6 Reasons you should have home insurance in Ottawa

You might never think of home insurance, as many mortgages require you to have. But it’s more important than you might realize. Imagine this: you’ve just paid off your mortgage. That’s a huge milestone. Now, even though your bank might not insist on it anymore, home insurance is still a smart choice to protect your home and everything in it.  

In Ottawa, homeowners’ insurance isn’t mandatory, but it’s something you should have. Your home is more than just a place where you live and create memories with your loved ones, so you’ll want to protect it. 

What would happen if unexpected incidents like severe weather or accidents were to damage or destroy your property? Home insurance provides financial protection against potential losses. Think of home insurance as your safety net, ready to catch you when unexpected and unplanned expenses arise. 

What is home insurance?

Home insurance is a type of property insurance that provides financial protection against loss or damage to your home and belongings. It typically covers incidents such as fire, theft, vandalism and certain natural disasters.  

Each insurance company offers different types of home insurance coverage options. This way, you can pick what best suits your needs. Home insurance ensures you are financially guarded against unexpected events leading to significant expenses.  

6 Reasons why you should get property insurance

Coverage in case of an emergency

Ottawa’s weather can be unpredictable, including tornados, floods, and snowstorms. Home insurance protects against weather events such as tornadoes, blizzards, and droughts. Policies cover the costs of damages caused to your property by hail, lightning, and windstorms.   

For homes near the Ottawa River or in a low area that frequently floods, it’s important to get additional coverage to safeguard your home and belongings from potential water damage.  

You can’t predict these events, and they could do a lot of damage to your personal property. While a significant weather event doesn’t always happen, you’ll be glad to have coverage if it does.   

Fire and smoke damage

Fire is one of the most destructive forces that can affect a home. Whether caused by an electrical fault, cooking mishap or a natural event like a wildfire, fires can destroy your property and possessions in minutes.   

Fire can cause structural damage, affecting everything from your roof to the foundation. Home insurance coverage helps to provide the necessary funds for reconstruction, ensuring you don’t have to bear the financial burden alone.   

Beyond structural damage, fires often destroy personal belongings such as furniture, clothing, electronics and cherished items. Fire coverage typically includes personal property protection, allowing you to replace these items without financial strain.   

Vandalism and theft

No one wants to imagine their home broken into, but theft and vandalism are genuine threats. Home insurance can cover damages to property or the cost of stolen property, helping you fix or recover your items without draining your savings.   

This basic coverage can help protect you, your valuables and your most significant investment: your home.   

Legal expense coverage

One type of coverage you may not think about is legal expense coverage. If your home renovation didn’t go as planned, or you and your neighbour can’t agree on where your property line is, and they are building on your land, you can get legal help.   

According to our experts, legal expenses are costly, which is a primary deterrent to people seeking legal advice. Legal expense insurance gives you easy access to a lawyer with just a phone call whenever you need one.  

An additional coverage you can add to your policy is liability insurance. If you have invited someone to your house and they get hurt while they are over, you can be legally liable for expenses related to their injury, even if you did nothing to cause it. We recommend adding extra coverage to your home insurance policy in cases like this.   

Protection for inside and outside

Whether buying a new house or renovating an older one, you don’t want to skip getting coverage.   

Picture this: you’ve just put the finishing touches on your home’s new flooring. It gleams under the lights, a testament to your hard work and vision. But then, disaster strikes in the most innocent form—a child’s rubber duck.   

A curious toddler wonders if it can swim. With a single flush, your bathroom transforms into an unintended wading pool. Water cascades over the edges, and your new flooring is submerged. Once you inspect the damage, you realize your floor will need to be replaced again.   

This is where your coverage can help. Instead of having to pay completely out of pocket to replace the flooring you just bought, your insurance will help you out with the cost.   

Unexpected damage can happen at any time.  For example, you’ve just spent your first week in your new home. You have been building your dream house for what feels like years now, and you are ecstatic to have finally moved in.   

One scenario you didn’t think about was the weather. One evening, a sudden hailstorm swept through your neighbourhood. Golf ball-sized hailstones battered your new home, leaving dents in your siding and roof. Without coverage, you would have to fix the damage done to your home alone.  The best way to protect your home is with a homeowners’ policy.  

The comfort of home insurance

While home insurance in Ontario is not mandatory like car insurance is, it offers comfort to the people living in your home.  

Knowing that you are protected against a range of potential threats allows you to enjoy your home without constant worry. This peace of mind is perhaps the most compelling reason to invest in home insurance.  

Protecting your home with CAA Home Insurance ensures peace of mind and financial security against unexpected events. Don’t wait-call us today at 1-888-545-7254 or get an online quote to find the perfect coverage for your home.