Reviewed by Shara Bierman, Registered Insurance Broker at StrongRoots Insurance Brokers Ltd. and current Chair at the Insurance Brokers Association of Ontario.
If your home insurance renewal arrived and your first thought was, “Why did this go up?”, you’re not alone.
Home insurance has become more expensive for many Ontario homeowners, and understanding exactly what you’re paying for isn’t always easy. Between rebuilding values, water coverage, deductibles, exclusions, endorsements and discounts, a renewal can quickly become confusing. And sometimes you just want to sit down with someone local, show them your renewal and ask:
“Can you help me understand this?”
That’s exactly what a good home insurance conversation should look like.
What should you review when your home insurance renews?
If your home insurance in Stratford, Ontario has increased or you’re unsure whether you have the right coverage, start by reviewing five things: your available discounts, your home’s rebuilding value, any exclusions or limits, your deductibles, your water coverage and whether your current insurer is still the right fit.
We are a local insurance broker who can walk through each area with you and help identify opportunities to save without unknowingly giving up coverage that may matter when you need it most.
Here are five questions worth asking at your next home insurance renewal.
1. Am I Receiving Every Home Insurance Discount I Qualify For?
This is one of the easiest places to start. Ask your broker to review all the discounts and credits available through your insurance company, rather than assuming everything has been applied automatically.
Depending on the insurer, savings may be available for things such as:
- Bundling your home and auto insurance
- Remaining claims-free
- Having a professionally monitored security system
- Installing water-loss prevention equipment
- Other home safety or loss-prevention measures
Water-loss prevention is particularly worth discussing. If your Stratford home has a backwater valve, sump pump, battery backup, water leak detection system or automatic water shut-off device, make sure your broker knows about it. These measures can help reduce the likelihood or severity of a water loss and, depending on the insurance company, may also qualify you for additional savings.
If you have a professionally monitored security system, make sure your broker also has an up-to-date monitoring certificate from your security provider. Downloading that certificate and sending it to your broker is a small step that can sometimes make a big difference.
A good question to ask is:
“Can we go through every discount available to me and make sure I’ve provided everything you need to qualify?”
Often, a simple review uncovers something that will be of benefit.
A Stratford-specific consideration
Water and sewer protection is especially worth discussing with homeowners in Stratford. The City of Stratford offers sewer-related subsidy programs designed to help eligible homeowners with certain basement flooding and sewer issues. If you’re considering installing or upgrading a sump pump, backwater valve or other basement water-mitigation measures, look into local municipal programs as well as any impact those improvements could have on your home insurance. Your broker can also help you understand which upgrades your particular insurer recognizes.
2. Is the Rebuilding Value of My Home Still Accurate?
Your home’s insured value can be another source of confusion. The amount your house is insured for is not necessarily the same as what you could sell it for on the Stratford real estate market. Home insurance considers what it could cost to rebuild your home following a serious insured loss. That can include:
- Construction materials
- Labour
- Debris removal
- Current rebuilding costs
- The size and construction of your home
- Interior finishes
- Other characteristics specific to the property
That means the information your insurance company has about your home matters.
At renewal, ask your broker to review:
- The square footage of the home
- Finished basement space
- Number of bathrooms
- Kitchen and bathroom finishes
- Renovations
- Additions
- Garages or outbuildings
- Construction type
- Other significant upgrades
Have you renovated your kitchen? Finished your basement? Added an addition or converted part of the home into living space? Tell us!
Likewise, if something on your home evaluation doesn’t look right, ask about it. You should feel comfortable saying:
“Can we go through my home evaluation together and make sure the square footage, features and rebuilding value are accurate?”
You don’t need to understand every calculation behind the evaluation. That’s part of what we’re here to help you with.
3. What Are All of My Deductibles?
Most homeowners know they have an insurance deductible. What many don’t realize is that they may have more than one. Depending on your policy, your standard deductible may be different from the deductible that applies to certain water claims or other types of losses. For example, you may have separate deductibles associated with:
- Your standard home insurance coverage
- Sewer backup
- Overland water
- Other specific endorsements or coverages
This is something you want to understand before you have a claim. You don’t want the first time you learn about a $2,500 or $5,000 deductible to be when there is water in your basement. Ask your broker to physically show you the deductibles listed on your policy and explain when each one applies. Then ask yourself:
Would I be comfortable paying that amount tomorrow if I had a claim?
You can also discuss whether changing your deductible could reduce your home insurance premium. Sometimes increasing a deductible creates meaningful savings. Sometimes the difference is relatively small, and taking on significantly more out-of-pocket exposure may not be worthwhile.
The goal isn’t automatically to increase your deductible. The goal is to understand it. Ask:
“Can you show me every deductible on my policy and explain what I would actually pay for different types of claims?”
If something doesn’t make sense, ask again. There are no bad questions when it comes to protecting your home.
4. What Water Damage Am I Actually Covered For?
This is one of the most important conversations you can have about your home insurance. “Water damage” sounds like one thing. From an insurance perspective, it isn’t. Different sources of water can fall under different sections of your policy, and coverage can vary based on the insurance company and the endorsements you purchased. Your broker should be able to walk you through areas such as:
- Sewer backup
- Overland water
- Burst pipes
- Water escape
- Service lines
- Coverage limits
- Exclusions
- Applicable deductibles
Instead of simply asking:
“Am I covered for water damage?”
Ask:
“Can you walk me through each type of water coverage I have, how much coverage I have and what deductible would apply?”
That distinction matters.
What about your sewer and water service lines?
This is another important question for Stratford homeowners. Property owners can be responsible for portions of the water and sanitary service lines servicing their homes. Repairing an underground service line can become expensive, so ask your broker whether your home policy includes service line coverage or whether it can be added as an endorsement. Not every basic home insurance policy includes the same protection.
Again, this is much easier to talk through across a table with your policy in front of you than after something has happened. If you aren’t sure, bring your renewal in. We’re happy to go through it line by line with you, and we’ll even do it over coffee.
5. Is This Still the Right Home Insurance Policy for Me?
Finally, ask the question many homeowners are really wondering:
“Am I still getting good value?”
If your home insurance premium has increased significantly, ask why. There may be several reasons, including:
- Changes in rebuilding costs
- Insurance company rate changes
- Changes in your home’s risk profile
- Coverage changes
- Claims history
- Changes to discounts
- Changes in deductibles or endorsements
Your broker should be able to help you understand what is driving the change. And if you’re working with an independent insurance broker who already represents multiple insurance companies, ask whether it makes sense to compare your current policy against other available options.
But there is an important distinction here. The cheapest home insurance quote in Stratford is not always the best home insurance. Saving a few hundred dollars a year may not be a good trade if the new policy also means:
- Less water coverage
- Higher deductibles
- Lower limits
- Missing endorsements
- Different claims conditions
- Protection that isn’t as well suited to your home
If your broker compares options, ask them to compare them apples-to-apples. A better question than “Can you make my insurance cheaper?” is:
“Can you help me find the best combination of coverage, advice and price for my home?”
Sometimes the answer may be that your existing insurance company is still the best option. Sometimes something better may be available. Either way, you deserve to understand why.
Your Home Insurance Renewal Should Feel Like a Conversation
Home insurance shouldn’t be something you feel like you have to figure out on your own or take multiple callbacks. Most homeowners don’t spend their days thinking about replacement-cost calculations, sewer backup endorsements, water deductibles or service-line coverage. And you shouldn’t have to become an insurance expert to feel comfortable with your renewal. If your premium has increased, you’re not sure what something means, or you want another set of eyes on your policy, come talk to us. Bring your home insurance renewal. Bring your questions. We’re always happy to sit down with our Stratford neighbours, review your home insurance renewal and help you understand your coverage, discounts and options. There’s no pressure and no expectation that you should already understand all the insurance terminology or even buy from us. Just straightforward advice from a local insurance team you can talk to face to face. Sometimes a simple conversation is all it takes to feel a lot more confident about how your home is protected.
Frequently Asked Questions About Home Insurance in Stratford, Ontario
How can I lower my home insurance premium in Stratford?
Start by asking your broker to complete a full discount and coverage review. Bundling your home and auto insurance, installing qualifying water-loss prevention equipment, maintaining a monitored security system, your claims history and your deductible choices can all affect your home insurance premium. Ask them if certificates or validation documents are needed.
Your broker can also help determine whether your existing insurer is still offering competitive value for your particular home.
Why did my home insurance increase?
Home insurance premiums can increase for many reasons, including higher rebuilding costs, insurer rate changes, claims trends, changes to your property or changes to coverage. If your renewal has increased significantly, ask your broker to explain what specifically changed rather than simply accepting the new premium.
Should I review my home insurance every year?
Yes. Your annual renewal is a good opportunity to confirm that your home evaluation, square footage, renovations, rebuilding value, discounts, deductibles, water coverage and optional endorsements are still appropriate.
Does Ontario home insurance automatically include sewer backup coverage?
Not necessarily. Coverage varies by insurer and policy. Ask your broker to confirm whether your policy includes sewer backup coverage, the amount of coverage provided and the deductible that applies.
Does home insurance cover overland water?
Overland water protection is not automatically identical across every home insurance policy. Ask your broker whether you have overland water coverage, what events it covers, what limits apply and whether there is a separate deductible.
What is service line coverage?
Service line coverage can help cover certain insured damage to underground service lines connected to your property, such as water or sewer lines. Availability and coverage vary by insurer, so ask your broker whether it is included in your current home policy or available as an endorsement.
Can I bring my current home insurance renewal to a Stratford insurance broker for a second opinion?
Absolutely. In fact, bringing your current renewal is one of the easiest ways to start the conversation. A local broker can review what you currently have, explain your limits and deductibles, identify discounts worth exploring and determine whether it makes sense to compare other insurance options.
Not sure about your renewal? Bring it in or call us, and we’ll go through it together.
