Buying Home Insurance in Hamilton, Ontario

Home Insurance in Hamilton can vary from one insurer to the next, so it’s important to select a policy that suits your specific needs. Home insurance covers the dwelling, contents, and personal liability of you (the policyholder), your spouse or partner, and your children. 

What Is Covered by Home Insurance? 

Home insurance protects you from having to pay out a huge amount at once, often at a very difficult and emotional time. 

Although not mandated by law, insuring your house can give you peace of mind. With severe weather on the rise, confirming accurate replacement value and keeping a current home inventory are important steps. For high-value jewellery, furniture or art, separate endorsements are also available. Understand the limitations in your policy. Typically, additional living expenses are included if you are temporarily unable to live in your home due to an insured loss. Your Homeowners policy also generally provides your personal liability in case someone trips and falls on your property or in your home, or you damage a third party’s property or accidentally injure someone else. 

If you share your home with a friend or relative, or rent out part of your residence, you must notify your insurance representative. 

Home insurance also includes coverage for additional living expenses if you are temporarily unable to live in your home due to an insured loss in certain circumstances. 


Contractual Obligations 

Unlike auto insurance, home insurance is not mandatory by law. However, most banks or mortgage holders will insist that you purchase home insurance – and show proof that you have home insurance – before they’ll lend you money to buy a home. They will ask to be named as the mortgage holder on your policy. 

It’s your responsibility to report any changes to your property. Contact your insurance broker at Acumen Insurance if you’d like to make any of the following changes or improvements to your home: 

  1. Renovating your home. 
  2. Installing a pool or spa.  
  3. Setting up a home-based business, such as a daycare.  
  4. Leasing all or a portion of your property. 
  5. Purchasing jewellery or art. 
  6. Keeping your insurance company informed with an accurate and up-to-date description of your home and contents can help speed up the claims settlement process after a loss.

4 Tips for Insuring Your Home and Contents 

If you can’t afford to replace absolutely everything you own after an unforeseen event, you need home insurance. Consider these tips:  

  1. Insure for rebuilding costs. 
  2. With severe weather on the rise, confirm accurate replacement important coverages are in place (sewer backup, overland water). 
  3. Review your home inventory each year when you renew your policy. 
  4. For high-value jewellery or fine art, consider a separate endorsement. 
  5. Even a partial loss – such as from a break-in, theft of multiple possessions and related damage – can potentially cause financial hardship. Home insurance protects you from having to pay all at once to replace what was lost at what is often an emotionally difficult time.