There is some form of home insurance coverage for you unique situation. A homeowner needs protection for their home, and personal liability from someone falling on their property. A condo owner will pay mainly to protect their contents and for personal liability coverage in the event that someone injures themselves while visiting the property. The building insurance, paid through condo fees, protects the building. Tenant’s insurance covers a renter’s personal belongings. NOTE: They are not covered under the homeowner’s insurance. A tenant should also seek their own personal liability insurance in case someone injures themself in their rented space.
Type of Coverage |
Coverage Description |
Property coverages |
Dwelling building |
Coverage for damages caused by all perils or specified perils, depending on your policy, for your dwelling (home) and attached structures, such as a garage or sun deck. It also includes coverage for swimming pools and permanently installed outdoor equipment, like a children's play set.
Coverage amount:
Replacement cost of your home
Included:
Yes
|
Detached Private Structure(s) |
Coverage for damages caused by all perils or specified perils, depending on your policy, for any privately detached structures you have on your insured premises; such as a tool shed, detached garage, or pool house.
Coverage amount:
10% - 20% of replacement cost
Included:
Yes
|
Personal Property |
Essentially you are covered for all personal property that you own, wear, or use. This includes your contents, clothing and other personal items - examples would be jewelry, artwork, furniture, electronics, etc...
Coverage amount:
70% - 80% of replacement cost
Included:
Yes
|
Additional Living Expenses |
Will provide you with the means to cover the costs of additional living expenses if you have to live away from your home for a period of time due to an insured loss (i.e. a loss caused by an insured peril).
Coverage amount:
20% - 30% of replacement cost
Included:
Yes
|
Liability coverages |
Personal Liability |
Provides coverage for lawsuits filed against you by individual(s) that have been injured on your insured property. An example would be a visitor who falls down on your icy walkway during the winter and chooses to sue.
Coverage amount:
$100,000 - $5,000,000
Included:
Yes
|
Voluntary Medical Payments |
If you unintentionally injure another person or they are injured on your property, your insurer will agree to pay the individual's reasonable medical expenses (i.e. surgery, dental, etc...) for up to one year from the date of the accident.
Coverage amount:
$1,000 - $10,000
Included:
Yes
|
Voluntary Property Damage |
If you or a child of yours (age 12 and under) unintentionally causes direct damage to property that is not your own, your insurer will agree to reimburse the owner of the damaged property.
Coverage amount:
$500 - $6,000
Included:
Yes
|
Common Coverage Additions & Endorsements |
Overland Water |
This is protection from rivers, streams or other bodies of water overflowing onto dry land and causing damage to your home. It can also be caused by a spring thaw from melting snow
Coverage amount:
$1,000 - $50,000
Included:
No, must be added
|
Sewer Backup |
This is when the main sewers back up from overflow into your house. You can limit your risk by installing a backflow preventer. If you live at the bottom of a hill, or a low lying area, we recommend sewer backup protection.
Coverage amount:
$10,000 - $50,000
Included:
No, must be added
|
Earthquake |
Earthquake damage is not typically covered under a standard home insurance policy. If you live in B.C. or Quebec, areas more prone to earthquakes, it is an important addition.
Coverage amount:
Replacement cost of your home
Included:
No, must be added
|
Mass Evacuation |
If you are mandated to leave your premises due to great risk or danger, adding this coverage will help pay for some of the expenses like hotels and food.
Coverage amount:
$2,500- $10,000
Included:
No, must be added
|
Identity Theft |
There are many ways you may be the victim of identity theft including, but not limited to, credit cards, passports, and bank accounts. While some banks will reimburse you for lost funds, the other associated costs may be substantial.
Coverage amount:
$5,000- $30,000
Included:
No, must be added
|
Freezer Food |
Provides coverage for food contained in a freezer that is located on your insured premises, if the loss or damage is due to either mechanical breakdown or an outside power disruption.
Coverage amount:
Up to $2,000
Included:
No, must be added
|
Credit/Debit Cards, Forgery & Counterfeit |
Helps to offset financial loss incurred due to theft and/or other losses directly attributable to forgery or counterfeit activities.
Coverage amount:
Up to $200 per transaction & $2,000 annually
Included:
No, must be added
|
Lock Replacement |
Helps with the replacement of the locks at your home if your keys have been lost or stolen as part of a burglary. The loss must be reported to the authorities and your insurer will determine whether or not to approve the lock replacement claim.
Coverage amount:
Up to $500
Included:
No, must be added
|