Home insurance is the best way to protect your largest investment—your home. As a safety net, it protects your home in the event of damages, both physical and financial. Regardless of how modern or well-built your home is, it’s vulnerable to perils such as fire, vandalism, theft, and more. Let our brokers help make the complex details simple for you to understand, and help you determine the coverage you need, at a rate you’ll love.
Home insurance primarily covers your dwelling, its contents, and your personal liability. The vast majority of Canadian homeowners opt for a comprehensive insurance policy—which offers all risk protection on your home and personal property.
The table below illustrates the basic types and amounts of home insurance coverage common to comprehensive policies from the 40+ Ontario and Canadian insurers that we represent:
|A – Dwelling Building The foundation, walls, flooring, windows, and doors of your home.||A dollar amount equal to the cost to rebuild your home|
|B – Other Buildings Structures on your property that aren’t part of the main home, such as sheds, fences and detached garages.||10% – 20% of Coverage A Replacement Cost|
|C – Contents Your personal belongings inside your home, such as jewelry, artwork, electronics, furniture, etc.||70% – 80% of Coverage A Replacement Cost|
|D – Additional Living Expenses To handle the costs of additional living expenses for time away from your home due to an insured loss.||20% – 30% of Coverage A Replacement Cost|
|E – Personal Liability Covers injuries or property damage to any third party while they’re on your property.||$1,000,000 – $5,000,000|
|F – Voluntary Medical Payments Covers the costs should someone hurt themselves on your property.||$1,000 – $10,000|
|G – Voluntary Property Damage Covers physical damage to the property of others on your property.||$500 – $6,000|
|Learn more about Comprehensive home insurance coverage|
In the unlikely event that you don’t qualify for comprehensive home insurance, e.g., 200+ year old home; 80+ year old electrical wiring; numerous claims, you’ll still be eligible for broad form coverage, limiting you to named perils on your personal belongings.
Need more than comprehensive coverage? Numerous options, or endorsements are available that allow you to extend your home insurance coverage to include situations or property not covered by a standard policy. The following are examples of popular endorsements that can allow you to raise specific coverage limits for certain categories of items, as well as address some of the exclusions in your policy:
For more details or a quick, personalized quote on your home insurance, contact one of our brokers. Mitchell & Whale Insurance Brokers have been helping homeowners find – and understand – the best home insurance policies since 1948We’ll be happy to find you the coverage you need at the best rate in Ontario.
. Call us today at 1.800.731.2228 to speak with one of our brokers!