Property Insurance Quote Builder

Property insurance is a financial tool that protects your home and belongings from damage or theft. Whether you own a house or rent an apartment, a policy ensures that you won’t face a devastating financial loss after an unexpected event like a fire, storm, or break-in. In exchange for your monthly premium, the insurance company agrees to help cover the costs to repair, replace, or rebuild what you lost. For homeowners with a mortgage, it’s required; for renters, it’s an important safeguard for your personal possessions.

How to Use the Calculator

1. Start by choosing your insurance type. The calculator options will change based on your choice (Renter’s or Homeowner’s).
2. Use the dropdowns, and checkboxes to build a policy that reflects your needs.
3. Once you’ve made your selections, click the Calculate Quote button at the bottom.
4. The calculator will display your Estimated Monthly Premium and a detailed Quote Breakdown. This table shows how each part of your policy adds up to your final price.

Key Financial Terms

• Actual Cash Value (ACV): A method of valuation for a claim. It pays for the replacement cost of a damaged or stolen item minus depreciation. For example, if your 5-year-old laptop is destroyed, ACV would pay you what a 5-year-old laptop is worth today, not the cost of a new one.
• Attractive Nuisance: A feature on a property that is both tempting and dangerous to children, such as a swimming pool, trampoline, or treehouse. Homeowners have a special legal responsibility to secure these features, and they often increase liability premiums.
• Deductible: The fixed amount you are responsible for paying out-of-pocket on a claim before the insurance company pays its portion. A policy with a higher deductible will typically have a lower monthly premium, while a lower deductible leads to a higher premium.
• Dwelling Coverage: The part of a homeowner’s insurance policy that covers the cost to repair or rebuild the physical structure of the home itself, including the walls, roof, and foundation.
• Liability Coverage: This coverage protects you from the financial cost of lawsuits if someone is injured on your property or if you or your family members cause damage to someone else’s property. It covers legal defense costs and any resulting settlements or awards.
• Peril: An event or hazard that can cause a financial loss, such as fire, theft, wind, or hail. Policies can be “named-peril” (only covering listed events) or “open-peril” (covering all events except those specifically excluded).
• Personal Property Coverage: This covers the cost to repair or replace your personal belongings if they are damaged or stolen by a covered peril. For renters, this is the primary coverage in their policy. For homeowners, it is a component of their overall policy.
• Premium: The amount of money you pay to an insurance company—typically billed monthly, semi-annually, or annually—to keep your insurance policy active.
• Quote: An estimate of what your insurance premium will be based on the property information, risk factors, and coverage levels you select. It is not a binding contract.
• Replacement Cost (RC): A more comprehensive method of valuation. It pays the full cost to replace a damaged or stolen item with a new one of similar kind and quality, without deducting for depreciation. RC coverage results in a higher premium than ACV.
• Rider (or Endorsement): An amendment or addition to a standard insurance policy that adds, removes, or changes coverage. Riders are used to get extra protection for high-value items like jewellery, or to add coverage for specific perils like earthquakes or water backup that are not typically included in a base policy.

Getting Property Insurance Scenario

First, switch the calculator to Homeowner’s Insurance mode. Then, use the calculator to input all of the information and establish your baseline monthly premium. This will be your starting point for the quiz questions that follow.

Core Coverage

• Property Coverage (Dwelling): $350,000
• Liability Coverage: $500,000
• Deductible: $1,000

Property Profile

• Location: Suburban
• Building/Construction: Brick (Vaneer)
• Roof Age: 6-15 years
• Year Built: 1961-2000
• Home Updates: Updated plumbing only
• Local Fire Protection: Suburban (Good)

Risk & Discounts

• Pets: Dog on Premises
• Protective Devices: Smoke Dedectors
• Optional Riders: None

Once you have entered all the details, click ‘Calculate Quote’ and note the total estimated monthly premium and the details in the “Quote Breakdown” section. You are now ready to begin the quiz!