structures on your property. In many cases, you are protected from theft, fire, vandalism, storm damage, and water damage. It is best to talk to your insurer about secondary structures like a garage or guest house to ensure you are fully protected for your entire property. 
  • Coverage amount: Replacement cost of your home (according to your insurance company's estimates)
    
• Contents and personal property – It covers you for damage to or loss of your possessions while they're located in your house or temporarily away from your home (for example, when your item is with you while you travel or are in your vehicle). You may want or may require additional coverage to protect more valuable items such as family heirlooms, jewelry or fine art.
  • Coverage amount: 70% - 80% of replacement cost, varies depending on depreciation.  
    
• Additional living expenses – Should you be displaced from your home because of a natural disaster or forced evacuation, extra income for expenses would be a welcome financial break. In those cases, you may need this protection to cover your temporary housing costs. Additional living expenses coverage can help pay for hotel stays until you return to your home, commuting costs, or even food up to certain limits. Talk to your provider about specific coverage.
  • Coverage amount: 20% - 30% of replacement cost 

Liability coverage 

• Personal liability – If third-party injuries or accidental injuries occur on your property, personal liability insurance will cover any lawsuit expenses. Without it you could spend thousands of out-of-pocket dollars on legal bills. 
  • Coverage amount: $100,000 included with basic insurance
  • Recommended coverage amount: $1,000,000 (but can go as high as $5,000,000) 
    
• Voluntary medical payments – What if someone injures themselves on your property and requires medical attention? This insurance will cover the cost of medical expenses for one year from the date of the accident. 
  • Coverage amount: $5,000-$10,000 with no deductible  
    
• Voluntary property damage – It is not inconceivable that you may cause unintentional damage to someone else's property. This 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 Sudbury 

In case the coverage mentioned above does not meet all your specific home insurance needs, there are additional protections you can purchase in Sudbury both for your home and its contents.  

These add-ons, or riders, can be added to your Sudbury home insurance policy for even greater protection: 

• Overland water – Flooding and overland water is a common occurrence in Ontario. 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 can help reimburse you for losses. 
  
• Earthquake – Covers losses or damage caused by an earthquake. West Coast residents may find this more applicable than Ontarians, as there is less of a potential for earthquakes to cause structural damage to your home in places like Sudbury. 
  
• Mass evacuation – Weather, forest fires or other significant events can create so much damage that it causes the need for a mass evacuation. This comes with expenses for temporary housing, commuting and even everyday necessities like food. It is best to talk to your 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 – If you need to replace the locks on your house, this add-on provides coverage. 

Factors that affect your Sudbury home insurance 

Sudbury home insurance providers will consider many factors when determining your specific premium. Here’s what they are.

• Replacement cost: Rebuilding your home is part of the risk your Sudbury home insurance provider will consider when determining your premium.
   
• Location: Insurance companies are continuously assessing risk. That is why the location of your property matters to them. High crime rates, for example, could lead to higher claims and, as a result, higher premiums. Conversely, lower crime neighbourhoods could yield lower premiums because claim risk is reduced. Also, proximity to a fire hydrant can result in lower premiums as it can help reduce the risk of fire damaging your home, for example. 
  
• Your personal history: Insurance providers in Sudbury will look at your claims history as a risk factor. Higher claims histories are perceived to mean higher future claims as well. The nature of your claims matters, too, as more expensive claims can also raise your premium. 
  
• Roof age: Roofs need to be maintained regularly and changed about every 20 years. Sticking to that timeline will prevent leaks and water damage. Some insurers may cover only 25% of the replacement cost for roofs that are old enough to need repairs or replacement. 
  
• Age of home: This can increase or decrease your premium depending on the newness of your home. Newer homes have better systems and use better, up-to-date materials that can prevent damage. Older homes may still have faulty wiring or old pipes that can leak or do extensive damage. 
  
• Wood stove: This type of heating and cooking has a remarkably high risk of fire-related damage. If you plan to install a wood stove, notify your provider. 
  
• Alarms: Fire and security alarms will factor into your premium. State-of-the-art monitored systems will help reduce your premium by lowering your risk for theft or vandalism and theft. The fewer the risks your home is exposed to, the lower your premiums will be. 

How to get the cheapest home insurance in Sudbury 

There are several options for finding the cheapest home insurance in Sudbury. You can start by having a dialogue with your insurance provider about offers they may have. You can also do some extra digging and look at the following options. 

• Comparison shopping – Comparison shopping for insurance in Sudbury is easy when you use sites like RATESDOTCA to compare the cheapest rates from the top providers in your area. It’s free, simple to use, and fast. 
  
  Bundling services – Sudbury insurance providers will show their appreciation for your business. The more services you bundle from one provider, the more you can save on an entire policy package. Some providers will give you discounts in the neighbourhood of between 20% to 25%. 
  
  Updated alarm systems – A new monitored alarm system in Sudbury can help you save on home insurance premiums. It can reduce the risks of theft or vandalism, which can help you save between 5% to 10% on your policy. 
  
• Increasing deductibles – Agreeing to pay a higher deductible – money you will pay out-of-pocket before the insurance company pays you – can help save you money. The more money you agree to put up, the less risk you are to the Sudbury insurance provider.  
  
• Upgrading your home – Renovating or upgrading old materials, such as piping or out-of-date wiring, can help save you money. You are reducing the risk of flooding or fires as a result, and you will be “rewarded” for your efforts.  
  
• Discounts – Many home insurance companies in Sudbury will offer discounts to members of certain associations or unions. Retirees can also receive discounts. Reviewing your policy yearly is a good practice and an opportune time to ask your provider about discounts you are eligible for. 
  
• Rewarding your loyalty – The longer you stay with one Sudbury home insurance provider, the more rewards and discounts you can get. Stay claims free, and the discounts can be even higher. Ask your provider about loyalty discounts. 
  
• Credit score – Home insurance companies in Sudbury will drop premiums for people with a good credit score. A lower score identifies you as a responsible customer who pays bills and is likely a minimal risk overall.