There's no question you need insurance. After all, the place you call home - and your possessions within it - mean a lot to you. Why wouldn't you want to protect them?
As a homeowner there are three levels of home insurance coverage available to you – Standard, Broad and Comprehensive.
*Please note some conditions may apply
These are just some of the items covered under home, tenant and condominium unit insurance. Consult with one of our specialized home insurance representatives for more information and more accurate dollar amounts.
(both building and property)
|Perils Covered||Fire, lightning, explosion, falling objects, impact by aircraft or land vehicle, riot, water smoke, windstorm, hail, vandalism, theft, transportation of personal property and electricity.||All perils covered under Broad, plus more. For example, unintentional damage such as paint spilled on a carpet.|
|Liability Coverage||Up to $2 million|
|Dwelling/Building Home only||Replacement value up to insurance limit|
|Detached Structures Home only||Additional 15% of building limit|
|Identity Theft||Identity Fraud Recovery Expenses - up to $10,000|
|Personal Property||Actual cash value, option to purchase Replacement Cost Endorsement*||Replacement Cost*|
|Personal Property Moving Coverage||30 days or until end of policy term, whichever occurs first|
|Dishonesty of Others||Credit/Debit Card & Cheque Forgery -
Counterfeit Currency - $500 limit
|Credit/Debit Car & Cheque Forgery -
Counterfeit Currency - $1,000 limit
No deductible applies to this coverage
|Dwelling lock re-code or replacement||$500 limit with no deductible if no other damage||$1,000 limit with no deductible if no other damage|
|Vehicle lock re-code or replacement||No coverage||$500 limit with no deductible if no other damage|
|Student property||20% of personal property limit||Cover up to personal property limit|
|Family member's property in health care facility||No coverage||$10,000 limit|
|Money and cash cards||$300 limit||$500 limit|
|Securities||$2000 limit||$7000 limit|
|Business books, tools while on premise||$2000 limit||$3000 limit|
|Jewellery, gems, watches and furs||$2000 limit||$6000 total with a $3000 per item limit|
|Stamp collections and manuscripts||$1000 limit||$3000 limit|
|Coin and money collections||$500 limit||$3000 limit|
|Comic books and collector cards||$1000 limit||$3000 limit|
|Bicycles||$300 limit for each||$1000 limit for each|
|Watercraft and equipment||$1000 limit||$2000 limit|
|Outdoor trees, plants, shrubs||5% of personal property limit, $500 limit per tree (cando). 5% of building limit, $500 limit per tree (home).|
|Debris removal||Up to personal property limit for condo and tenant insurance plus additional 10% if needed.
Up to building limit for home insurance plus additional 10% if needed.
Extra insurance options can be added to your insurance plan as endorsements. An endorsement is an add-on to your insurance policy that covers a specific item or event.
Additional Personal Liability
If you have recreational property (like a cottage) or a boat, are active in your community, or volunteer for school field trips or outings with your children's friends, you should consider additional personal liability insurance.
Personal liability provides protection if you are sued for causing property damage, or bodily injury, as well as covering legal expenses if a claim is not covered by your other insurance. You also have the insurance company’s commitment to defend you in court against any action, even if it is frivolous.
Scheduled Personal Articles
Regular personal property, such as a television or personal use computer, is covered under your policy up to your personal property limit. Special limits are set on items like jewellery or securities. If these items are worth more than the limit specified, you may want to insure them as scheduled personal articles. There are other situations when you many want to schedule a particular item to insure it for additional perils or with a lower deductible.
Jewellery, Gems, Watches and Furs
Our Comprehensive home insurance policy only covers up to $3,000 per item, and a total of $6,000. Our Broad policy only insures up to a total of $2,000 for all jewellery, gems, watches, and furs. If you have a high-value item like an engagement ring, you should insure it as a scheduled personal article.
Extended Water Damage
Extended water coverage insures water damage incidents including sewer backup, which is not covered under your home insurance policy. Flood damage is not covered by private insurers in Canada; governments have various assistance plans under these circumstances.
This extra coverage extends the policy to cover damage caused by earthquakes.
You can purchase a boating equipment endorsement for smaller pleasure boats valued under $100,000 and not more than 7.9 metres (26 feet) in length. This endorsement includes:
Guaranteed Replacement on Building
Under your home insurance policy, the home is assigned a specific replacement value. With the Replacement Cost Guarantee, the actual cost to repair or replace your home is covered, even if this cost exceeds the insured limit. The replacement cost guarantee is automatically included in our Comprehensive home insurance plan if the building was constructed after 1945.
Replacement Cost Endorsement
With the replacement cost endorsement, personal property is insured for replacement cost at today's prices, not its depreciated value; for example, what it would be worth if you were to sell it as a used item.
Canada is going green, and we want to help. With our Enviroguard coverage, you can choose to replace damaged property with more eco-friendly and sustainable products. For just $40 per year, we will pay an additional 10% of the claim amount up to $50,000 for repair or replacement of your damaged or destroyed property with more environmentally responsible alternatives, such as bamboo floors, ENERGY STAR approved appliances and other earth-conscious options. Enviroguard is just one way we are implementing our company-wide sustainability initiative.
The coverage includes:
Have questions or need to find the right coverage? We can help, contact us today.