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At Gallagher we understand that your properties and personal possessions are important assets, and we are here to help you make sure they are adequately protected. Whether you’re looking for coverage for your primary home, seasonal cottage, condominium in the city or heritage home in the country, we can help.
Our dedicated Personal Insurance Advisors will consult with you to assess your needs, then outline options to consider when setting up a home insurance policy, such as mortgage rate protection, cash settlement options, coverage for detached structures, property while in transit, and landscaping.
Home Insurance Rate Calculations
Our approach is to help you understand how your home insurance rate is calculated, ensure you receive all policy discounts you are eligible for and offer suggestions for lowering your premiums.
Rates are set by insurance providers and are based on many factors, some of which include:
- Replacement value of your home: Cost to repair, replace, or rebuild your home with like design, quality, materials and workmanship.
- Type of insurance purchased: The quality of protection, the dollar amount insured and the policy deductible.
- Location: Some neighbourhoods are more susceptible to particular losses, for instance, theft, vandalism, sewer backup, exposure to fire in congested areas, etc. Location also determines available fire protection, such as hydrants, volunteer brigade, or no fire protection at all.
- Age of home and maintenance factor: Newer homes tend to have fewer claims. Individuals with homes over 25 years of age need to advise of major updates made to their roof, plumbing, electrical wiring, heating and air conditioning systems.
- Type of home: Single detached, semi-detached, multi-family, row housing, low-rise or high-rise apartment buildings all have different levels of risk.
- Type of heating: Natural gas forced air or hot water, oil forced air or hot water, electric forced air or radiant heating, wood burning stoves and fireplaces all present different levels of risk to the home.
Flood is becoming a more frequent natural hazard in Canada. Severe weather events that used to happen every 40 years can now be expected to happen every six years.
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