Home Insurance

This is your primary residence building itself. Your Dwelling coverage encompasses your principal residence or mobile home and any attached structures and additions. These permanent fixtures and associated equipment are covered under this policy, provided they are not used for business or farming purposes.

To determine the qualifications of what is considered covered by your dwelling, please consult your insurer’s wording booklet.

Contents insurance would include clothing, electronics, furniture, etc.; it provides protection for these items while they’re on your property or temporarily removed (like when travelling).

Personal Valuables Coverage is a specific insurance amount designated for a high-value item such as jewellery, watches, art, bicycles, instruments, etc. Under this wording, there is a limit to the amount of insurance you can receive during a claim.

 

To be liable means simply that you are found to be legally responsible. If you are liable for injury to someone or found responsible for damage to another’s property, you can be sued for damages. No one likes to imagine being sued. But accidents happen, and if one does occur and you’re deemed negligent, you could find yourself with a hefty settlement.

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Flood/Overland Water Damage: If the water touches the ground before entering your home, it’s overland flooding. Overland water coverage protects you from sudden damage caused by excessive rain, overflowing rivers, etc.

Sewer and Drain Back-up: Sewer backup coverage protects you from loss or damage to your property caused by the rupture or escape of water from a sewer, drain, sump pump, or septic system.

In case of discrepancy, the documentation prevails.

Service line coverage helps cover direct physical damage caused to the exterior underground piping that connects your home to utility or service lines. This includes communication lines, internet access, drainage, electrical power, waste disposal, water, and heating, such as natural gas lines.

Home Systems Protection (HSP), also known as Home Equipment Breakdown, is a type of coverage that explicitly protects the systems and appliances in your home. This can include your air conditioning and heating systems, electrical panels, and water heaters.

Did you get a mortgage? If you did, you might have also signed up for a form of life insurance with your bank. Often referred to as Mortgage/Creditor Insurance, this type of coverage is designed to protect the bank if the worst should happen. By switching your coverage from the bank, you can save 30-50% on your mortgage insurance.

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