Affordable Home Insurance in Peterborough

Over half (57.2%) of Peterborough’s occupied dwellings are single-detached houses, while 17.8%  are apartments in buildings that have fewer than five storeys. In a distant third are row houses at 8.4% of all occupied dwellings.

Out of a 25% sample, it was found that 59.4% of Peterborough residents own their private residences compared to 40.6% who rent in the city. An overwhelming majority of those surveyed live in occupied dwellings that are not condominiums (94%), with only 5.9% living in Peterborough condominiums.

Most of Peterborough’s homes are older, with 36.1% of homes constructed in 1960 or earlier, 27.7% built between 1961 to 1980, and 11.8% constructed between 1981 to 1990. New homes are fewer in Peterborough, with a mere 3.1% constructed between 2016 to 2021.

Despite the fact that many Peterborough homes are older, an overwhelming majority (93.9%) are in good shape and need only regular maintenance and minor repairs. Only 6.1% of homes in Peterborough are in need of major repairs.

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.

While we all do our best to be careful, some accidents simply can’t be helped. Unexpected events may cause your property to be damaged or for someone to be injured in your home. A home insurance policy covers the costs related to your liability in these accidents, such as repair bills, legal fees, and medical expenses.

Your home and possessions have both personal and financial value, and they’re prone to damage or loss due to perils like windstorms and fires. A home insurance policy can help you cover the cost of replacing or repairing your property in case of unforeseen events.

 If you took out a mortgage loan from a Peterborough bank or other lending institution, it’s highly likely that they required you to get home insurance. Your lender has a financial interest in protecting your home from damage or destruction, and home insurance assures them that the property will be protected from a wide range of risks.