What are you covered for?
Download your policy coverage description to learn what you’re covered for in the event of a claim.
Regardless of the size and scope of your property and belongings, we offer coverage that helps protect your home.
Download your policy coverage description to learn what you’re covered for in the event of a claim.
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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.
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.
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:
Also referred to as "Standard" or "Named Peril" coverage.
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.
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:
Also referred to as "Comprehensive" or "All Risk".
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.
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.
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.
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.
Insurance can be complicated. These resources can help you make informed choices.
Understanding your insurance policy (IBC)
It's hail season. Are you prepared?
Additional details about coverage for your house, garage and sheds.
This type of policy lists the events that are covered if damage occurs.
This type of policy lists the events that are not covered if damage occurs.
This includes:
Your broker can make special arrangements for certain exclusions:
Your buildings will be covered against any damage or loss that is not specifically excluded by the policy.
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.
Contents are all the items and belongings you have brought into your insured house, garage and shed(s).
Your contents will be covered against damage or loss arising from the events listed in your Basic policy.
Your contents will be covered against damage or loss arising from the specific events listed within your Broad coverage policy.
This may include:
Your contents will be covered against any damage or loss that is not specifically excluded by your Special policy.
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.
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.
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:
Your broker is the best resource to assess your unique needs and determine which additional coverages may help protect you and your home.