We are here to help you find a customized home insurance coverage that will protect what you value by choosing a cover that suites your needs.
Is your home and its assets protected from theft, damage, or loss?
Are you looking for ways to make you feel more secure, with more coverage?
Are you worried about those extra expenses and liabilities that may arise in the event that you can’t live in your home?
What is Home Insurance?
Home insurance is the type of cover that provides financial security to your home including its contents and assets in case of theft, loss, or damage to the inside and outside of your home or property. The cover may also include emergency living expenses like hotel bills and rental fees in the event that you are unable to live in your insured home.
How does Home Insurance work?
Home insurance primarily covers the dwelling place, its contents, and personal liabilities. There are 7 standard sections that are insured by the Canadian home insurers within a home. any policyholder is expected to pick a plan that works to the satisfaction of their needs.
Why should you consider purchasing Home Insurance?
- Damages by Water
- Damages by Fire and Smoke
- Damages by Storm
- Damages by earthquake
- Damage or loss to your home
- Damage, theft or loss of your personal possessions
- Personal property stolen from your vehicle
- Damage or injury to others who visit your home or property
- Accidental damage you cause to somebody else’s property
What's not covered in Home Insurance?
- Wear and tear
- Pollution
- Intentional heat application
- Animal or insect damage
Types of Home Insurance
A comprehensive policy provides the most coverage by covering all risks to your home and contents except for any risks named in your policy as exclusions. Also referred to as a special or all-perils policy.
A standard policy provides less coverage as compared to a comprehensive policy. It only covers the risks to your home and contents that are named in your policy. It is also referred to as a basic or named perils policy.
A broad policy offers a level of coverage in between comprehensive and standard policies. Also referred to as a broad-form policy.
A no-frills policy provides the least amount of coverage. It offers very basic coverage for homes that don’t meet the usual standards for insurance.
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What are the variations of home insurance?
Condominium insurance
Condominium coverage provides coverage to any damage or loss incurred in the inside of your unit and your storage locker. It also covers personal liability claims in case someone is injured in your home. Condominium insurance may pay for:
- Damage to the inside structure of your unit.
- Damage to, or loss of, your belongings.
- Damage to improvements you, or the previous owners, made to your unit.
- Damage to other units or the condominium common areas if they are caused by an accident that happens in your condo.
- Limited additional living expenses in the event that you are unable to live in your condominium .
Tenant’s insurance
The tenant’s insurance is best suited for those who live in an apartment or rent your home from someone else. It is sometimes referred to as renter’s insurance and it may pay for the following:
- Damage to or loss of your possessions if you rent or lease your apartment or home from someone else.
- Personal property stolen from your vehicle.
- Accidental damage you cause to any part of the apartment building or home you’re renting.
- Injury to visitors.
- Additional living expenses as a result of not being able to live in your home for reasons covered in the policy.
Insurance for a home-based business
This type of insurance is highly advisable for those with a home-based business. You should know that getting home insurance doesn’t cover your home-based business because home insurance doesn’t pay for claims related to home-based insurance. Inform your insurer to get the right insurance for your home. Home insurance is not liable to cover the following:
- Business equipment that is damaged while in your home.
- Business equipment that is stolen or damaged while in a vehicle or outside of your home.
- Business tools that are stolen or damaged while in a vehicle or outside of your home.
- Injury to a client while visiting your home, also known as personal liability.