Welcome to the Diverse and Historic Kensington Market
Kensington Market is a historic neighborhood in Toronto — in fact, the Toronto Preservation Board named it a Heritage Conservation District in 2019. The area is a mix of commercial and residential properties, with residences comprising condos, semi-detached houses, and townhomes. As with any residential property, especially in the historic district, Kensington Market home insurance is a must.
Review the Housing Options and Climate
Median home prices in Kensington Market are between $600,000 and over $1 million, with the average sale price being $1.1 million. Given the luxury home values, it is no wonder that 65 percent of residents rent their residences. Still, 35% buy, meaning income levels in the area are healthy.
The average resident of Kensington Market is between 20 and 39 years old. Residents often work in sales and have an average annual take-home pay of $82,000. Most are single university graduates.
Kensington Market experiences a relatively mild climate compared to other Canadian areas. The summer temperature hangs around 22.2°C, and winter temps drop to an average of -4.2°C. The winter increases freezing risks for structures.
Understand Kensington Market Home Insurance
Homeownership comes with inherent risks. Weather presents several threats, from snowfall to lightning strikes. Additionally, people present threats, from theft to vandalism. Finally, home age can also present risks, including settling foundations and exterior cracks. HUB International can help you find the best coverage for your residence and budget.
Understanding Coverage Options With Kensington Market Home Insurance
Home insurance should provide financial support for the most common threats and risks homeowners face. Policies typically include a list of covered perils. The most common hazards include:
- Explosions
- Fire or smoke damage
- Hail and windstorm damage
- Lightning strikes
- Theft or vandalism
Most policies will not include coverage for neglect, earthquakes or floods. Homeowners must adhere to basic maintenance schedules to protect their existing coverage. You can speak to a HUB broker about policy add-ons if you want additional coverage.
Acknowledging the Necessity of Home Insurance
Kensington Market home insurance is not mandatory for all homeowners. If you purchase your residence outright, without a mortgage, the choice to carry insurance is yours. Still, most homeowners have a mortgage, and most lenders require some level of coverage.
Even if insurance isn’t necessary, it is still wise to have it. Most homeowners will experience some problems with a house system, property damage or loss over their lifetime in their residence. Home insurance protects you financially.
Reviewing Standard Coverage Areas
Home insurance policies typically cover four areas: structure, liability protection, additional living expenses and personal belongings. Structure coverage is the most important protection; it includes the house, attached structures and internal systems, such as plumbing and electrical.
Liability protection is a financial safeguard for homeowners. You may be liable for damages if a person falls or injures themselves in your home. The coverage reduces or eliminates any financial obligations you may have in third-party lawsuits.
Home insurance can also provide additional living expenses in the event of a disaster. If your home burns down in a fire or a burst pipe makes the space uninhabitable, your policy may provide money for alternate lodging or temporary housing.
Finally, a policy likely includes coverage for personal belongings, such as clothing, furniture and tech or devices. You want to ensure coverage is sufficient for all items. A HUB International broker can help determine adequate coverage.