Newmarket Home Insurance
Foundational home insurance Newmarket residents rely on
Whether you’re establishing roots in the tranquil neighbourhood of Stonehaven-Wyndham or are enjoying the modern amenities of Woodland Hill, Newmarket provides an abundance of wonderful housing options for residents looking for a place to call home. From modern new builds to charming historic homes, there is truly something for everyone. No matter the age or size of your home, don’t forget to protect it.
Our team has been helping Newmarket homeowners like yourself for decades. Through best-in-class service, in-depth knowledge and personalized recommendations, we have worked hard to earn and maintain the trust of our long-standing clients.
Our initial introduction will involve finding you the best home insurance for your needs. However, our services go above and beyond offering affordable rates. Your dedicated broker acts as a vital insurance resource. In fact, at Acera, we keep you updated on the latest industry developments. We also advise on when you should consider making changes, and assist you in the event of a claim. You can trust our home insurance advisors to protect your most valuable investment as if it were our own.
Explaining property insurance in Newmarket, Ontario
The right policy can safeguard you against unexpected events. Let’s review the different types of property insurance available to you.
- Homeowners Insurance: This insurance covers private homes, their contents, and homeowner liability.
- Renters Insurance*: Renters insurance protects a tenant’s belongings and offers liability coverage.
- Condo Insurance: Condo insurance protects individual condo units and contents, as well as liability.
- Seasonal Insurance: Seasonal home insurance covers property structures, contents, and provides liability.
*Renters require home insurance too, as a landlord’s coverage doesn’t extend to tenant belongings. As a renter, your insurance will cover liabilities and living expenses if relocation becomes necessary due to repairs.
Understanding what is included with a Newmarket home insurance policy
A basic home insurance policy has three areas of protection:
Property Coverage
Helps covers expenses related to repairing or rebuilding your home if it is damaged by an insured peril. Common insured perils include fire, explosion, lightning, hail, wind, theft and vandalism.
Additional Living Expenses
Helps cover additional expenses incurred due to being forced from your home by a mandatory evacuation order or claim from an insured peril.
Personal Liability
Helps cover expenses if someone is injured or has their property damaged due to your unintentional actions. For example, if someone falls of your trampoline, gets hurt, and sues you.
Additional coverage options
There are a few optional coverages or extensions available for Newmarket homeowners, including:
- Sewer backup coverage – Helps cover damage caused by sewer or drain backup into your home. Often has a separate limit and deductible. Not all insurers offer this coverage nor are all homes eligible.
- Overland water coverage – Helps cover damage caused by water accumulation through rainfall or melting snow. Other insurers also include overflow from a freshwater body of water like a river or lake. Not all insurers offer this coverage, and it isn’t available to all homeowners.
- Groundwater coverage – Helps cover damage caused by water rising from beneath your home. Not all insurers offer this coverage.
- Service Line coverage – Covers costs relating to repairing or replacing service lines you’re responsible for within your property. Certain insurers define service lines differently but can include water, sewer, electric, internet, and phone lines. This isn’t offered by every insurer.
- Earthquake coverage – Covers damage caused by an earthquake or another earth movement. This coverage usually has a separate deductible.
- Floaters – If you have items of higher value such as jewellery, collections, art, sports equipment or electronics, a floater will ensure they’re protected for their proper value.
You also have a lot of options when it comes to the amount of insurance you have. For example, you should ensure you have enough coverage to cover the costs to rebuild your home and replace all your belongings. Some policies have separate limits for separate categories of content such as outbuildings and personal belongings.
The cost of home insurance in Newmarket, Ontario
Home insurance premiums in Newmarket most typically depend on the following factors:
- Your insurance options
- Your insurance history
- Your credit rating
- Your demographics
- The crime rate and claim rate of your neighbourhood
- Your home’s proximity to risks like a river
- How close the nearest fire station and fire hydrant are to your home
- The type of home you have
- The construction material of your home
- The age and type of roof
- The age and type of electrical, heating and plumbing system in your home
- If you have any risks like a pool or trampoline or wood-burning stove
- The square footage of your home
- The cost of rebuilding your home
There may be additional factors as every insurer calculates rates differently.
To find the most affordable home insurance premiums in Newmarket, enlist the help of an independent insurance broker. At Acera Insurance, we source multiple carriers to find you the best rates on coverage built just for you.
Common claims for Newmarket homeowners
Newmarket residents see a wide range of temperatures and weather. These fluctuations can be hard on materials and put additional stress on homes.
Common claims we see in Newmarket include:
- Burst pipes
- Sewer backup
- Theft and break-ins
- Roof damage (due to wind or snow accumulation)
- Damage caused by falling trees or branches
It’s important to perform proper maintenance on your home to minimize the damage. This includes repairing problems when they’re small instead of waiting for them to get bigger. You can also invest in damage mitigation devices. These include security systems, water alarms, sump pumps, sewer backup valves and fire suppression systems. Regrading your property and landscaping can also help your home deal with water accumulation.
You should also have the proper home insurance to ensure you are covered if your home is damaged.
Start your Newmarket home insurance quote online
As one of the largest independent and employee-owned brokerages in Canada, our Ontario teams work with the top home insurance companies in Newmarket and the Greater Toronto area. With these resources, we are able to leverage our local knowledge and industry expertise to find you several appealing policies to choose from. This combination of increased insurance carrier access and local Newmarket insurance experience provides clients with the greatest opportunity for insurance savings and quality coverage. To start the process, simply give us a call or start your Newmarket home insurance request online
Newmarket Home Insurance FAQs
Here are some of our most asked questions related to home insurance in your community. If you have any other insurance questions, contact us today. One of our friendly Ontario brokers would be happy to provide more information and answer any of your inquiries.
Home insurance offers owners financial and legal protection against unanticipated damage to your property and personal belongings. It covers injury costs on your premises or damage you might have accidentally caused to someone else’s property. It can even cover living expenses in the event you need to temporarily relocate due to damage.
Home insurance is not required by law, but it will be required by your mortgage lender. If your home is paid off, there is still a major benefit to getting insurance since it reduces the financial burden of an unexpected event. Essentially, if you couldn’t afford to rebuild your home out of pocket, you should have home insurance.
High-value collections may not have full coverage through a standard home insurance policy. In order to adequately protect your collectibles, it is always best to inform and consult your broker. Depending on the size and value of your collection, you may want to add a separate endorsement. This will ensure you have the protection you need to fully cover these precious items.
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