Aurora Home Insurance

Flood is a frequent occurrence in many parts of Canada. Some neighbourhoods are more vulnerable to flooding than others due to their proximity to bodies of water and other reasons. Living in a flood-prone area may raise your rates because you’re more likely to file an insurance claim.

The number of insurance claims filed in your neighbourhood might influence your rates because insurers use it to gauge your likelihood of filing a claim yourself. It also signifies the area is prone to property damage, increasing your likelihood of filing a claim.

Fires can devastate homes within minutes, which is why your home’s proximity to fire hydrants and related infrastructure matters. Homes closer to fire hydrants mean firefighters can get to work faster, potentially reducing total damage to your house. In turn, reduced fire risk to your house can lower your rates.

Single-detached houses are the most popular dwellings in Aurora, taking a 60.4% share of the town’s total homes. Row houses come in at second with 16.8%, followed by apartments in buildings under five storeys at 7.1%.

Based on the 25% sample data from the census, 81.2% of Aurora residents own their homes, with renters making up 18.8%. A majority of homes in Aurora are non-condos at 87.7%, while condos take the remaining 12.3% share.

The 25% sample data from the census shows that most homes in Aurora were built between 1981 and 1990, making up 19% of the town’s total homes. Homes built between 1991 and 2000 followed closely at 18.3%. There also seems to be an influx of new houses in recent years, with 12.9% of the town’s homes built between 2016 and 2021.

Homes in Aurora are generally well-maintained, with 97% only needing minor repairs. The number of homes needing major repairs is comparatively minuscule, at only 3%.

If your home was damaged due to criminal activity, it won’t be covered by your insurance policy.

Generally, home insurance companies require specific coverage for homeowners/landlords who plan to rent out their properties. A standard home insurance policy won’t include coverage if you rent your home out and the tenant causes damage.

Most policies exclude this risk, but you can cover earthquake losses and damage as an add-on to a standard policy.

Damage or losses caused by poor home upkeep (e.g., clogged storm drains, broken bannisters) won’t be covered, as your insurer deems it your responsibility to manage wear and tear.

Flooding is typically not covered by a standard policy, but it may be included as an add-on.

Home businesses will need separate home-based business insurance to cover home or equipment damage.

Because this is considered a preventable risk, most insurers don’t cover insect damage.

These are separate expenses handled by policy owners as they’re unrelated to your home insurance policy.

Mould caused by poor home maintenance is typically excluded by home insurance policies. Note that this is separate from mould caused by an insured peril, which will be covered by your policy.

Many insurers may void your insurance if you leave your home vacant for a prolonged period.

Home insurance doesn’t just protect your home and its contents. It can also cover legal fees, medical costs, and other expenses following an accident on your property. If you don’t have liability protection from a home insurance policy, you may be saddled with hefty fees that might stretch your finances.

One of the most common reasons people get home insurance is to protect their home and belongings. Home insurance can compensate for repair and replacement costs if perils covered by your policy damage your property.

Mortgage lenders have a stake in your house until you’ve paid off your loan. They often require you to purchase home insurance to protect their investments.