Keeping Your Home Safe With Insurance
Purchasing the right home is more than just a financial investment. It’s a decision to provide a safe place for your family to live. Milton leads the way in growth over other Halton municipalities, creating a thriving community where you can put down roots. You can create a haven for your family and protect it through home insurance in Milton.
Increased Exposure to Risks
The explosive 4.28% annual growth Milton experiences increases your homeownership risks. There are always concerns about theft, vandalism or damage from weather risks or wildfires. While Milton has a crime rate 49% lower than the national average, property crime rates have risen 13.8% recently.
The snow, wind and freezing temperatures of the winter can cause ice dams and roof leaks, downed tree limbs or burst water pipes. The dry summer months can lead to increased incidents of wildfires, with extremely high temperatures, thunderstorms and strong winds quickly putting your home in danger. The average home price in Milton is $1,138,991, making any risk worth addressing. HUB International provides the home insurance Milton residents need.
Covered Perils With Home Insurance in Milton
While home insurance isn’t a legal requirement for your home, it’s a wise decision with such a big investment. There are several common perils addressed with home insurance, though meeting with a broker can help you find the right coverage for uncommon risks.
- Fire or smoke damage
- Lightning
- Theft or vandalism
- Windstorms or hail
- Falling objects
- Explosions
While not as common, a policy would also cover events of a vehicle or aircraft making contact with your home and causing damage. Some policies will include water damage from broken pipes but not from weather-related flooding.
Exclusions
Home insurance in Milton doesn’t cover everything that could damage your home. By talking to our VIU by HUB brokers, you can purchase add-on coverage or extend your coverage for these risks.
Recommended Components for Comprehensive Home Insurance
Under a homeowners policy, there are four primary areas of coverage. As you meet with a broker to craft your policy, you will choose coverage limits based on the cost of your home, the value of its contents, your financial situation and exposure to certain risks.
Structural or Dwelling Coverage
Under this component, the policy pays for the repair of damages done to your home from a covered peril. This generally includes attached structures like a garage or porch, but it may exclude fencing or a detached shed.
Additional Living Expenses
If your home sustains significant damage and you can’t live in it during repair work, the policy will pay for the costs of temporary housing until you can safely return home. This might be a rental unit or a hotel, but it also helps with additional expenses you face because of the displacement.
Personal Belongings
Standard home insurance in Milton can also help with the replacement or repair of any personal belongings damaged during the covered peril. The same is true if you are the victim of theft. Knowing the worth of your items ensures you take out enough coverage for your belongings.
Liability Coverage
You could face legal liabilities for third-party injuries on your property. There is also the risk of third-party property damage. The policy provides financial support for your defence in the event of a lawsuit against you or your family members.