Here’s what is covered by a homeowners policy:

• Building & Outbuildings which include your dwelling and any other structures on your property such as a detached garage, shed, pool house, etc.
• Personal Property which includes all of your personal belongings with special limitations of insurance on jewellery, furs, coins, stamps, watercraft, money, fine arts & collectibles, etc.
• Additional Living Expense provides coverage when you cannot live in your residence due to damage caused by an insured peril such as fire or water damage.
• Personal Liability provides coverage against lawsuits when you accidentally cause bodily injury or property damage. This includes your personal activities (accidentally hit someone with your hockey stick), your ownership of your property (slip & fall), and your animals & pets (dog bite).

Coverage – there are many exclusions and limitations in a homeowners policy. Our brokerage can help you obtain the proper coverage for high valued items, watercraft, recreational vehicles or items not covered under your policy (ie: home based business/Airbnb).

There are different types of coverages. The broadest coverage is the comprehensive form which provides all risk coverage (subject to policy wordings).

Guaranteed Replacement Cost on the building is extremely important. In order to qualify for this coverage the building must be insured for 100% of its replacement value (an insurance evaluator is used to determine the replacement value) and generally any home improvement above $5,000.00 must be immediately reported to the Insurer.

Replacement Cost on contents provides the cost to repair or replace with new materials of similar kind and quality without deduction for depreciation.

There are also options to include sewer backup, overland water, earthquake, schedule high value items like jewellery, furs, watches, coins, stamps on an all risk rider, watercraft and include a personal umbrella liability coverage to increase your liability limit and broaden your coverage.

Let our brokerage help you obtain the coverage that suits your needs at a competitive price. We will apply all eligible discounts including an offer to bundle your home and auto insurance together and you may want to consider consenting to a credit check in order to reduce the overall property premium.