Types of home insurance

Home insurance in Canada comes in many forms. 

To begin, there are 3 types of home insurance coverage and they are:

• Comprehensive - The choice for most Canadians that protects the building and its contents from all risks.
• Broad coverage - Covers the structure and contents for direct physical loss, but there are some exclusions like only covering your valuables against specific risks or perils.
• Basic coverage - Otherwise known as named perils, where it only covers you for what you've named as a risk. So, you can name lightning, but if a burglar robs you and you haven't named it, there's no insurance.

Of course, the type of homeowner you are is another factor, they include the following: 

• House insurance - for a detached, semi-detached, or row house. 
• Condo insurance - for buildings with self-contained units, also known as strata in B.C.
• Renters insurance - if you rent, yes there is insurance designed to protect you and your valuables
• Rental property insurance - If you're a landlord, you'll want to use this insurance. 
• Vacation property insurance - calling all cottagers and snowbirds, this insurance is for you. 

Within each of those policies, there are different types of home insurance coverage depending on several factors including the location of the property and its propensity for earthquakes, floods, or theft.  

Whatever type of home insurance policy you get, we'll help walk you through each with tips and tricks so you can select the best coverage to suit your needs.