Home Coverage

Regardless of the size and scope of your property and belongings, we offer coverage that helps protect your home.

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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.

When to talk to your broker

Home coverage plans at a glance

The Basic, Broad and Special plans include coverage for buildings (house, garage, sheds), contents, and Loss of Use. Additional coverages are available in all plans.

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Basic

This type of coverage lists events that are covered if damage occurs to your house, garage, shed or any of their contents

Common events that may be covered in a Basic policy include:

  • Water
  • Fire and smoke
  • Hail, wind and lightning
  • Glass breakage
  • Explosion
  • Vandalism
  • Impact by a vehicle
  • Theft or attempted theft

Also referred to as "Standard" or "Named Peril" coverage.

Broad

This type of coverage treats buildings differently than your contents when damage occurs.

For home, shed and garage, it lists events that are not covered.

For your contents, it lists events that are covered.

Special

This type of coverage lists events that are not covered if damage occurs to your house, garage, shed or any of their contents

For example, damage may not be covered by a Special policy if by:

  • Terrorism
  • War
  • Nuclear events
  • Business or farming operation
  • Vacancy over 30 days
  • Wear, tear or deterioration

Also referred to as "Comprehensive" or "All Risk".

How it works: an example

You, a confident painter, are painting your living room walls without drop cloths for protection. However, you trip coming down the ladder and spill paint all over your flooring.
Note: wall-to-wall carpeting is considered part of the building, where area rugs qualify as contents.

Basic

Result
There would be no coverage for either wall-to-wall carpet or an area rug.

Why?
Paint spillage is not a listed event in your policy.

Broad

Result: Area rug spill
There would be no coverage.

Why?
Paint spillage is not listed as an event covered for contents.


Result: Wall-to-wall carpet spill
You would be covered for any cost over your deductible.

Why?
Wall-to-wall carpet is considered part of the building.

Special

Result
You would be covered for any cost over your deductible for damage to both the area rug and the wall-to-wall carpet.

Why?
Paint spillage is not an excluded event from this level of coverage.

Details for buildings

Additional details about coverage for your house, garage and sheds.

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Basic

This type of policy lists the events that are covered if damage occurs.

Broad

This type of policy lists the events that are not covered if damage occurs.

This includes:

  • Terrorism
  • War
  • Nuclear events
  • Wear, tear or deterioration

Your broker can make special arrangements for certain exclusions:

  • Business or farming operation
  • Vacancy over 30 days

Special

Your buildings will be covered against any damage or loss that is not specifically excluded by the policy.

Replacement Cost

This is the total amount needed to rebuild your home and buildings if they were to be destroyed.

The replacement cost of garages and sheds is calculated as a percentage of your home's replacement cost value.

Your broker will help determine your replacement cost value and can clarify the distinction between replacement cost and the market or tax assessment value.

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Details for contents

Contents are all the items and belongings you have brought into your insured house, garage and shed(s).

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Basic

Your contents will be covered against damage or loss arising from the events listed in your Basic policy.

Broad

Your contents will be covered against damage or loss arising from the specific events listed within your Broad coverage policy.

This may include:

  • Water
  • Fire and smoke
  • Hail, windstorm, lightning
  • Glass breakage
  • Explosion
  • Vandalism
  • Impact by a vehicle
  • Theft or attempted theft

Special

Your contents will be covered against any damage or loss that is not specifically excluded by your Special policy.

Content Limits

Your content limit is generally set using a percentage of your building value. For Homeowners, we use 80% of the Amount of Insurance for your buildings or home.

Ask your broker if any coverage limits apply to certain items. For example, jewellery loss is limited to $10,000 for theft and mysterious disappearance.

Calculate the value of your contents

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.

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.

Learn more   Find a Broker