With its low crime rate and excellent amenities, Pembroke is one of the best places to live in the Ottawa Valley. It also has varied recreational activities that range from white water rafting to snowmobile tours. While Pembroke exudes that small-town charm, it’s still relatively close to Ottawa, which is just 90 minutes away by car.
However, there are many risks to your Pembroke home. From flooding due to heavy rain to fires, unforeseen incidents can damage your home or its attached structures severely, which can take a lot of money to repair. Somebody can even get into an accident on your property, which might result in hefty legal and medical fees.
Unexpected expenses due to these incidents can stretch your finances thin. The good news is that home insurance can help. A home insurance policy can foot your home repair bills if a covered peril damages it. Additionally, it pays for the many costs associated with personal injury lawsuits.
With the many options for home insurance, which one is right for you? There’s no one “best” home insurance policy for everybody, so you need to learn more about home insurance in Pembroke to make the right decisions.
Why Do I Need Home Insurance in Pembroke?
Home insurance isn’t legally required in Pembroke. That said, having a policy is still a good idea. Home insurance protects you from unforeseen events that cause costly damages. Instead of paying to fix it out of pocket, your policy can lighten the financial load. Here’s a quick look at the reasons why you should get home insurance in Pembroke:
How Does Home Insurance in Pembroke Work?
As with other insurance products like tenant insurance or condo insurance, Pembroke home insurance gives you financial coverage for your home in the event of certain unforeseen events. By purchasing a home insurance policy, you can file a claim that allows you to handle the cost of damage or losses covered under your policy terms.
There are three types of home insurance policies that you can buy in Pembroke. Here’s a basic overview of each type:
Who Provides Home Insurance Quotes in Pembroke?
There are different ways that you can get a home insurance quote in Pembroke. Here are the four providers that you can use or contact for home insurance rates:
What Is Not Included in a Typical Home Insurance Policy?
Even if you’ve opted for a highly comprehensive home insurance policy, there are some risks that insurers explicitly don’t include as a covered peril. These are called “exclusions” by home insurers.
Here are the most common home insurance exclusions:
This is by no means an exclusive list of risks typically excluded from a home insurance policy in Pembroke. Talk to your home insurance provider to see what’s covered by your policy in case of loss or damage.
How Much Does Home Insurance in Pembroke Usually Cost?
Home insurance in Pembroke costs around $1,145 annually. Home insurance premiums are affected by factors like your home’s age, roofing type, proximity to fire hydrants, and more.
Using your home as a place of business may also influence your home insurance rates. Using your home for business means more people coming in and out of your property, increasing your liability and risk of losing belongings.
What Determines the Cost of Home Insurance in Pembroke?
The cost of home insurance in Pembroke varies depending on several considerations, such as your zip code, your property type, and even your credit score. Here are some of the different cost factors for home insurance in Pembroke:
What Risks Affect Homeowners in Pembroke?
Many things can cause home damage. Here are common risks to watch out for as a homeowner in Pembroke:
Does Where You Live in Pembroke Affect Your Home Insurance?
Yes, where you live in Pembroke affects your home insurance. Certain areas pose higher risks for different perils and natural disasters, leading to increased chances of filing claims. As a result, different areas may have varying home insurance quotes for homes of similar size, value, and condition.
Census Data: Housing Data in Pembroke
Planning a move to Pembroke? Check out the city’s housing statistics to learn more about the area. Here’s a look at essential residential data in Pembroke from the 2021 Census of Population:
Type of Occupied Dwelling
Out of the 6,540 households surveyed, over half (57.8%) of them live in single-detached homes. While single-detached homes are the most popular dwelling type in the city, low-rise apartments come second with a 25.8% share. Notably, there are no apartments in buildings over five storeys in Pembroke.
Owner vs Renter Stats/Condo vs Non-Condo Owners
There’s a nearly even split between homeowners and renters in Pembroke. Based on the 25% sample data, 57.8% of the city are homeowners, which coincides with the percentage of households living in single-detached homes. Meanwhile, the remaining 42.2% rent their residences.
Out of all the households surveyed, only 2.8% or 180 households live in condominiums, while the remaining 97.3% live in non-condo properties.
Private Dwellings by Period of Construction: New or Older Homes?
Nearly half (47.6%) of households in Pembroke live in homes built in 1960 or before. The second-largest portion of Pembroke households live in homes built between 1961 and 1980, with a 25.7% share. Homes built after 1980 are in the minority, which means most of Pembroke’s homes are relatively old.
Major Repairs or Just Maintenance Needed?
Despite the age of most homes in Pembroke, they’re generally well-kept. Only 8.4% or 550 of the city’s households reported their home needed major repairs. The remaining 91.6% of households only needed minor repairs and regular maintenance.
How You Can Get Cheap Home Insurance in Pembroke
If you’re trying to save money on your preferred home insurance coverage, here are some important steps to take:
FAQs About Home Insurance in Pembroke
Is home insurance in Pembroke mandatory?
No, home insurance in Pembroke is not mandatory. However, you should still consider getting home insurance to cover your house and belongings. A home insurance policy can give you the funds you need to repair or rebuild your home after an insured event causes loss or damage.
What is not covered by a typical Pembroke home insurance plan?
The following are typically not covered by a Pembroke home insurance plan:
Flooding: Flooding is a separate add-on.
Earthquakes: This risk is typically not covered, but you may opt to get an earthquake risk add-on.
Wear and tear: Damage or destruction caused by improper home maintenance won’t be covered.
Tenant damage: You’ll need separate coverage if you plan to use your home for short-term rentals.
Insect damage: Most insurers consider this a preventable risk and won’t cover it.
Mortgage or property taxes: These expenses are excluded as they’re unrelated to your policy.
Vacant dwelling: Leaving your home vacant for an extended period may void your policy.
Mould: Only mould caused by an insured peril will be covered by your policy.
Criminal activities: Home insurance doesn’t cover damage due to criminal activity conducted in your home, such as fraud.
Home business activities: Home businesses need to get separate home-based business insurance.
Can you cancel home insurance in Pembroke?
Yes, you can cancel home insurance in Pembroke. Note that cancelling your home insurance before its expiry may cause you to incur penalties and cancellation charges. That said, switching to a more affordable home insurer can offset the costs of cancelling your old policy.
Check your policy’s terms and conditions first to find out how to cancel your policy and what financial consequences to expect. Most home insurance companies will need a written notice of cancellation either physically mailed or emailed to them to formally start the step.
What factors aren’t used to calculate Pembroke home insurance rates?
These are some of the factors that companies typically won’t use to calculate Pembroke home insurance rates:
– Your age
– Your sex
– Your race
– Occupation (unless you regularly work from home, as some insurers may increase your quotes)
Some factors you may never even have considered can impact your rates, such as your marital status and credit score. Talk to your insurance company to find out more about what can increase or decrease your insurance quotes.
How do Pembroke home insurance claims work?
Here’s how Pembroke home insurance claims generally work, step by step:
Report the damage or loss: Inform your insurer about the loss or damage to file your claims. Include all relevant evidence, such as detailed descriptions of the event, photographs, and videos.
Evaluation: An adjuster from your home insurer will schedule a visit to assess the extent and value of the damage or destruction.
Approval or denial: After evaluating your documents and inspecting the damage, your insurer will either approve or deny your claim. If approved, they will offer a settlement amount.
Claim resolution: You can accept your settlement or negotiate with your insurer. In some instances, you may also file a dispute with the Financial Services Regulatory Authority of Ontario (FSRA).
Do Pembroke real estate prices affect the cost of home insurance?
Yes, Pembroke real estate prices affect the cost of home insurance. While real estate prices aren’t used as a factor for calculating your home insurance premiums, they may indirectly affect the cost of coverage because they affect the cost of rebuilding or repairing a home that’s been damaged or destroyed.
Because higher real estate prices make the cost of rebuilding higher, this affects the amount of coverage you’ll need in a home insurance policy. Consequently, higher real estate prices tend to increase home insurance costs.
Do I need home insurance in Pembroke for Airbnb?
Yes, you need home insurance in Pembroke if you plan to use your house for short-term rentals on Airbnb. Getting home insurance isn’t mandatory and Airbnb offers very limited host protection insurance.
For peace of mind, getting home insurance for short-term rentals can protect your home. Notify your insurer if you plan to use your home as an Airbnb to see how much additional protection will cost. Renting your home out without informing them may void your policy.
Are Pembroke home insurance fees tax-deductible?
Generally, Pembroke home insurance fees aren’t deductible for personal residences. However, there are some instances where your home insurance fees may be tax-deductible, such as if your home is a rental property or used for business purposes. Consult a tax professional to see if you’re eligible for any deductions connected to your Pembroke home insurance fees.