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Oakville home insurance

Whether you’re planning to buy a home in Oakville, or you’ve already bought one, you’ll need home insurance.

Located in Halton Region, it’s one of the largest towns in Ontario, with a population of 213,759, according to the 2021 census. It’s also one of the safest places to own a home. Crime rates, including break-ins and theft, are low in Oakville, and there are generally no big disasters here either – though floods and windstorms do tend to happen from time to time. They are also becoming more prominent throughout southern Ontario due to climate change.

That’s why you should consider protecting your property with some insurance. It’s unavoidable if you intend to take out a mortgage on it, since most lenders require it despite it not being mandated by the provincial government.

Speaking of regulations, the Financial Services Regulatory Authority of Ontario (FSRA) is the governing body responsible for regulating home insurance in the province. It ensures that anyone selling insurance is licensed and follows the legislation for both property and casualty insurance. The organization also protects consumer rights and reviews complaints whenever an insurer neglects certain rules.

Different types of home insurance coverage in Oakville

Though their exact names vary from one insurer to the next, the four major insurance types in Oakville all boil down to the following:

• Basic or named perils: This protects your property and possessions from the perils specified in your policy. If a peril is not listed, then don’t expect to be covered for it. Excluding the ‘no-frills' coverage, this is the most limited and cheapest home insurance option available.
• Broad: This protects your property against most major perils, except those listed as exceptions. For possessions, it lists only the perils you are covered for. This means that the contents of your home may not be as protected as the home itself.
• Comprehensive or all perils: This protects both your property and its contents from most major perils – aside from the ones listed as exceptions. Some protections – for overland floods and earthquakes, for instance – may need to be purchased separately, as ‘add-ons’ or ‘endorsements.’
• No-frills: This option is meant for homes that don’t meet typical home insurance standards. Such homes are usually too high-risk to insure due to conditions like leaky pipes and outdated wiring, which have a high likelihood of causing floods or fires. If you’re mortgaging such a home, no-frills coverage is a solid back-up option, but make sure you address the issues to get proper coverage.

What Windsor home insurance covers

Regardless of your coverage, home insurance should always cover the following:

• Property: Your property entails the home itself as well as outbuildings and backyard decor, including your shed, barn, detached garage and even your garden. Be sure to check with your insurer as to what is or isn’t covered, just in case.
• Contents: These are your possessions – mainly the ones located inside your property, such as furniture, electronics and clothing. Your insurance should cover everything, aside from some of the more expensive items, like artwork or jewelry. Assess the value of such items and discuss with your insurer if you need additional coverage.
• Liability: This coverage exists in case someone gets accidentally injured on your property, or if you accidentally damage someone else’s property. Should one or the other occur, this will pay for the damage repairs, medical bills and legal repercussions.
• Additional living expenses: Insurance companies will generally pay for your accommodation and food should your home become unlivable due to a covered peril. Chat with your provider to see what’s covered and for how long.

Optional home insurance coverage in Oakville

If can beef up your coverage by purchasing ‘add-ons’ or ‘endorsements.’ The most common ones include:

• Overland flooding: If your home gets flooded because a nearby river, lake or stream flows out of bounds or because too much snow melts at once, this endorsement will pay for the damages. Oakville does occasionally get affected by heavy rains and thawing snow, so there is a risk of flooding in this area. See if your specific neighbourhood is affected and ask your insurer if this endorsement is available. Also, be sure to check out our tips on how flood insurance works.
• Sewer back-up: Sewer back-up occurs when rainwater or melted snow overwhelm the sewage system, causing homes to get flooded through sewage pipes, toilets, drains or showers. The damage costs can be enormous. Given that some Oakville neighbourhoods are at risk of floods, this coverage may be worth getting.
• Earthquake: If your home or its contents get damaged or destroyed by an earthquake, landslide or snowslide, this coverage will cover the replacement and repair costs. Oakville, like the rest of southern Ontario, is relatively safe from such perils, so we don’t necessarily recommend this endorsement. That said, you can still purchase it if you want it.
• Mass evacuations: If a mass evacuation due to wildfires or floods forces you to leave your home and live elsewhere, this will pay for your accommodation and food.
• Valuable possessions: Expensive possessions like jewelry, artwork or collectibles may not get covered by your regular insurance. So, take your time to evaluate each of them and then ask your insurer whether additional coverage is necessary. Learn more about insuring your valuable possessions here.

How we find you the best home insurance in Oakville.

We’re partnered with over 50 insurance providers across Canada, many of whom offer home insurance in Oakville. As a result, whenever you use our website, you get quotes from nearly all of them – if not all of them – at the same time, which motivates them to give you the lowest rate they can afford.

Don’t believe us? Head over to LowestRates.ca right now, enter a few details about yourself and you’ll see those cheap quotes for yourself.

Risk factors for homeowners in Oakville

Oakville is a relatively safe place to own a home. That said, like anywhere on the planet, it’s not completely immune to every peril out there. With that in mind, here are some of the biggest risks to your home in Oakville:

• Windstorms: Oakville doesn’t get too many windstorms thanks to its proximity to Lake Ontario, but they still happen from time to time. They may also increase in regularity due to climate change in the near future. In 2022, for example, a derecho in Ontario and Quebec caused $1 billion in damages, affecting the Greater Toronto Area, Ottawa, Trois-Rivières, Quebec City and several other areas in those provinces.
• Freezing temperatures: Winter temperatures in Oakville can sometimes go below -20°C. This increases the potential for burst and frozen pipes, among other issues.
• Flooding: Melting snow in spring can cause floods due to Oakville’s drain system not always being able to keep up with the resulting water. Generally, this isn’t a problem in most parts of the city, but it is a problem in some, having even led to a class action suit.