Life in the City of Lakes
Sudbury is a large city in northern Ontario. With over 3,229 square kilometers, it is on record as the largest city in the province and the fifth largest in Canada. Officially named Greater Sudbury following its reincorporation in 2001, this region features an urban core, outlying neighborhoods and over 300 lakes, inspiring the moniker, “City of Lakes.” Among the most prominent of these is Lake Wanapitei, which is the world’s largest lake that is contained within a single city. If you’ve ever wanted to live on waterfront property, Sudbury just might be the place for you.
Over 160,000 people live within this single-tier city’s limits. Originally, Sudbury’s economic base was based on lumber and nickel mining. While the area has earned such nicknames as “Nickel City” and “The Big Nickel,” today it offers major business opportunities in retail, health care, tourism, technology, science, and education, among other industries. Sudbury is also home to an emerging film and television industry, which probably explains why it hosts several well-attended film festivals. Major motion pictures have been shot here, so Sudbury’s a great place to be, especially if you’re ready for your close-up.
Greater Sudbury is also a fine place for those who live for outdoor activities year-round. Boasting warm summers and snowy winters, Sudbury features major attractions such as Lake Wanapitei and the Sudbury Trail Plan for summertime and wintertime fun, respectively. In addition to film festivals, a wealth of art- and science-based museums provide entertainment for lovers of culture. Those who are into sports entertainment can choose from various sports clubs and school sports in ice hockey, basketball, football and even curling. Enjoying Sudbury is easy to do when you live here, but owning a house requires a plan for Sudbury home insurance.
Covering Your Assets
Sudbury home insurance isn’t required by law in Ontario; however, if you’re paying a mortgage, lenders will require this coverage. Property or homeowner’s insurance helps cover your investment and your belongings from losses due to fire, windstorms, and theft, among other covered perils. Home prices in Sudbury average around $300,000, and most people can’t replace their property with out-of-pocket funds. Having Sudbury home insurance can provide you with peace of mind knowing that your home and its contents are covered from losses.
Not every Sudbury home insurance plan offers the same level of coverage, so you should be familiar with the following types of policies:
- Standard or Named Perils: Your typical insurance plan will be a standard policy that addresses covered perils to which your home may be exposed.
- Comprehensive: Generally, the most complete type of policy, such a plan not only covers the structure and its contents but personal liability and other risks as well.
- Broad: These types of policies generally fall between standard and comprehensive plans, providing varying amounts of coverage.
- No-Frills: This coverage protects properties that fall outside the parameters for standard policies.
For most Sudbury residents, a house is the largest investment they’ll ever make. This is one reason you should be fully aware of what your Sudbury home insurance policy covers, and which exclusions require you to buy additional protection. Consider the following:
- Certain natural disasters or damages such as flooding and earthquakes
- Valuable personal items such as collectibles, electronics, and jewelry
- Malfunction of major home appliances
- Sewage backup
Your home situation may require coverage limits that exceed what’s provided in your homeowner’s policy. It may be worthwhile to purchase an umbrella policy to handle any gaps in coverage.