Home Coverage
Regardless of the size and scope of your property and belongings, we offer coverage that helps protect your home.
When do you need home insurance?
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. Be sure to review your lender’s instructions before exploring your insurance options to ensure your coverage meets their requirements.
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.
Additional coverages
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.
Helping Canadians adapt to the changing climate
If you experience a property loss, our Stronger Home and Eco-Friendly products will cover the increased cost of replacing your damaged property with more energy efficient and resilient alternatives.
When to talk to your insurance broker
The insurance policy you purchase when you first move into your home will reflect your needs at that exact time in your life. Over time, our needs change — and you should alert your broker of important updates so they can make sure you're always fully covered.