A townhouse can be one of the most affordable ways to own a property. Whether it’s your first home, a cozy place to retire in, or gives you the perfect amount of space for you and your family, many Ontarians prefer the townhome way of living. However, like all forms of property ownership, you run a lot of risk. Your property most likely becomes your most valuable asset, which means that any harm that comes to it will have far-reaching consequences for your finances. But with help from your Morison Insurance broker, you can get the property protection you need with the right townhouse insurance.
Ontario townhome insurance is designed to provide you with financial protection in the event of such an occurrence, giving you peace of mind even in the worst-case scenario. From trees falling into the side of your home during a severe storm to a visitor slipping and hurting themselves on your property to devastating fires, we’ll ensure you get the coverage you need with the right townhome insurance policy. Contact us today or read on to learn more about townhouse insurance in Ontario.
Townhouse insurance is a form of home insurance that provides financial protection to townhouse owners if something happens to their home or its contents. While your home might seem safe and secure, it only takes a single incident to create vast amounts of damage to your property. If you have townhouse insurance and you experience a loss, you would be financially protected. If insurance were not in place, you would be forced to pay for the loss out of pocket, potentially leaving you in dire financial straits.
As an example, imagine your home caught on fire and was heavily damaged. Even if nobody were hurt, without townhouse insurance in Ontario, you would be on the hook to pay thousands, tens of thousands, or more out of pocket to fix their home. And that’s not even considering any additional living expenses you may incur while waiting for home repairs to be completed, so you can get your living space livable again. Many people would not be able to afford to do this without townhouse insurance.
Ontario townhome insurance also protects the policyholder from many potential legal costs and liabilities. Suppose you are accused of causing unintentional harm to a third party or their property. In that case, your townhouse insurance policy will provide financial protection for insured perils by covering legal costs, court fees, and anything potentially owed to the accuser in a case where you are found liable. A typical example of this is someone walking up to your home, slipping, falling, and injuring themselves. Without the financial protection afforded by townhouse insurance in Ontario, you would be solely responsible for any medical bills or legal expenses arising from the incident.
Ultimately, without adequate townhouse insurance, you would be solely responsible for the cost of any losses and damages arising from an unexpected event. It’s important to speak to a licensed broker to ensure you have the coverage you need in your homeowners insurance for townhouses.
Anyone who owns a townhouse in Ontario could use the protection of townhouse insurance in Ontario. This is due to the many financial losses a townhouse owner could face. While you can certainly take steps to lower the chances of a loss, you can never eliminate them entirely. For this reason, it is always best to have a townhouse insurance policy to be safe. Without a townhouse insurance policy, you would be forced to pay for the losses out of pocket, which can be financially catastrophic.
All kinds of townhouses can benefit from having townhome insurance. These include:
The wide range of different townhouse types means that you need customized protection, as opposed to a standard policy that will provide inadequate coverage for loss or damage, should a covered event occur, including thefts, fires, and severe weather events. Your home is your biggest investment. It makes sense to ensure it is protected with the right townhouse insurance. Ontario policy seekers can reach out to their Morison Insurance broker to get started today.
Townhome insurance in Ontario is not legally mandatory. However, the risks of not having a townhouse insurance policy are too significant for you to avoid having it.
While your home may seem like the safest place possible, it still has vulnerabilities. A fire may spread from a neighbouring house to yours. You could also be the target of a random break-in, robbery, or vandalism threat. A water pipe can burst, causing tremendous damage to your personal belongings and home. Having townhouse insurance provides peace of mind so that in the event of a loss, you are not forced to pay for these losses out of pocket.
Outside of the practical aspect of having townhouse insurance, Ontario homebuyers may find themselves needing it regardless. Most mortgage lenders will require proof of insurance before signing a contract with you, meaning you will likely require townhouse insurance to get or refinance a mortgage. That’s because without some kind of insurance certificate, they will view you as too risky to do business with. After all, many residents don’t have the funds on hand to rebuild their home should disaster strike, and without townhouse coverage, you could default on your mortgage payment or declare bankruptcy. If you show them that you do indeed carry townhouse insurance, Ontario mortgage providers can rest assured that you do have access to the financial funds you need should something go wrong.
For these reasons, it is necessary to protect yourself with the right townhouse insurance. Ontario brokers at Morison Insurance will be more than happy to help you find the right policy to protect your home.
While you can further customize your coverage, standard townhouse insurance in Ontario provides coverage for your dwelling, contents, and personal liability. Additional coverage and increased limits can be added to your townhouse insurance policy to provide further protection. But generally, most policies for townhouse insurance in Ontario include:
Dwelling coverage is probably the first thing that comes to mind when people think about a townhouse insurance policy, as it refers to damage to the home itself. If your home is damaged by vandalism, poor weather, fire, a vehicle, or any other related peril, then dwelling coverage will give you the protection you need by covering the costs of any needed repairs. This will ensure that your most valuable investment will retain its value even in a worst-case scenario.
Personal liability coverage provides liability protection when you are accused of causing harm to another individual or their property. Personal liability will cover expenses such as defence costs, medical costs, and the replacement of any property damaged in the event.
For instance, let’s say someone is walking around your home, trips on a rug, falls, injures themselves, and sues you for the damage caused. If you are found liable, with personal liability insurance coverage, you can pay any resulting legal, settlement, and medical costs.
Contents coverage is a common addition to any homeowner's policy and protects your personal property if an insured peril harms it. This could include a situation where a fire or natural disaster harmed both your home and your possessions. It could also help cover the costs of replacing any items stolen from you while they are on or off your premises. It is recommended that you have an ongoing home inventory list describing all of your possessions, so you can ensure you get proper contents coverage under your townhouse insurance in Ontario.
In addition to standard coverage, there are plenty of additional coverages that can be added to an Ontario townhome insurance policy to provide further protection. You can also increase the limits of certain coverages on your policy.
Some common additional/increased coverage options you may want to include on your townhouse insurance policy include:
Please note that these are just a few examples of additional or increased coverages that can be added to your townhouse insurance. Ontario policies can be further customized with a wide range of insurance endorsements and add-ons. If you would like to know more about the potential insurance products that can be added as floaters, the additional perils you can be protected against, or if you want to know more details, a Morison Insurance broker would be happy to help when you contact them about townhouse insurance in Ontario.
Ontario insurance policies can be complicated, so it’s always important to speak to an insurance expert to ensure you are getting the right insurance for your unique needs. Ontario townhome insurance often falls into that category. That’s because townhouses in Ontario come in two main types of ownership structures:
If you are unsure if your townhome is a freehold or condo property, check your property listing for terms such as ‘shared’ and ‘communal’, and look for any mention of condo fees, which are a clear sign it is a condo townhouse property. You can also ask your real estate agent and review your ownership documents for such language. No matter the type of townhouse you are insuring, your Morison Insurance broker will not only provide expert advice on the type of coverage you need and any extra coverage you may benefit from, but will also ensure you get the protection you need with tailored townhouse insurance in Ontario.
There is no set cost for townhouse insurance in Ontario. This is because your townhouse insurance quote can vary greatly due to several factors, most of which deal with the level of risk that you and your townhouse are open to. Insurance is not one-size-fits-all. It is tailored to your specific circumstances.
For example, both person A and B own a townhouse. However, A owns a stacked townhouse unit where they live by themselves, pay condo fees, keep an extensive watch collection, and travel at least twice a year. In comparison, B lives in a traditional townhouse with their spouse and kids, with an attached garage, hot tub, and a home office for their business. These two people’s lives are very different, so their insurance needs are going to differ as well. So why would they pay the same rate for their townhouse insurance in Ontario?
To receive an accurate townhouse insurance quote, it’s important to be as detailed as possible when discussing your insurance needs when you contact our Morison Insurance brokers. We will ensure you have the proper coverage and receive all the home insurance discounts you are eligible for in your residential property insurance plan.
There are several factors that insurance providers will take into account when calculating your townhouse insurance premium. These factors are related to risks associated with the dwelling, the policyholder, and the coverages you choose on your Ontario townhome insurance policy.
Each insurance company will weigh these factors differently, so it is important to compare townhouse insurance rates and quotes. Here is a list of some of the factors involved in a townhouse insurance quote:
Please note that these are not the only factors determining your townhouse insurance rate. If you would like a townhome insurance quote or have any questions about the cost of townhouse insurance, it is recommended that you speak with a Morison Insurance broker.
Before reaching out to Morison Insurance about getting townhouse insurance coverage, there are a number of things you need to do.
First, determine if your townhouse is a freehold property or part of a condominium. Review your listing, ownership documents, and speak to your real estate agent, as the type of homeowners insurance for townhouses you are getting will depend on the type of property you are insuring.
Next, assess your personal property’s value. Cataloging your personal items will ensure you are getting adequate coverage in the event of a worst-case scenario. While it’s tempting to go for the minimal allowable amount to lower your townhome insurance premium, should an unforeseen event occur, you don’t want to have to pay tens of thousands out of pocket before your insurance doesn't cover the full amount of replacing everything you own.
Check if any upgrades have been made to the townhouse property. Many homeowners' insurance policies for townhouses will only pay to restore the home to its original form, unless otherwise noted, so if any improvements have been made, it’s important to make note of them in the policy.
If you are unsure about the information you need, when you make the initial contact with our brokers, ask us about what type of information you need to provide before coming in for an in-depth consultation for your townhouse insurance in Ontario.
You can get a townhouse insurance quote from the trusted team at Morison Insurance. Morison Insurance is a family-owned insurance brokerage that has been covering the insurance needs of Ontario residents for over a century. Our clients rate us five stars because we strive to provide them with the same level of care we would give to our own family. So whether you are a first-time homeowner, you’re relocating for work, or settling into your forever home, we’ll ensure you get the best possible coverage for your customized townhouse insurance in Ontario.
If you would like a townhouse insurance quote or a quote for any other type of insurance product, give us a call at 1-800-463-8074. You can also fill out the online form on this page to get a free quote for townhome insurance. We look forward to hearing from you.
