If you, or another member of your household cause damage to property belonging to an individual, business, or organisation, Voluntary Property Damage coverage can provide payments to compensate the victim for their loss.
Voluntary Property Damage (VPD) payments provide home insurance policyholders with a cost-effective alternative to lengthy legal actions that the affected party may undertake in order to recoup costs related to property damage caused by you or someone living in your home.
Similar to Voluntary Medical Payments, you don’t need to accept liability for the damages in order to make a Voluntary Property Damage claim; however, coverage is limited to the actual costs of repairing or replacing the damaged property.
Voluntary Property Damage coverage does not apply if:
Generally, Voluntary Property Damage limits are modest and no deductible applies to claims made under this coverage.
Learn more about what's covered by home insurance in Ontario.
To learn more about Voluntary Property Damage coverage limits and exclusions on your homeowner insurance policy, contact us here at Mitchell & Whale. Our home insurance specialists will review your existing coverage, explain the fine print, and help you understand your insurance options.