Find Home Insurance in Gloucester
The right home insurance in Gloucester can protect the value of a suburban Ottawa home. The median list price of homes in this area was $698,122 as of December 2022, which is slightly less than the average price of freehold homes in Ottawa.
Property damage risks in Gloucester include flooding from the Ottawa River, severe winter weather and occasional derecho events. A derecho on 21 May 2022 led to more than $720 million of insured property damage in Ontario. Find out more about homeowners policies and add-ons to cover costly damage.
Insurance for Homes In the Ottawa Area
Owners of homes in Gloucester can choose from several types of home insurance policies. No-frills policies are the most affordable option, but these policies provide the least amount of coverage. Most homeowners, including buyers with mortgages from lenders that require proof of home insurance, need more coverage under any of the following types of policies.
Standard Policies
Basic home insurance policies cover named perils to dwellings and contents. No coverage is available for risks that standard policies do not name.
Broad Policies
Broad form policies cover all perils to dwellings, with the exception of exclusions. This type of home insurance typically only covers named risks to contents.
Comprehensive Policies
All-peril coverage extends to all risks that are not specifically stated exclusions. The terms of this coverage apply both to dwellings and contents.
Policy Options for Ontario Homeowners
A HUB International broker can help Gloucester residents customize home insurance coverage by raising policy limits and filling in gaps in coverage from exclusions. Find out more about some of the most popular forms of optional coverage above and beyond home insurance in Gloucester.
Equipment Breakdown
Optional coverage for unforeseen breakdowns of major household equipment can reduce personal expenses. This coverage usually requires proof of maintenance and does not cover general wear and tear.
Scheduled Articles
Standard home insurance policies typically have a limit on contents coverage. The cost of replacing valuable items, such as fine art, jewelry and electronics, can quickly cause you to hit that limit.
If you have high-value items, you can add scheduled articles coverage. Insurers base the limits of endorsements for scheduled articles on receipts or appraisals.
Umbrella Policies
Policyholders can raise the liability limits of most types of home insurance coverage. An umbrella policy is the best way to obtain more comprehensive legal and financial protection from liability claims at home and away.
Sewer Backups
The location of a home in Gloucester can determine the risk of sewer backups after heavy rain. Backup coverage reduces the cost of restoring damage, and the City of Ottawa offers Residential Compassionate Grants to owners of properties affected by flooding three or more times.
Flood Insurance
The Ottawa River increases the risk of flooding for some Gloucester homes, but almost all home insurance policies exclude flood damage. The location of a residence can determine eligibility for additional flood coverage.
While additional coverage is necessary to cover water damage from overland flooding or sewer backups, most home insurance policies cover storm damage. Homeowners should review policy terms for windstorm damage. A derecho in the Ottawa area in 2022 was the sixth-largest insured loss event in Canadian history.