5 Things You Need To Know About Kingston Home Insurance

5 Things You Need To Know About Kingston Home Insurance

Getting the keys to your dream home in Kingston? In today’s ultra-competitive real estate market, being a first-time home buyer is a monumental achievement. You’ve worked so hard to finally be able to put down roots and make this lifetime investment, so it’s only fitting that you’ll want to do everything possible to keep it secure.

But sometimes, life happens—and even the place you call home is no longer the safest place for you to be. Accidents and property damage caused by fire, natural disasters, property crime, and other risks can upend the life you’ve worked hard to build. Without a safety net in place, what matters most to you can easily disappear and be gone forever.

This is why home insurance is every homeowner’s lifelong companion. Home insurance is the best way to protect everything you value, and shield you from the financial and emotional impact of property damage and losses. As a first-time buyer, it’s also a guarantee that helps you rebuild and recover as soon as possible, so you can get back to reaping the rewards of your hard work and smart investment.

Do you have home insurance coverage in Kingston? In this article, you’ll find out everything you need to know about home insurance—and every reason why you need this lifelong coverage.

What to Know About Home Insurance

1. What does home insurance cover?

It’s the question every homeowner asks, especially first-time buyers. As a new homeowner, it’s natural to feel the instinct to protect everything you own—and you should lean into it. Start by finding out what’s included in a standard home insurance policy.

A standard home insurance coverage includes the dwelling or the structure of your home, its contents or your personal belongings, and personal liability. Let’s go over each one.

Dwelling

Coverage for dwelling protects your home against the most common hazards that can cause widespread property damage. These include:

• Fire
• Lightning strike
• Smoke
• Theft
• Water damage
• Wind
• Aircraft and vehicle impact
• Explosion
• Falling objects.

Depending on your home insurance policy, you may obtain coverage for other perils, such as electrical surge or electrical current. Before enrolling in a home insurance plan, sit down with a broker to determine the most pressing risks your property faces and make sure these perils are specified in your policy.

Contents

Because what makes a home is more than just a roof and four walls, your home insurance should include coverage for your personal belongings. Home insurance covers the contents, such as furniture, appliances, electronics, sports gear, bikes, and more against theft, damage, or vandalism. Keep in mind that contents are covered up the limit specified in your policy. If you have high-value assets like jewelry or art, you may need additional coverage to ensure they’re covered under home insurance.

Personal Liability

Finally, home insurance provides liability coverage that protects you if someone gets injured on your property. If you are found liable for a slip-and-fall or property damage to your neighbours, personal liability will cover their medical and repair or replacement costs.

2. How much home insurance coverage do I need?

Another common question among first-time homeowners, getting the right coverage amount ensures you’re adequately covered against the risks you face. The coverage you need depends on a few factors, such as the property value, the location and age of the home, and the risks you face. Based on these factors, an insurance broker can help you get the coverage you need to protect your property and everything that matters to you.

3. Can I get additional coverage?

Yes, additional home insurance coverage is available and recommended if you face other perils than those already specified in a standard policy. For example, if you live near a body of water, you’ll want to add flood coverage. Similarly, think about what happens if the sewer is backed up and your basement floods. Can you repair and replace the flooring, structure, and furniture? While these risks are not covered in a standard home insurance policy, you may want to consider them to ensure you’re fully covered. 

Here are some additional coverage options to consider:

• Flood
• Windstorm
• Sewer back-up
• High-value possessions (i.e., jewelry, fine art, collectibles, etc.)
• Guaranteed replacement cost
• Earthquake 
• Equipment breakdown of laundry and kitchen appliances, heating and AC, security alarms, and more
• Umbrella policy for additional liability coverage.

4. Will my home insurance cover changes to my home?

Your home insurance policy provides coverage for your property as it is currently, based on the information you provide. For maximum protection, it’s important to have coverage that grows with you. Remember that your home insurance policy includes conditions that must be maintained; any violation can result in claims being denied, or your policy becoming void.

Here are some activities that can affect your home insurance coverage:

• Renovations: Added square footage, structures, and upgrades like swimming pools change the value and risk level of your property.
• Extended vacancy: If you’re away for an extended period, make sure to have someone check on your house periodically and help prevent the risk of break-ins and theft. If you’re away in the winter, don’t leave without draining your pipes to prevent bursting and water damage.
• Property maintenance: Make sure to maintain regular property upkeep. Damage that results from poor maintenance, such as not replacing missing roof shingles which results in water damage or neglecting to replace smoke detector batteries resulting in fire, may not be covered by your home insurance.
• Starting a home business: Your home insurance is only designed to protect your house against risks that come with occupancy. This does not include business activities. If you run a business at home, make sure to purchase additional coverage for business activities.
• Home-sharing activities: Hosting on Airbnb? It’s an easy way to make some extra cash from short-term rentals. However, it’s not covered by your home insurance policy. Instead, you’ll need separate rental insurance coverage to keep your property protected from damage caused by renters.

5. How are insurance rates determined? 

Your home insurance rates are based on a few factors, like property value, age and location of your home, and the risks you face. Generally, the higher risk your home is, the higher the insurance rate, or the cost it takes to protect you from losses. The good news is, as a first-time homeowner with no previous claims, you can expect an affordable rate. Similarly, if you recently made certain upgrades that improve your safety at home, you may also be eligible for discounts.

Home Insurance for First-Time Homeowners in Kingston

Owning your first home is an exciting but equally challenging time. As you head to this chapter of putting down roots in Kingston and growing your biggest and most important investment, it’s important to know how to protect it. 

That’s why at PAIB Insurance, we’re here to celebrate every step of this milestone with you, from getting the keys and moving in, to protecting your home and everything in it that makes it yours. Our team of insurance brokers are here to answer your questions about home insurance and find the coverage you need to protect your home against the biggest risks you face. Most importantly, we’re here for you as you settle in and your needs evolve, so your home insurance coverage is always up-to-date.

Got the keys to your first home and wondering about home insurance? We can help. Talk to a PAIB Insurance broker today about your property, and we’ll walk you through every aspect of the home insurance coverage you need.