Home Owners Insurance Canada Policy Types
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Home owners insurance in Canada comes in many different policy types. But they can be broken down into four categories. Keep in mind that many insurers use their own brand names for policies.
Comprehensive Home Owners Insurance This type of home insurance is also known as “All Risk” coverage. This means that all risks are covered, except for those that are specifically excluded. This coverage usually applies to the building and contents. But check your policy to be sure. The most common exclusions are flooding and earthquake. Overall this is the best home owner insurance. Read more on Comprehensive Homeowners Policy Canada here
Named Perils Policy Also known as a basic policy, coverage is only on perils named in the policy such as fire, lightning, theft, and the like. This makes the policy more affordable but puts more risk on the insured home owner. See below for common named perils. Limits for contents are also lower in this type of policy.
Broad Form Home Insurance This is a hybrid between Comprehensive and Named Perils coverage. This policy gives comprehensive coverage on the dwelling building but named perils coverage on the contents.
Basic Home Owners Policy Some insurers offer very basic or “No Frills” coverage. These policies are very limited in their coverage. They may only be offered if the dwelling to be insured does not meet the minimum standards of the insurer. Often there is a physical problem that needs to be addressed as it increased the risk of a claim. The premium may not be lower than a regular policy so it is wise to fix the problem as quickly as possible.
Common Insurable Named Perils (broad contents, named perils)*
Air and vehicle impact
Electrical current
Escape of fuel oil
Explosion
Falling object
Fire
Lightning
Riot or civil disturbance
Smoke
Theft
Transportation
Vandalism
Water Damage (read the limitations here!)
Wind and Hail *this may vary from policy to policy Remember, not all companies have the same home insurance options. And many use brand names with variations of coverage. So check your policy carefully.
Read about the main parts of a Canada Home Owner Insurance Policy
Home Owners Insurance Quotes – Available in St Catharines and the Niagara Region This website is written by an Insurance Broker based in St Catharines. If you are a home owner looking for home insurance quotes go to Home Insurance Canada to request a quote on your insurance. I look forward to hearing from you. |
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Other types of home policiesDo you own a condominium? Condominium Insurance is critical! Read about Condominium Insurance .Do you rent your home? Visit Canada Renters Insurance to learn about coverage for you. If you own your home, keep reading!
Looking for RV insurance information? Visit Canada RV Insurance
Do you have a mobile home? Visit Mobile Home Insurance
Note: Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. The Canada Insurance Source website is a free information source provided by an insurance broker from the Niagara Region in Ontario. So use this site to gain a general understanding of insurance with your own area and situation in mind. Even residents of Ontario should keep in mind that this insurance information is general in nature and the policy wordings always take precedence. Make sure you review the "please read" page. |
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