Cheap Vaughan
Home Insurance

There are many types of construction that your home can have. Some are more expensive than others, and some are less likely to incur certain kinds of damage.

Wood frame construction is the least expensive type of home construction. It’s the most common type of home in Vaughan, and it costs the least to build because it doesn’t require as much material or labour as other types of homes do.

Brick and concrete constructions are more expensive than wood frame constructions, but cheaper than steel or aluminum constructions (those use metal instead). They’re both highly fire-resistant and last a long time if they aren’t damaged by anything else first! However, their downfall lies in how heavy they can get when wet; if there’s too much water around them, then all those bricks might start falling right off your house over time.

The number of claims you’ve made on a property is an important factor in determining its risk profile because it indicates how much damage has been done in the past, as well as how long it took to get it repaired.

The more claims that have been made, the higher your insurance premiums are likely to be. You’ll also pay more if you’ve had a claim for something serious, such as water damage or fire damage—these types of repairs can cost tens of thousands or even hundreds of thousands of dollars, depending on what was damaged.

In addition to this information showing up on your policy renewal notice each year, when you buy new coverage (or renew existing policies), your insurer will ask about any claims that were made during their previous period. If they discover there were several claims, but only one deductible paid each time (and thus few out-of-pocket expenses), they may assume that these weren’t real damages after all and consider them fraudulent attempts at defrauding them into paying for non-existent problems!

A standard home insurance policy will provide coverage for your dwelling, meaning the physical structure of your home. Dwelling coverage insures exterior components like the roof, walls, windows, and foundation. It also covers interior components like flooring, built-in appliances, electrical and plumbing systems.

Damage from common hazards like fire, lightning, windstorms, hail, and vandalism is typically covered under dwelling protection. Most policies also cover damage from winter weather like ice dams and snow load collapses. Falling objects, like trees, are another covered dwelling peril.

Standard dwelling coverage generally ranges from $100,000 to $1 million or more, depending on your home’s value. Rebuilding costs up to the policy limits are covered for any applicable damages.

In addition to the main dwelling, standard home insurance also covers detached structures on your property like garages, sheds, and fences. The same hazards covered under dwelling protection generally apply to detached structures, as well.

Most providers include 10-20% of the dwelling coverage limit for detached structures. So if you have $500,000 in dwelling coverage, you may have $50,000-$100,000 to cover damaged garages or tool sheds.

Personal belongings are also protected

Your home’s contents like furniture, clothing, electronics, and other personal possessions are covered under personal property protection in a standard policy. Theft and vandalism are commonly covered perils for your belongings. Most policies also cover personal property damaged by other dwelling hazards like fire and storms.

Standard limits for personal property coverage range from 50-75% of the dwelling amount, generally $50,000-$200,000 or more. Those with higher-value possessions may need extra coverage.

Common ALE limits ranging from 10-30% of dwelling coverage apply, typically $10,000-$30,000. Review if this would cover a hotel stay in your area for several months if needed.

Minimum liability limits are often $100,000, but more coverage like $300,000-$500,000 is recommended for greater protection from lawsuits.

And damage from floods, earthquakes, landslides and other earth movements is excluded under standard dwelling policies. These require add-on coverage.

Several endorsements and add-ons can expand your home insurance coverage for greater protection:

• Flood insurance add-on specifically covers flood damage.
• Earthquake insurance add-on covers earthquake damage.
• Water backup endorsement for sewer and drain backups.
• Replacement cost for similar quality dwelling materials.
• Guaranteed replacement cost to fully rebuild home.
• Higher limits for valuable personal property.
• Increased liability limits for extra lawsuit protection.