Factors That Can Influence the Premiums for Your Home Insurance

What Are the Most Dominant Factors in Durham Region Home Insurance Rates?

It is quite likely that many homeowners in Durham Region have engaged in conversation with friends and family members in which the topic of discussion focused on the cost/fee of a product/service. When these conversations ended, one party was probably happier than the other depending on who-paid-what for that product/service; and the less-happy person was probably left wondering why they did not get the same price or rate.

If there was some disparity in cost/fee, the reason could trace back to the fact that there were differences, even if small or subtle, between what each person bought or received. Setting aside the practice of price matching (which can eliminate pricing variations in the event of a sale or promotion by one supplier but not the other) people often pay slightly different amounts for products/services that are similar but not necessarily identical; an example would be lawnmowers – all models will basically cut the grass (similar) but their pricing will vary based on their respective features and options (not identical).

This principle applies as well to home insurance, in Durham Region and throughout the country for that matter. While home insurance in itself might be considered a common commodity, there are several individual factors that insurers will take into consideration on an individual homeowner basis which can make each policy slightly different from the rest; it is these distinctive elements that will ultimately influence the annual premiums of home insurance policies and often cause them to differ from one another.

Here are the most common considerations that are factored into home insurance rates:

  • The incidence of theft, fire, and storm damage in the local neighbourhood
  • Roofing – includes age of the roof, all warranties, and construction quality
  • Type of heating system – oil and wood-burning are deemed as higher risk
  • Type of plumbing – older materials (lead) are more susceptible to rupture
  • Type of electrical system – age of wiring and the rate of amperage service
  • Proximity to firefighting services (hydrants, fire station) i.e. response time
  • Size of the home/volume of contents – in relation to the replacement costs
  • Different uses of the property – residential only? business? swimming pool?
  • Size of deductible for homeowner’s insurance claims and any claims history
  • Discount eligibility e.g.: monitoring systems, homeowner age, no mortgage

In the same manner that all home insurance policies and premiums are not the same, all insurance companies that offer coverage for Durham homeowners will not necessarily be identical in the way they calculate and quote their rates. It is therefore highly advisable that local residents obtain quotes from several different insurance providers in order to secure the best possible rates and protection for their home; this could be accomplished through the services of an informed and qualified insurance broker, like a representative from Petley-Hare Limited, with offices located in Oshawa, Bowmanville, and Pickering.

Experienced Brokers to Help Durham Residents with All Home Insurance Needs

Factors That Can Influence the Premiums for Your Home InsuranceFor the majority of Durham Region residents, a home is usually their biggest investment and their most valuable asset; and protecting that asset should be of utmost importance. But in the same way that shopping for a home can take time until the right one is found, shopping for the right home insurance can be equally time-consuming and perhaps even overwhelming.

The knowledgeable insurance brokers from Petley-Hare Limited can help local residents find the right home insurance for their specific needs, and save them time, by collecting the essential information about their home and property and obtaining several quotes on their behalf. Petley-Hare Limited understands what matters most in terms of protecting such a treasured asset, and will work with their clients to develop a tailored solution that best suits their individual needs.

With offices in Oshawa, Pickering, and Bowmanville, Petley-Hare Limited representatives are locally-based and thus completely knowledgeable about the home insurance needs and potential options and discounts that may be available to residents across the region. For more information about the home insurance services offered by the team at Petley-Hare Limited, please visit our home insurance section.

If you want to obtain home insurance or review an existing policy to determine if there may be a more appropriate alternative for your needs, call Petley-Hare Limited today at 1-800-216-5324 to speak with an experienced insurance broker or contact us to book a consultation in our Oshawa, Pickering, or Bowmanville locations.