Protect Your Property With Home Insurance in Renfrew ON
Renfrew is a small community of about 8,000 residents along the Bonnechere River. It's about an hour's drive west of Ottawa in Ontario. If you're thinking about moving to this vibrant, community-oriented town, investigate VIU by HUB home insurance in Renfrew, ON, to shield your residence and your assets from covered damage.
Housing Opportunities in Renfrew
Renfrew has approximately 45,000 single-family homes and a thriving real estate market in which about 75% of residents own their own homes. About 70% of available residential properties have at least three bedrooms. The number of residential dwellings is expected to increase by more than 5% from 2021 to 2026 according to Statistics Canada, reflecting the positive population growth of the Renfrew area.
Renfrew is a safe, friendly place to buy a home. The Canada Crime Index reports a below-average crime rate, which has a positive effect on your homeowner's insurance premiums.
The town has a strong economic landscape as a centre of commerce for tourists who visit the surrounding rural areas for outdoor recreation. The city has several large manufacturing facilities and Renfrew Victoria Hospital, one of the area's largest employers, so you'll find plenty of job opportunities.
Concerns for Local Homeowners
Renfrew has four distinct seasons with variant weather and cold, snowy winters. Depending on the location of your property, proximity to the Bonnechere River may create a flood risk. HUB can help you craft a policy that accounts for the unique features and location of your home.
The town's median household income is $82,590 per year, which falls below the Ontario median of $97,856. Although you may have concerns about the earning potential in Renfrew based on that number, it's significantly above the nation's median income of $68,400 per household per year.
Options for Home Insurance in Renfrew ON
Prepare your properties for the unexpected, from weather to accidental injury, with high-quality home insurance in Renfrew ON. Your insurance policy will pay for damage caused by covered events such as:
- Wind and hail
- Fire and smoke
- Lightning strike or explosion
- Vandalism and theft
- Impact from a vehicle or fallen object
Most policies do not cover earthquake or flood damage. If you own a home near the river, you may want to invest in separate flood insurance coverage. HUB International has a variety of options if you need add-on policies or coverage extensions.
Home Insurance Coverage Amounts
The typical homeowner's policy for an investment property covers four key areas:
- Damage to the home and attached structures
- Temporary housing costs and related expenses if the home becomes unlivable because of a covered event
- Legal and judgment costs if someone sues you for an injury that occurs on the premises
- Replacement of personal property lost or damaged during a covered event
You can add coverage for damage to detached structures on the grounds, like sheds and fences. Another common policy rider pays for medical bills if someone suffers an injury on the property.
If you have a mortgage on the residence, the lender may dictate a specific insurance coverage amount as part of your loan agreement. Failure to meet this minimum can result in fees.