The standard home insurance policy in Ontario covers your home, your contents and liability claims made against you. But not every policy is created equal. Speak to a licensed insurance broker about your homeowners policy today.
Homewoners Policy Coverage
Building & Detached Structures
- Coverage for the structure of your home your homeowners insurance may be insured under different forms of coverage. The most common two forms of coverage are:
- All Perils: coverage for your home and detached structures against the most of risks and excludes only the specific perils listed in the policy.
- Named Perils: will only cover common risks which are specifically listed on the policy.
- Covers your possessions within your home. Again, it is either offered on an All Risk or Named Perils basis. All risks covers everything except for the exclusions specifically listed in the policy. Whereas named perils covers for only the listed perils in the policy.
Additional Living Expenses
- If your home becomes inhabitable due to an insured loss this coverage will pay help to cover some of your additional living expenses. This could include a hotel room, storage or other reasonable costs while your home is being repaired.
- This coverage protects you if you’ve been found legally responsible for unintentionally causing bodily injury or property damage to others. For instance if someone injures themselves on your property you may be held responsible for damages. Liability is offered between $1 million to $2 million in coverage.
Voluntary payments for medical expenses
- Coverage for medical expenses if someone injures themselves on your property without you being held legally responsible.
Voluntary payments for damage to property
- Coverage for property damage if for damage to someone else’s property with you being held legally responsible
*please note the above information is intended for general purposes and does not constitute as advice as every situation is different. Please speak with a licensed insurance broker or agent before making any decisions.
What Factors are considered in the cost of home insurance
- The year built
- Distance to hydrants and firehalls
- Your age
- The occupancy of your home
- Postal code
- Cost to rebuild
- Heating source
- Electrical source
- Claims history
- Discounts you qualify for such as multi-line (car + home insurance with same company)