High-Risk Home Insurance in Oakville
We’re proud to work with Oakville homeowners to help you find the best home insurance rates in Ontario. When it comes to protecting your home, we take the time to understand your specific needs and lifestyle.
As Oakville residents ourselves, we know exactly what type of coverage you’ll need to keep your home safe from unpredictable Ontario weather and unexpected damage or even the growing risk of theft in our city.
Over the last 10 years, our experienced team of home insurance brokers has been helping Oakville residents get the most reliable insurance solutions. Whether you own a house, a condo, or multiple properties, we’ll make sure you get the right coverage to fit your unique situation. For those with high-value homes, we understand the need for specialized coverage to ensure your property is protected at its true worth.
Contact us today and we’ll help you find a home insurance policy that checks all your boxes so you won’t have to think twice about home insurance ever again.
Schedule a free consultation with us to get the high-risk home insurance plan that meets your needs.
What is high-risk home insurance and how does it work?
High-risk home insurance is a type of coverage for homes that are more likely to experience damage or loss. This is often needed for older homes or those in neighbourhoods that are prone to flooding. In Oakville, with it’s mix of historic and modern homes, high-risk insurance is common for properties like Victorian or Tudor-style houses. These homes can be more expensive to insure because they may have outdated systems like plumbing or electrical wiring. Plus, Oakville’s weather can bring risks like flooding, which might require extra coverage.
If you’re thinking of buying an older home, there are a few things to keep in mind. Many older homes, especially those with heritage designations, need updates before you can get insurance. Things like replacing old plumbing, fixing wiring, or putting on a new roof might be required. In Oakville, if a home is considered a heritage property, you’ll need approval from the city before making any changes. That can make repairs and updates more complicated. It’s a good idea to talk to one of our insurance brokers and get a home inspection to know what work needs to be done and how to get the right coverage for your home.
Average Cost of High-RIsk Home Insurance in Oakville
The average cost of high-risk home insurance is usually between $80 and $120 per month, or about $960 to $1,440 per year*. However, the actual cost can vary based on a few things.
For example, the age and condition of the home matter a lot, including things like the roof, plumbing, electrical, and heating systems. If the home is older or needs repairs, it could cost more to insure. The homeowner’s history also plays a role. Things like past claims or missed payments can affect the price. Location is another factor. Homes in areas with higher risks, like near flood zones or far from fire hydrants, may cost more to insure. Finally, the level of coverage you choose and any extra add-ons can make a difference in price. The more risks involved, the more you’ll pay.
*This is an estimate only. Every situation is unique, and actual costs may vary based on factors such as your home’s age, condition, location, and coverage needs.
Who needs high-risk home insurance?
High-risk home insurance is designed for homeowners who have properties that face higher-than-usual risks. If your home or condo falls into any of these categories, it might be time to consider this type of coverage.
Vacant Homes and Condos
If you have a vacant home or condo, you’re likely dealing with additional risks that standard policies don’t always cover. Vacant properties are more vulnerable to damage from things like water leaks, vandalism, or even fire. Without regular upkeep or someone living there, these risks can become more significant, which is why you’ll need high-risk insurance to ensure your property is fully protected, even if it’s empty for a while. Whether it’s a seasonal home or a property that’s temporarily uninhabited, this coverage has you covered. Most if not all property insurance policies have vacancy clauses that need to be carefully reviewed. If the home is vacant for more than 72 hours or not fully occupied by a single family home type situation, coverages are likely not present in a vacant home situation.
Sewer Back-Up & Flooding
Sewer back-ups are a real problem in many Oakville homes, and they can lead to serious water damage and costly repairs. Unfortunately, not all standard policies include protection against sewer back-ups. If you live in an area with older sewer systems or have experienced flooding in the past, overland water coverage can add this extra layer of protection, making sure you’re covered in case things go wrong underground.
Hail Damage
Hailstorms can cause major damage to your home, especially to the roof, windows, and exterior. High-risk home insurance can step in to provide coverage for hail damage, which can be expensive to repair, especially when you’re dealing with multiple storms throughout the year. This coverage ensures that your home stays protected no matter how intense the weather gets.
Aluminum Wiring
If your Oakville home was built before the 1970s, it might have aluminum wiring. While it was commonly used back in the day, it can pose serious risks today. Aluminum wiring is more likely to overheat, which increases the risk of electrical fires. If your home still has this type of wiring, you might find it difficult to get regular insurance. That’s where high-risk insurance comes in, covering the added risks associated with older electrical systems.
Knob and Tube Wiring
Homes built before the 1950s may still have knob and tube wiring, a system commonly used in older buildings. While it was a standard method at the time, knob and tube wiring is now considered outdated and potentially dangerous. The wiring lacks a grounding system, and the insulation around the wires can deteriorate over time, increasing the risk of electrical fires. If your home still has knob and tube wiring, it’s essential to understand the risks it poses. Many insurance companies will either deny coverage or charge higher premiums for homes with this type of wiring. High-risk home insurance can offer the protection you need, covering the potential hazards of outdated electrical systems and ensuring your home remains safe and insured.
We understand that every home has its quirks and risks, and we’re ready to work with you to make sure your coverage fits your specific needs. Let us guide you through securing the right protection!
How to Get High-Risk Home Insurance Online
Getting high-risk home insurance online with us is quick, easy, and personalized to your needs. As a trusted insurance broker, we understand that some homes need a little extra care, whether due to age, location, or specific risks. If you’ve faced rejection from larger insurance companies or found the process overwhelming, we’re here to make things simpler for you.
To begin, simply fill out our online quote form with details about your home or schedule a consultation with us. We’ll take the time to review your information and offer tailored solutions, explaining all your options in a clear, straightforward way. Unlike larger insurers, we specialize in homes that need more attention and we work closely with you to find the best coverage that fits your needs and budget. We’re here to guide you through every step, ensuring you feel confident in your choice. Trust us to help you secure the right protection for your home, no matter how challenging or high-risk it may be.
Are you also in search of car insurance? You can bundle both high-risk policies with us. Contact us now to learn more.
Bundle your Home & Auto Insurance in Oakville
Bundling your home and auto insurance is a smart way to simplify your coverage and keep everything in one place. When you work with one of our brokers, we’ll make sure both your home and car are covered under a single policy, tailored to fit your needs. It’s all about convenience and ensuring your lifestyle is fully protected without the hassle of managing multiple policies.
Whether you’re balancing a busy family, work, or travel, we make it easy to keep everything under control. Helping you find the most convenient solution is our number one priority.
Interested in bundling? Reach out today, and let’s find the right plan for you.
Call James: (647) 966-7093
Work with James to ensure you get the best home insurance policy that meets your needs. With a seasoned expert on your side, you can discuss your unique situation and he can help lay out your options. Allow us to serve as your expert home insurance providers.