HOMEOWNERS INSURANCE

Homeowners Insurance

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.

• Your House:  Our home insurance protects your house and outdoor structures, such as a garage, gazebo, dog house.
• Your Contents:  From your exercise equipment to your kitchen and everything in between.
• You:  ​Your Personal liability protection is set at $1 million worldwide - Higher amounts can be purchased.

 

What's covered under home insurance?

*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.

Coverage	Broad	Comprehensive (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 - $2,000 limit Counterfeit Currency - $500 limit	Credit/Debit Car & Cheque Forgery -  $5,000 limit  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.

 

Optional Insurance

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.

Earthquake

This extra coverage extends the policy to cover damage caused by earthquakes.

Boats
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:

• Coverage for your boat and all equipment permanently attached to the hull, spars, sails, tackle, motor, trailer and accessories as specifically described
• Coverage for runabouts, cruisers, sailboats, rowboats, canoes, kayaks, pontoon boats, inflatable boats, jet boats, windsurfers, paddle boats and other personal watercraft

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.

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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.

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Enviroguard TM*

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:

• Environmental building materials
• Sustainable construction
• Greener architecture
• Renewable energy
• Energy efficiency