Burlington Home Insurance Rates 2021

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Burlington home insurance guarantees the safety and financial protection of your home and personal possessions against losses and damages arising from insured perils. A home is a special place and a massive investment that requires proper coverage for both the structure as well as the contents of the home.

The right coverage for your home in Burlington and other Canadian cities ensures the repair or replacement of your property in the event of unforeseen circumstances. Burlington home insurance has a lot of coverage options for home and property owners with tailored home insurance policies.

The city of Burlington has one of the lowest unemployment rates in Canada. Likewise, the residents of the city enjoy high incomes, healthy population growth, and one of the best weather conditions in the Canadian region. Hence, it is no surprise that most people consider the city as a suitable place to live, work, and raise a family.

As a homeowner in the beautiful city of Burlington, your home is possibly one of your most valuable and cherished possessions, which inevitably requires protection. Therefore getting coverage for your home is a necessity. Most standard home insurance policies in Burlington cover some insurable risks, known as insured perils.

However, there are certain risks, known as uninsured perils. These are risks that are adjudged to be the responsibility of the homeowner or threats that occur from natural disasters. Hence, they require the purchase of an endorsement.

Burlington home insurance is not mandatory, unlike car/auto insurance. However, homeowners who owe a mortgage on their home are required by lending institutions to purchase home insurance on their investments.

Regardless of whether you owe a mortgage or not, it is recommended for homeowners to have proper home insurance coverage.

Burlington home insurance coverage gives you peace of mind, as well as financial support for the repair or replacement of your home and personal possessions if there is a loss or damage from an insured peril.

This page will provide you with explicit and accurate information on how Burlington home insurance works, the factors that determine rates, and tips for saving on home insurance premiums.

About Burlington

Burlington is a Canadian city located at the western end of Lake Ontario, in the Regional Municipality of Halton, Ontario. The city of Burlington shares proximity with Hamilton and Toronto, and to the United States border. Burlington is an integral part of the Greater Toronto Area and the Hamilton metropolitan census area.

The city of Burlington has a population of over 183 thousand residents (183,314 according to the 2016 census data), making it the 28th most populous municipality in Canada. Burlington is known for its conducive weather, world-class festivals, and other tourist attractions, parks, memorial sites, and more.

Access to the city is provided through the rail system and major highways, including Highway 403, 407, Queen Elizabeth Way, and Dundas Street.

Living in Burlington

Burlington is ranked as one of Canada’s best communities to raise a family. The city is also a conducive location to live and work due to its favorable weather, great employment opportunities, low crime rates, healthy population growth, and strong community relationship.

Burlington has a total land area of about 187 square kilometers. The cost of living in Burlington is about 19 percent higher than the national average. The average cost of living in Burlington is generally lower than in Toronto, except for consumer prices, restaurants, and grocery shopping.

The current Burlington housing market price of 2020 indicates an estimated house price of about $850,000.

About Burlington Home Insurance

Burlington home insurance safeguards your home and personal belongings and equally covers you financially against liabilities. Regardless of your home type and size – townhouse, detached home, semi-detached home, or condos – there is a home insurance policy that suits your unique needs.

Home insurance protects your home from risks, such as theft, fire, vandalism, water damage, and more.

As a homeowner, you’ll need a standard home insurance coverage and policy to enjoy the compensation offered by insurers. As a result, you need to purchase a home insurance policy from an accredited insurance company.

The homeowner will pay periodic premiums (annually or monthly) for the policy. Thus, in the event of any damage or loss to the homeowner’s property, the insurance company will provide financial compensation. The insurance provider will indemnify or compensate you for repairs or replacement.

The rates charged on home insurance in Burlington vary significantly in hundreds and sometimes thousands of dollars. The reason for this is that insurance providers consider several factors in determining the premiums paid by their policyholders.

Meanwhile, the home insurance service in Burlington is provided by independent insurance companies, brokers, and agencies. The Financial Services Regulatory Authority of Ontario (FSRA) regulates and reviews the services of insurance providers in Ontario and its cities.

Likewise, the Insurance Bureau of Canada (IBC) and the Registered Insurance Brokers of Ontario (RIBO) checkmate the activities of Burlington insurance providers.

Cost of Home Insurance in Burlington

Home and property owners in Burlington can expect to pay between $730 and $1,570 for home insurance premiums annually.

Independent insurers operate the home insurance market in Burlington. The competitive market implies that rates are not static, and are determined by insurance providers based on a number of factors, such as the location of the home, the amount of deductible, the replacement value of the house if it were destroyed or damaged, the insurance claim history of the homeowner, among others.

Hence, it is recommended for homeowners to compare rates from different home insurance providers to get the best and affordable insurance premiums.

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Types of Burlington Home Insurance Policies

All Risk or Comprehensive Home Insurance Policy

As the name implies, the comprehensive insurance policy is the most extensive and detailed home insurance policy in Burlington and across Canada. The All Risk policy will cover both your home (structures) and the contents or personal belongings inside. This policy provides coverage against all insurable perils, such as fire, window breakage, theft, lightning, aircraft, or vehicle impact.

Basic or Named Perils Home Insurance Policy 

The named perils policy is a basic home insurance policy coverage that has the cheapest rate and minimal coverage. Generally, this policy will only cover your home against perils that you specifically name in the purchased policy.

Broad Home Insurance Policy

The broad home insurance policy is often cheaper than a comprehensive policy and yet more expensive than the named perils policy. Hence, the broad home insurance policy combines the comprehensive policy and the basic policy. In this policy, your building will be insured with the comprehensive policy, while your contents or personal possessions will be protected under the named perils policy.

No Frills Home Insurance Policy 

The no-frills home insurance policy is offered by some insurance providers to insure homes that do not meet the normal home insurance standard, such as homes or properties with structural issues or damages.

What Does Home Insurance Cover?

Burlington home insurance provides coverage for your home and contents. Most standard insurance policies will cover several insurable risks, known as Insured Perils.

Home insurance in Burlington has the following coverage types:

Property or Dwelling Coverage

Home insurance pays for the repair or replacement of your home if it is severely damaged by an insured event such as fire, explosion, or windstorm.

Contents Coverage

Home insurance covers the replacement of your possessions and the contents of your home, such as furniture, clothing, electronics, and other items that are of value if they are lost, destroyed, or stolen.

Personal Liability Coverage 

Liability coverage protects you from financial liabilities that may arise as a result of an unintentional bodily injury or property damage to other people. The liability coverage applies anywhere in the world.

Additional Living Expenses

Home insurance covers the cost of your living expenses for the period of living outside your home, as a result of repairs or rebuilds being carried out on your home after an insured peril.

What Home Insurance Does Not Cover

There are certain events or risks that are not included in standard home insurance policies. These predictable risks are known as Uninsured Perils and are either not covered or have to be added to a policy. The optional or added coverages are generally known as Endorsements. Some uninsured perils include:

  • Damage to illegally acquired property or home.
  • Sewage break up.
  • Damage from flooding or overland water.
  • Damage caused by rodents or domestic animals.
  • Damages from avalanches, landslides, earthquakes, and other earth movements.
  • Losses from the homeowner’s criminal acts.
  • Damages caused by the freezing of indoor plumbing.

Factors That Determine Home Insurance Rates

  • The size and type of the home.
  • The location of the home in relation to the crime rate of the neighborhood.
  • The distance of the home from fire hydrants.
  • The type of policy and endorsements.
  • The replacement value of the home.
  • The amount of deductible.
  • The insurance claim history of the homeowner.
  • The quality of construction of the home.

How To Get Lower Home Insurance Premiums

  • Shop around and compare rates from different home insurance providers to get the best and affordable insurance rates.
  • Bundle your home and auto insurance policies.
  • Increase your home insurance deductibles.
  • Install smoke and burglar alarm system.
  • Pay your premiums annually.

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Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.