Home insurance in London

London Home Insurance 

While not nearly as large and iconic as another London, there are still over 400,000 people who call London, Ontario home. If you’re one of them, your home is almost certainly your most valuable asset, as it acts as both a massive investment and your place of residence. Losing a home can be absolutely devastating, and having to pay out of pocket to recover all the damage makes things even worse. To prevent this, you must protect yourself from financial disaster with London home insurance. This will give you peace of mind, knowing that even if something does happen, you are financially protected from the worst-case scenario. 

What Is London Home Insurance? 

London home insurance will financially protect the owner from dire financial consequences if an insured peril does substantial damage to the owner’s property or if the policyholder is held financially liable for something covered by the policy protecting them. The protection provided by London home insurance will give the policyholder peace of mind that even if a tragic emergency occurs, they can financially recover from the disaster. This protection applies if the dwelling itself is damaged, if something happens to the contents of the insured dwelling, or if the policyholder is held liable for an insured incident.  

Do I Need Home Insurance In London, Ontario? 

Although home insurance in London, Ontario, is not legally mandatory, it is highly recommended for anyone who owns or plans to purchase a home. The most prominent reason that it is so highly recommended is the level of protection that it provides. If there is a major event that damages your home and/or its contents or if you are held liable for something, your London home insurance can cover the costs for you. Given that these expenses can easily reach tens or even hundreds of thousands of dollars. Having to pay for these out of pocket can be beyond scary. Having a London home insurance policy gives you peace of mind that even if such an event happens, you will be covered and won’t need to pay out of pocket for these costs. 

Home insurance is often needed to get a mortgage in Ontario.  Even if the coverage is not mandatory, the peace of mind provided by London home insurance is massive, as otherwise, you will be exposed to many potential perils that can destroy your financial well-being. 

What Does London Home Insurance Cover? 

London home insurance covers several potential financial costs because of a loss. Among them are physical damage to the dwelling itself, personal liabilities, and the contents inside the home. It should also be noted that if you are forced to move temporarily due to an insured loss, additional living expenses coverage is also included as part of your London home insurance policy, giving you peace of mind. The types of insured perils that London home insurance protects its policyholders from include the following. 

Physical Damage Coverage 

When you think about London home insurance, it’s likely that the first thing that comes to mind is the fact that it will protect the house itself. While this coverage provides other protections, physical damage to the home itself is still the most prominent one in the package, simply because it is very expensive, and even minor repairs can be very costly, getting into the tens of or even hundreds of thousands of dollars range extremely easily. The coverage provided includes damage from many natural causes, such as lightning, and damage that can have internal causes, such as fire. If you have any questions as to which perils are covered by your London home insurance policy, your Morison Insurance broker will be happy to answer them for you. 

Personal Liability Coverage 

Personal liability insurance protects the policyholder from various situations where they could potentially be held liable. This includes if you are held legally liable for another person’s bodily injury and damage to someone else’s property. In either of these cases, this aspect of your London home insurance will cover your legal expenses, such as hiring a lawyer and the costs of being off work for court cases, as well as any settlement paid to the third party making the claim, such as medical costs in the case of bodily injuries. It will also cover court costs in the cases where you are found not liable, including frivolous lawsuits. 

Contents Insurance 

Contents insurance coverage protects you in case the possessions in your home are damaged and need major repair or replacement. While contents might not seem like a costly expense, they can add up very fast. While things like your children’s toys or a few decks of cards aren’t things that would be worth claiming, there are items in your home that can be very expensive to replace, especially when added together. If, for example, a fire starts in your kitchen and spreads to your living room before being put out, plenty of expensive furniture and appliances could all be damaged or destroyed entirely. Lots of other appliances, such as a washing machine, furnace and dryer, would also be covered. Creating a home inventory list can be a good way to ensure that you have everything insured properly. 

What Are The Different Types Of Home Insurance In London, Ontario? 

When you purchase home insurance in London, Ontario, you get a lot of options as to the level of coverage you want. You can choose named perils coverage, all perils coverage or broad form coverage. This allows you to decide which of these coverage options best fits your budget and the risks you face. 

Named Perils Coverage 

This is the most basic form of London home insurance available. As the name suggests, it covers the perils named in the policy itself. This makes it the most economical option out of the ones available and covers the most common perils, such as fire. 

All Perils Coverage 

This is the most all-encompassing form of London home insurance coverage available, as it covers a much larger range of risks. Specifically, it mentions each peril that is not named as an exception in the policy itself. This gives it a much larger breadth of coverage, making it the better option for someone who wants to protect against unforeseen incidents that were not anticipated. 

Broad Form Coverage 

If you’re looking for a type of London home insurance that covers more than named perils but is more economical than all perils, then broad form coverage might be what you’re looking for. Broad form coverage also protects exclusively against perils named in the policy but features a much larger range of perils. This includes everything listed in the basic coverage and some added-on protections such as water damage and break-ins. 

If you have any questions about which perils are protected against by which level of coverage, it is best that you ask your Morison Insurance broker, as they would be happy to answer any questions you may have. 

What Does London Home Insurance Not Cover? 

Sadly, London home insurance doesn’t cover everything that could possibly happen to your home. Here is a list of perils and situations not covered by any level of protection. 

• Deliberate damage done by the policyholder 
• Damage that was the result of poor maintenance 
• Damage done by the policyholder committing an illegal act 
• Damage due to war or invasion 
• Damage from nuclear incidents 
• Damage resulting from natural wear and tear over time 

Overall, London home insurance protects against sudden losses for which the policyholder is not at fault and is limited when covering large-scale events. If you are unclear whether your policy would cover a certain item, please speak with your Morison Insurance broker, who will gladly clarify any issues. 

How Can I Customize Or Increase My London Home Insurance Coverage? 

In addition to deciding on the level of coverage that you desire for your London home insurance, there are plenty of ways you can create a policy to protect with many optional coverages. There is a wide range of possible add-ons that you can choose to add to your policy, depending on which perils you believe you are most likely to face. Some of these optional coverages include the following: 

• Home equipment breakdown coverage 
• Overland water insurance 
• Water damage insurance  
• Outbuilding insurance
• Jewellery Insurance (including engagement ring insurance and watch insurance)
• Personal add-ons such as musical instrument insurance and fine art insurance 

Please note that these are just the tip of the iceberg when it comes to using your London home insurance to provide extra coverage for your personal property. If you would like to know which other forms of additional coverage are available and how they could impact your London home insurance quote, your Morison Insurance broker will be glad to tell you. 

Does London Home Insurance Cover Renters? 

Although traditional London home insurance only covers people who own their homes, those who are renting require tenants insurance. This type of insurance can also be called renters insurance, or apartment insurance. Regardless of the name, tenant insurance provides liability coverage and contents coverage for those who are currently living in a rented place and, as a result, do not have access to the more traditional home insurance option. This is generally a much more affordable option due to the fact that the dwelling itself is not under the renter’s insurance policy, as that would be the responsibility of the landlord. If you have any other questions about renters insurance, your Morison Insurance broker will be happy to help you. 

Does London Home Insurance Cover Landlords? 

If you want your London home insurance to cover property that you, as an owner, rent out to other people, you’ll need a landlord insurance policy. Landlords insurance, also known as rented dwelling insurance, is a form of property insurance that protects owners who rent their homes to tenants. This includes both those who rent out their basement or other rooms to tenants as well as landlords who rent to tenants living in a separate rental property. Landlord insurance is generally more expensive than traditional homeowners insurance due to the added risks involved with managing tenants. It should be noted, however, that this does not ensure the tenant’s personal property, as that is their own responsibility. If you would like to know more about how landlord insurance differs from traditional home insurance, your Morison insurance broker would be happy to answer any questions you have. 

How Much Is Home Insurance In London? 

The price of home insurance in London varies based on a number of factors. This is because every home is different, every homeowner is different, and every insurance provider is different. This means that each risk involved with home insurance will always vary based on the specifics of each situation, and every insurance premium will vary. Two insurance companies will likely even give different London home insurance quotes to the same person, given that they will weigh the risks differently. However, many of the things that impact rates are universal across Ontario, regardless of which insurer you are with. Here are some of the factors that determine your London home insurance quote: 

• Location of the home 
• Value of the home 
• Claims history of the policyholder 
• The type of coverage desired by the policyholder 
• Age of the home 
• Style and size of the home 
• The presence of risks, such as a pool 

Please note that this is not a complete list of factors that could impact your London home insurance quote. If you would like to know more potential factors, your Morison Insurance broker would be happy to help you. 

How Can I Lower My London Home Insurance Quote? 

There are many ways you can lower your London home insurance quote. These include taking advantage of the many home insurance discounts that are available in London, Ontario, such as the home alarm discount and the bundled home and auto discount, among many others. In addition to discounts, some other ways to save include: 

• Increasing your deductible 
• Not making an insurance claim on a small loss to preserve a cleaner claims record 
• Taking steps to minimize the risk of pools and other add-ons 
• Having a sump pump 

Please keep in mind this is just the basics. If you would like to know more about how you can minimize your London home insurance risks, your Morison Insurance broker will be happy to help you. 

Where Can I Get A London Home Insurance Quote? 

You can get a London home insurance quote from Morison Insurance. Morison Insurance is a 5-star family-owned brokerage that treats its clients as an extension of that family. Having been helping people in Ontario get the coverage they deserve at affordable rates for over 100 years, you can count on us to get you the best London home insurance quote possible. Fill out the form below to call us at 1-800-463-8074 to set yourself on a path to the protection you deserve.