Own a home in Toronto, the GTA, or anywhere in Southern Ontario?  What about 2-3 cars?  A boat or motor home?  Expensive collections or even bicycles?  Whatever your situation, you probably find managing your house insurance to be a time-consuming, frustrating and expensive.

As if owning a home is already not complicated enough, understanding how to insure it can be daunting.   Among the variety of Ontario home insurance companies, no two insurance policies are the same.   Each has different coverage, limits, conditions and exclusions and of course a wide range of premiums.   Getting it right should not be left to chance.

Often, it is not until something happens that the shortfall is discovered. Insure you basement for sewer back up with a $10,000 limit then finding out you have a $25,000 loss is painful.  This is especially sad as the premium involved to do it properly is often modest and just a bit of advice could have prevented it.  There are many pitfalls that need to be avoided.

Why not save yourself some time, some money, and let the home and auto insurance professionals at Guthrie Insurance  look after all of your personal insurance needs?

“We know insurance so you don’t have to”

Imagine the convenience of having one annual policy anniversary date.  Or making just one call to a personal insurance adviser who works with you year in and year out to make sure you are properly protected and, as economically as possible.  Consider just the peace of mind in knowing there is a helpful expert who knows your situation and who is responsible for your insurance well-being just a call or email away!

Wouldn’t it be great to save money, get the insurance protection you need and get responsive, personal service insurance without getting stuck in an impersonal call center?

Are you conscientious, responsible and serious about matters pertaining to your insurance and financial security?  Do you appreciate getting helpful, professional and unbiased advice?  Then, you will appreciate working with the Broker Professionals at Guthrie Insurance.

Looking after the many insurable risks and financial security needs of Ontario families is where we excel!

At Guthrie Insurance we know every home is as individual and unique, as the person or family who lives there.  When it comes to Ontario home insurance, trying to ascertain what is an “average” premium is immensely difficult.  Consider, for example, what the likely difference in premium would be to insure a modest, 2 bedroom bungalow in Barrie, to the premium on a 10 bedroom mansion in Toronto’s Rosedale.  The risks involved are at the opposite ends of the spectrum, and so are the premiums.  

InsuranceThere are many main factors that influence Home Insurance premiums in Ontario.  In general, these factors can be divided into three main categories as follows – 

The Home –

The size, age and condition.  The premium on newer homes is generally less than the premiums on older homes.  Older home with outdated wiring, roof, heating or plumbing will result in higher premiums as the risk of loss is higher.  Bigger house?  Higher replacement cost and higher premium. It only makes sense.  

Security and loss prevention measures taken such as central burglar alarms or sewer back-up valves.  

Your neighborhood; every neighborhood in Ontario is different.  Premiums may be affected by local crime statistics, proximity to fire hall or hydrants, or areas that are prone to sewer back-ups.

The owner/insured –

Expensive jewellery?  Collect sports cards?  Have expensive bicycles?  Do you volunteer with local community groups or your children’s minor sports leagues?  Lifestyle factors and risks do affect insurance premiums if the appropriate coverage has been provided.

Other factors include claims experience, credit rating (optional with insureds permission) and sometimes even the type and number of mortgagees.

Operating a business from home?  Likely not a problem if it is low risk such as tutoring piano.  Repairing neighbours cars in the garage, or other higher risk business activities however could put a serious “dent” in your budget.

The Insurance Company and Policy –

Profit margins for Ontario home insurance companies is marginal and similar among all insurance companies.  Intense competition keeps premiums down.  Typically over 90% of premiums are paid out in claims and administrative expenses.  Increasing premiums to increase profits would result in severe loss of customers and insurers won’t risk it.

Some policies are more expensive because they cover more risks.

The specific policy features, benefits, limitations, and exclusions all have an affect on insurance premiums. 

Past claims made to the home; if you’re new to the home, the previous owners may have already made several claims, therefore, this will may affect the future home insurance costs.

Cosmetic factors; such as the condition of the home’s roof, the types of plumbing and electrical systems installed; are they modern and new? When was the last time they were replaced or updated?

Every situation is different and an “off the shelf” insurance policy can leave you vulnerable to an uninsured or under-insured loss costing you thousands.

These are some of the key factors affecting Ontario home insurance costs.  With over 40 years of experience, Guthrie Insurance will help you ensure you receive the right type of insurance coverage, at the right premium.