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If you own a home, you should have a home insurance policy in place. Not only is it generally a requirement among mortgage lenders, but it’s also something that you should have to protect what is likely the most valuable asset you own.
Home insurance can provide you with financial compensation to cover the cost of damage to your home and its contents. Plus, this type of policy can protect you against potential litigation if someone is hurt while on your property. Repairing a damaged home or paying legal fees if you’re sued can be extremely costly. With a home insurance policy in place, these costs can be covered.
There are plenty of home insurance providers in Canada, including The Co-operators. This insurance company is a leader in the country when it comes to insurance products, and thousands of homeowners entrust the firm to provide coverage for their homes.
Who Are The Co-Operators?
Established in 1945, The Co-operators has since become one of the more trusted insurance companies in Canada. The company is entirely Canadian-owned and is a key player in the Canadian group insurance market.
The Co-operators offer a variety of insurance policies, including home insurance. Homeowners can choose from a number of options to ensure they have the right amount of coverage to suit their needs and comfort levels. The firm also offers additional coverage options, as well as a handy app that policyholders can use to access their accounts and file claims.
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The Co-Operators And Home Insurance
The Co-operators insures a variety of property types and offers the following types of policies:
Primary Home Insurance
Your home is a valuable asset, as are the contents within it. With a home insurance policy from The Cooperators, the actual structure and the contents within the home will be protected against damages. Whether your home is subject to fire, theft, or vandalism, you’ll receive coverage to help pay for any repairs or replacement as required. You may also receive coverage to pay for temporary housing if your home is deemed uninhabitable.
Find out if you need insurance for an unoccupied home.
If you live in a condo, you won’t be responsible for insuring any of the common areas of the building, including the lobby, elevators, or hallways. However, you could be held liable if you damage any common areas in the building, in which case you would be required to cover the cost of damages. Plus, you are responsible for your own unit, including everything within the interior walls.
With a condo insurance policy from The Co-operators, your unit and any liability you may assume for damage to common areas of the condo will be covered.
Are you renting? Check out your rights and responsibilities as a tenant.
The property owner will be responsible for taking out a home insurance policy on the home. If you are currently renting your home, you may not be required to take out a home insurance policy, as that would be the responsibility of the property owner. However, you may still want to consider taking out a tenant insurance policy, which offers some of the perks of home insurance, except for coverage for the structure.
Not sure what kind of insurance policy you should get? Check out our guide on insurance basics.
A tenant insurance policy will provide coverage for damage done to your personal property as a result of fire, smoke damage, theft, or vandalism. Your landlord’s policy will not cover your own personal contents, so it’s your responsibility to have your own coverage.
Are you renting out your property? Be sure you get landlord insurance.
As the owner of a seasonal property, you may want to protect this dwelling much like you would with your primary residence. A seasonal insurance policy will protect your cottage, mobile home, beach house, or any other type of seasonal home you may have. This type of insurance is specifically designed for properties that are vacant for long periods of time and maybe more vulnerable to damage.
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What Is Covered Under The Co-Operators Home Insurance?
The type of coverage that you have with home insurance will depend on the exact policy you take out. The Co-operators offers 3 types of home insurance coverage:
- Classic – This is the most affordable policy and is best suited for those looking for basic coverage at lower premiums.
- Prestige – This policy offers the most coverage for your home and its contents, with slightly higher premiums compared to the classic policy.
- Prestige Plus – You can fully customize your home insurance policy to best suit your unique needs. The Prestige Plus policy is best suited for higher-value properties with valuable contents within it that may not be covered under a standard policy.
Thinking of switching home insurance providers? Find out how to cancel your home insurance policy.
Overview Of The Co-Operators Home Insurance Coverage
-Collapse from the weight of snow or ice
-Accidental glass breakage
-Land vehicle impact
-Riots, theft, vandalism
-Transportation of personal property
|All perils listed under Classic, with additional coverage, including damage caused by spilled paint.|
|Liability Coverage||Up to $3 million with increased limits available.||Up to $3 million with increased limits available.|
|Personal Property||Replacement cost coverage.||Replacement cost coverage.|
Additional Optional Coverage
|Scheduled Personal Articles||Regular personal property covered up to your personal property limit. Items worth more than the limit may be insured as scheduled personal articles, such as jewellery, watches, gems, and furs.|
|Personal Umbrella Liability||Add $1 to $5 million of liability coverage above your policy limits with no deductible. Extended liability coverage can be applied to auto, seasonal home, and watercraft policies.|
|Comprehensive Water||Coverage for water damage including:-Water-Storm surge-Septic or sewer backups-Flooding from the overflow of a body of water.|
|Escape of Fuel Oil||Optional coverage available for damage caused by oil leaking from an oil tank used to heat your home.|
|Earthquake||Extra coverage for damage caused by earthquakes.|
|Guaranteed Replacement on Building||Coverage for the actual cost to repair or replace your home, even if the cost exceeds the insured limit. Automatically included in the Prestige plan if the dwelling is not a heritage home.|
|Enviroguard||Optional coverage to replace damaged property with more eco-friendly products. Coverage includes:|
-Environmental building materials
Cost Of Using The Co-operators
Every homeowner will be quoted a specific rate for home insurance, as these policies are based on a number of different factors, including the following:
Size Of Your Home
Generally speaking, a larger home will be more expensive to insure compared to a home with less square footage. If your home is destroyed and must be rebuilt, it would cost more in materials, which is why size plays a role in your premiums.
Find out if you need extra home insurance when renovating your home.
Age And Condition Of Your Home
An older home in poor condition may be more at risk for issues to occur. As such, the risk is a bit higher for the insurance provider, who will charge higher premiums as a result.
Activity Within The Home
If you operate a business out of your home, you may need to pay more in insurance to receive more coverage given the added risk. A home business rider may offer added protection to equipment like your desk, computer, and other items you have in your home that you need to run your business.
Certain areas have a much higher rate of floods, earthquakes, sewer backups, or other issues than others, and insurance companies follow these trends and apply their premiums accordingly. If you’re located in an area where your home is at a higher risk of damage from any one of these situations, your premiums will reflect them.
Heating, Plumbing, And Electricals
Old lead pipes, knob and tube electrical wiring, and wood-burning heat all increase the risk of a fire or burst pipes in your home. As such, you’ll likely pay more for insurance than you would with more modern heating, plumbing, and electrical systems.
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Age Of The Roof
Roof damage is a common claim among homeowners. If your home’s roof is old and in dire need of repair, your home is much more susceptible to water damage. In this case, your insurer will charge you a higher rate, especially if the roof’s warranty has expired.
- Proximity To Fire Hydrants And Fire Stations – Your home insurance premiums will likely be lower if your home is located close to a fire hydrant or fire hall.
- Safety devices – Homes that have security systems, smoke alarms, exterior lighting, damage-resistant roofing and siding materials, and other devices and materials that keep the home safe can qualify for a discount on home insurance premiums.
Claims History And Coverage Amount
If you’ve made numerous claims in the past, your insurance provider will view you as a higher-risk client and may increase your premiums as a result. Similarly, getting a more comprehensive policy will cost you more than a basic one.
A deductible will need to be paid out-of-pocket before your policy will provide financial compensation after an incident. The higher your deductible, the lower your premiums will be, and vice versa.
Thinking about renting? Find out if your landlord will check your credit score.
Your Credit Score
Like other insurance companies, The Co-operators will want to know your credit score before solidifying your premiums, as it is an indicator for future claims. Generally speaking, a higher credit score can translate into a lower premium.
Having said all that, the average premium for a home insurance policy from The Co-operators is approximately $72 per month. That’s somewhere in the middle compared to other insurance companies in Canada.
Does The Co-Operator Perform Credit Checks?
As mentioned earlier, your credit score plays a role in the premiums you will pay for your home insurance policy. As such, The Cooperators will need to pull your credit report to find out what your score is, as long as provincial regulations allow it.
But this is considered a “soft pull,” which means that your credit score will not be affected, unlike a “hard pull” which could temporarily pull your credit score down.
How Do You Make A Claim With The Co-Operators?
You can file a claim 24 hours a day, 7 days a week through any one of the following channels:
- By phone by calling the Claim Centre at 1-877-682-5246 (1-877-594-2667 in Quebec)
- Online through your account
- Via the mobile app
- Via email
After filing a claim, you will be assigned a dedicated representative who you can contact directly.
To speed up the claims process, you may want to submit your claim electronically by filling out the appropriate claim form based on the situation you’re reporting.
Watch out for these mortgage renewal scams.
Should You Get Home Insurance With The Co-Operators?
The Co-operators is one of the most trusted names in Canadian insurance companies. It’s got a long track record of satisfied customers and offers comprehensive policies at average rates. Plus, the company offers a variety of other policies, including life and auto insurance. If you take out all your insurance policies under one roof, you may be able to take advantage of a bundled rate.
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