Name: 7 Home insurance myths that Stratford homeowners must know
Brand: stratfordtoday.ca
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7 Home insurance myths that Stratford homeowners must know

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        Stratford, Ontario, is a vibrant city situated in the heart of cultural richness, known for its picturesque scenery and inviting small-town ambiance.

Located just two hours west of Toronto, Stratford is adorned with elegant Victorian architecture and is celebrated for its thriving arts scene, including the prestigious Stratford Festival. Despite its allure, residents of Stratford must navigate the complexities of home insurance, as numerous myths and misconceptions could leave many inadequately covered under their existing policies.

With that being said, in this article, Orr Insurance will break down and debunk some of the most common myths surrounding home insurance that all Stratford residents should be aware of so they can make sure their homes are properly protected.



Home insurance, also commonly known as homeowner’s insurance or property insurance, covers a home and the belongings inside along with the surrounding property.

Typically, home insurance offers financial protection in the event that a theft, fire, windstorm, or other natural disaster occurs.

This includes:



Home insurance also often provides liability coverage in the event of an accident at the home. It may also include coverage for temporary living expenses if your home becomes unlivable due to expensive damage caused by a fire or storm.



Home insurance in Stratford&nbsp;is essential when it comes to protecting your home, property, and personal belongings.

Despite the fact that home insurance is one of the most common types of insurance held by Stratford residents, there are several myths and misconceptions that you should be aware of.



While home insurance typically provides coverage in the event of a fire or windstorm, you may not be covered for earthquakes, floods, or other disasters. The reason for this is that certain places are more susceptible to these disasters and insurers typically require home insurance policy holders to add on additional coverage.

For example, low-lying properties or waterfront homes may require additional coverage for flood damage, while homes in areas that are prone to tornadoes may also require policy add-ons.



If you work from home and have a home office, this will usually be covered under your home insurance policy. However, if you are self-employed and run your own business out of your home, you may be out of luck.

Home insurance policies usually have limited coverage for home-based businesses and often require you to obtain a separate business insurance policy to cover equipment damage, liability, etc.



Most home insurance policies will only provide coverage for damage or liability that occurred while the homeowner was on vacation under specific circumstances.

In fact, it’s quite common for providers to deny coverage if a home was left unattended for more than 7 days in a row. Some providers will however accept a claim if the homeowner is able to prove that they had someone periodically checking on the property.



While home insurance policies are designed to provide coverage in the event of a fire, theft, or other event that results in property loss or damage, there are often limits when it comes to valuables.

This includes jewellery, art, and electronics. If you have high-value, luxury items in your home, you may need to purchase additional coverage to protect these valuables.



It’s true that a home’s market value is a factor when determining your insurance premiums, however, there are also several other factors that come into play.&nbsp;Stratford home insurance providers&nbsp;look at a variety of factors when determining insurance premiums, including:





It’s a common belief amongst homeowners that their home insurance policy will protect them in the event of a flood.

In reality, home insurance policies typically only cover sudden and accidental water damage caused by accidents like a burst pipe.

In fact, home insurance policies rarely cover water damage caused by flooding. Therefore, residents of Stratford should always seek out additional flood insurance coverage to ensure their homes are fully protected against the unforeseen and often devastating impact of flooding.



Many homeowners assume that their standard home insurance policy will fully cover the loss or damage of high-value items such as jewellery, art, and antiques.

However, most policies have a cap on the amount they will pay for personal items. For complete protection of your high-value possessions, it’s often necessary to purchase additional coverage or a separate policy specifically designed for such items.



As you can see, home insurance is much more complex than you may have previously believed.

If you previously believed any of the myths Orr Insurance&nbsp;just debunked to be true, this is a sign that you should be working with an experienced local insurance broker for your Stratford home insurance needs.

Whether you’re seeking to protect your residence or run a home business that needs safeguarding, their team of Stratford&nbsp;home insurance&nbsp;experts at&nbsp;Orr Insurance&nbsp;will help you find the best home insurance policy that’s tailored to your specific needs.

Visit the Orr Insurance&nbsp;website to learn more about them and when you’re ready,&nbsp;contact their team&nbsp;to discuss your insurance needs.




        Stratford, Ontario, is a vibrant city situated in the heart of cultural richness, known for its picturesque scenery and inviting small-town ambiance.

Located just two hours west of Toronto, Stratford is adorned with elegant Victorian architecture and is celebrated for its thriving arts scene, including the prestigious Stratford Festival. Despite its allure, residents of Stratford must navigate the complexities of home insurance, as numerous myths and misconceptions could leave many inadequately covered under their existing policies.

With that being said, in this article, Orr...

7 Home insurance myths that Stratford homeowners must know

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