Oshawa Home Insurance Rates

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Home insurance in Oshawa for home and property owners is designed to protect the home, its contents, and the homeowner against liability claims. Regardless of the size and value of your home, it is essential to purchase some sort of coverage against damages or losses that may arise as a result of insurable risks or perils.

One of the best and largest investments is owning a home. As an important and valuable possession, it is imperative to ensure that you protect your home to the best of your ability against unforeseen circumstances. The most reliable method of protection you can give your home and personal belongings is proper home insurance coverage.

With standard home insurance, Oshawa homeowners need not worry about the safety of their home, including additional structures on the property, as well as other contents in the home, such as clothing, bicycles, furniture, and more.

As one of the fastest-growing cities in the Ontario province, Oshawa has witnessed an increase in the number of new homes being built to accommodate the exploding population. Likewise, it is often recommended for all home and property owners to ensure that their homes and personal possessions are adequately protected against perils that could hurt their finances, as a result of the cost of repairing, rebuilding, or replacing the lost or damaged properties.

Unlike the Oshawa car insurance sector, home insurance is not mandatory by law in Oshawa. However, homeowners who owe mortgage are required by most mortgage lenders to obtain proper home insurance coverage on their investments. Hence, regardless of whether it is mandatory or not, we at Canada Buzz usually recommend that homeowners should ensure standard home insurance coverage on their homes.

Each home insurance policy and coverage is uniquely different from others, such that home insurance policies differ from one provider to another. Therefore, it is important to work with an insurance provider that has the coverage options you need.

To get the right coverage as a homeowner in Oshawa, it is essential to understand how home insurance works in the city, the benefits of insuring your home and possessions, and how your preferred insurance provider calculates your premiums.

This page will provide an in-depth review of the home insurance market in Oshawa and give you explicit detail of factors that determine rates, as well as useful tips for enjoying affordable home insurance coverage in Oshawa.

About Oshawa

Oshawa is a Canadian city located on the shoreline of Lake Ontario, in the southern part of the Ontario province. Oshawa is about 60 kilometers east of Toronto and is mostly considered as the eastern anchor of the Greater Toronto Area (GTA) and the Golden Horseshoe.

The city of Oshawa has a population of over 160 thousand residents (159,458 as of the 2016 census data). Incorporated in 1850, Oshawa is presently the largest municipality in the Regional Municipality of Durham.

Oshawa is home to General Motors Canada. Hence, the city shares the title of “Automotive Capital of Canada” with Windsor. The city attracts people from all walks of life to its many parks, community centers, Oshawa Museum, Wildlife Reserve, walking trails, etc.

Living in Oshawa

One of the best cities to live, work, and raise a family in is the city of Oshawa. Its proximity to Toronto has endeared many Canadians who were priced out of the expensive Toronto housing market.

The city of Oshawa has a total land area of about 145.68 square kilometers which accommodates its over 160 thousand residents. The cost of living in Oshawa is about 6 percent higher than the national average, but about 16 percent cheaper than in Toronto.

The average cost of living for a family of four in Oshawa is about $4,938 per month, while a single person has an estimated monthly cost of $2,510. The current house market indicator puts the average cost of a home in Oshawa at about $620,000.

About Home Insurance in Oshawa

In Oshawa and other Ontario cities, home insurance is not a legal requirement for homeowners. Home and property owners who wish to safeguard their properties and priced possessions purchase home insurance coverage against loss or damage to their home and its contents.

However, most mortgage lending institutions require that homeowners obtain proper home insurance coverage on their investments.

Your home is a treasured possession with fond and irreplaceable memories. Such investment and valuable possession should not be lost to perils. However, if there is an unfortunate situation that leads to loss or significant damage to the home, you should not bear alone the burden of putting it back in shape.

With proper home insurance coverage, the financial responsibility of repair, rebuild, or the insurance provider carries replacement of lost or damaged home and possessions. Home insurance ensures that the homeowner can feel secured and enjoy peace of mind on the house and personal belongings.

Just like car insurance coverage, not all home insurance policies are the same. There are several home insurance policies and coverage options available for homeowners to choose from. Likewise, each homeowner in Oshawa has unique coverage needs.

Therefore, it is essential for homeowners in the city to identify and select an insurance company that offers different home insurance policy options that best suit their needs and budget. A customized home insurance coverage will protect your home and personal belongings.

Home insurance policies differ in terms of regions and policy providers. In Oshawa and across Canada, home insurance is a contract between an insurance provider (insurer) and a homeowner (insured).

This agreement implies that the insurer will provide some sort of coverage for the home and personal belongings of the insured (homeowner) against losses or damages that may arise from an insured peril.

Sometimes, the homeowner is equally protected from legal claims from accidental property damage or injury sustained on the properties. As a form of commitment, the homeowner agrees to make periodic payments (annually or monthly) known as premiums to the insurance provider.

Hence, in the event of a loss or damage to the home and personal belongings of the homeowner, caused by an insured peril, the insurance provider will indemnify the homeowner.

Independent insurance companies and brokers provide home insurance in Oshawa. The services of these insurance providers are regulated by the Financial Services Regulatory Authority of Ontario (FSRA). These insurers are also regulated by the Registered Insurance Brokers of Ontario (RIBO) and the Insurance Bureau of Canada (IBC).

Insurers consider risks differently, which is evident in the varying cost of home insurance in the city. Homeowners are enjoined to work with an accredited insurance provider and compare rates from different insurers to get the best premium deals. A good home insurance package in Oshawa will provide the right coverage that best suits your needs at the most affordable rate.

Cost of Home Insurance in Oshawa

Homeowners in Oshawa can expect to pay between $700 and $1350 in premiums annually.

The home insurance rate in Oshawa is flexible. The FSRA often recommends that home and property owners should compare rates from different insurance providers to get the best and the most affordable rates.

Insurance providers consider many factors in determining the premiums paid by their clients. Such factors include the cost of rebuilding the home, the value of the home contents (personal belongings), and distance from fire hydrants, among others.

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Types of Home Insurance Policies in Oshawa

All-Risk or Comprehensive Home Insurance Policy

This home insurance policy is the most inclusive and extensive policy option. It covers the home and personal belongings of the homeowner against all insurable perils, except the perils that are specifically excluded. It is also the most expensive of all home insurance policies.

Basic or Named Perils Home Insurance Policy

The named perils policy is the cheapest, as it offers a minimum coverage on perils that are specifically stated in the purchased policy.

Broad Home Insurance Policy

The broad home insurance policy is a mid-priced policy that combines the coverage of the comprehensive and the named perils policies. Under this policy, only the home is covered with the comprehensive policy, while the named perils policy covers the personal possessions.

No Frills Home Insurance Policy

This policy is provided on homes or properties that do not meet the normal home insurance standard, such as properties with structural issues. This policy is not offered by all insurance companies.

What Does Home Insurance Cover?

Your Home

Standard home insurance coverage in Oshawa protects your home against losses or damages that may arise from insured perils, including fire, theft, vandalism, window breakage, aircraft or vehicle impact, and more.

Your Possessions

Home insurance protects your personal belongings against loss or damage from insured perils. These include furniture, electronics, clothing, etc.

Additional Living Expenses

Home insurance covers your living expenses for the period that you have to live outside the home, such as hotel bills, as a result of repairs being done to your home after an insured loss or damage.

Liability Claims

Home insurance covers the homeowner against legal claims that may arise from unintentional property damage or bodily injury sustained on your property.

Factors That Determine Home Insurance Rates in Oshawa

  • The size and type of the home.
  • The location of the home and the risk factors in the neighborhood.
  • The replacement cost of the home.
  • The distance of the home from fire hydrants.
  • The amount of deductible chosen by the homeowner.
  • The type of coverage and policy chosen.
  • The age of the roof.

How To Get a Lower Home Insurance Premium

  • Shop around and compare rates from different insurance providers.
  • Choose only the coverage options that best suit your needs.
  • Increase your home insurance deductibles.
  • Ask for discounts.
  • Bundle your home and car insurance policies.
  • Pay your premiums annually.
  • When buying a house, choose a less risky neighborhood.

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Kareena Maya

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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.