Coverage to Suit Your lifestyle
Coverage varies from one insurer to the next, so it is important to speak with a broker, who can determine what policy suits your specific needs. Home Insurance protects the dwelling, contents and your personal liability.
Comprehensive Policy is the most inclusive policy you can purchase, and is the recommended policy coverage. Both the building and the contents are insured to all risks, except for the ones specifically excluded in your policy wording. There are perils that most companies will not insure, and you can find more information here.
Basic/Standard or Named Perils Policy leaves you carrying some of the financial risk of some losses yourself. This type of policy covers only those perils that are specifically stated.
Personal Liability is included with all property insurance policies. Whether you own or rent your home, you can be held liable for bodily injury or property damage unintentionally caused to others. This personal liability is what will cover you, if such an event occurs on your property or anywhere in the world. You, your spouse and your dependants are covered!
If you live in a Condo/Strata, you require customized insurance for your property type!
Optional Coverage can protect against financial losses that are not automatically included in any type of Home Insurance policy:
Sewer Back Up Coverage covers you in the event sewers back up into your basement. Especially important coverage to have if your area has combined storm and sanitary sewers. You may also want to install a back-flow prevention device as prevention and to receive any discounts the insurance company may offer.
Overland Water Coverage is a fairly new coverage being offered by most insurers, but with very different coverage wording between companies. It provides coverage for water damage caused by overflow of a lake or river, heavy rain or rapid snow melt that enters your home on or above ground level.
Earthquake Coverage while not as frequent as other natural disasters, can cause tremendous damage to your home. This coverage protects you against loss or damage to your property caused by the actual shaking of the earth. It may be added to your policy, subject to a higher deductible.
Most home insurance policies DO NOT cover for: Property taxes, condo fees, mortgage payments or the land.