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Home insurance

Coverage for your home and belongings

The most common prompt for a new home insurance policy is the purchase of a home, as mortgage lenders require coverage to be in place before approving funding to close the sale. Review your lender’s instructions before exploring your insurance options to ensure your coverage meets their requirements.

Home coverage plans at a glance

Our Basic, Broad and Comprehensive plans include coverage for buildings (house, garage, sheds), contents, and Loss of Use. Additional coverages are available in all plans.

Basic

This type of coverage lists events that are covered if damage occurs to your house, garage, shed or any of their contents.

Common events that may be covered in a Basic policy include:

  • Water
  • Fire and smoke
  • Hail, wind and lightning
  • Glass breakage
  • Explosion
  • Vandalism
  • Impact by a vehicle
  • Theft or attempted theft

Also referred to as "Standard" or "Named Peril" coverage.

Broad

This type of coverage treats buildings differently than your contents when damage occurs.

For home, shed and garage, it lists events that are not covered.

For your contents, it lists events that are covered.

Comprehensive

This type of coverage lists events that are not covered if damage occurs to your house, garage, shed or any of their contents.

For example, damage may not be covered by a Comprehensive policy if by:

  • Terrorism
  • War
  • Nuclear events
  • Business or farming operation
  • Vacancy over 30 days
  • Wear, tear or deterioration

Also referred to as "Special" or "All Risk".

How it works: an example

You, a confident painter, are painting your living room walls without drop cloths for protection. However, you trip coming down the ladder and spill paint all over your flooring.

Note: wall-to-wall carpeting is considered part of the building, where area rugs qualify as contents.

Basic

There would be no coverage for either wall-to-wall carpet or an area rug. This is because paint spillage is not a listed event in your policy.

Broad

The area rug spill would not be covered because paint spillage is not listed as an event covered for contents.

However, wall-to-wall carpet spill would be covered for any cost over your deductible. This is because carpeting is considered part of the building.

Comprehensive

You would be covered for any cost over your deductible for damage to both the area rug and the wall-to-wall carpet. This is because paint spillage is not an excluded event from this level of coverage.

Details for buildings

Additional details about coverage for your house, garage and sheds.

Basic

This type of policy lists the events that are covered if damage occurs.

Broad

This type of policy lists the events that are not covered if damage occurs.

This includes:

  • Terrorism
  • War
  • Nuclear events
  • Wear, tear or deterioration

Your broker can make special arrangements for certain exclusions:

  • Business or farming operation
  • Vacancy over 30 days
Comprehensive

Your buildings will be covered against any damage or loss that is not specifically excluded by the policy.

Details for contents

Contents are all the items and belongings you have brought into your insured house, garage and shed(s).

Basic

Your contents will be covered against damage or loss arising from the events listed in your Basic policy.

Broad

Your contents will be covered against damage or loss arising from the specific events listed within your Broad coverage policy.

This may include:

  • Water
  • Fire and smoke
  • Hail, windstorm, lightning
  • Glass breakage
  • Explosion
  • Vandalism
  • Impact by a vehicle
  • Theft or attempted theft
Comprehensive

Your contents will be covered against any damage or loss that is not specifically excluded by your Comprehensive policy.

Frequently asked questions

What is replacement cost?

This is the total amount needed to rebuild your home and buildings if they were to be destroyed.

The replacement cost of garages and sheds is calculated as a percentage of your home's replacement cost value.

Your broker will help determine your replacement cost value and can clarify the distinction between replacement cost and the market or tax assessment value.

What are content limits?

Your content limit is generally set using a percentage of your building value. For Homeowners, we use 80% of the Amount of Insurance for your buildings or home.

Ask your broker if any coverage limits apply to certain items. For example, jewellery loss is limited to $10,000 for theft and mysterious disappearance. Calculate the value of your contents.

What is Loss of Use?

Commonly referred to as Additional Living Expenses, Loss of Use coverage is included in all home plans. It pays for the potential increase in your living expenses if you are temporarily unable to live in your home as a result of an insured event.

Your Loss of Use coverage is typically determined using a percentage of your building value. For Homeowners, we use 20% of the Amount of Insurance for your buildings or home.

Learn more about Loss of Use coverage.

What is Personal Umbrella coverage?

A lot of people associate liability with businesses or high-income earners. The reality is that most of us are targets for legal action, even when going about our day-to-day lives.

With personal umbrella coverage, you get additional liability protection that goes beyond your current home or auto policies. It covers your legal fees and loss of income from liability claims – even if you experience an incident outside of Canada. Learn more.

What additional coverages do I need?

Most insurance policies allow you to customize coverage for additional items such as jewellery, cottages, boats and motors, or extend certain coverages to a home-based business.

Things to consider:

  • Do you operate a business out of your home or garage?
  • Do you own a cottage?
  • Does the value of your jewellery exceed the limit offered by your policy?

Your broker is the best resource to assess your unique needs and determine which additional coverages may help protect you and your home.

Ready to talk?

Your insurance broker can provide a customized plan and quickly answer all your questions.

Find a broker

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