From the rooftop to the kitchen range, we’ve gathered the home insurance basics, wherever you choose to live in Ontario. Learn how it helps protect one of your biggest investments—your home!
A standard home insurance policy in Ontario insures the home itself and the things you keep in it. It is typically a package policy, which means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people.
Dwelling: This offers protection as a result of damage to the structure of your home, including fixtures, plumbing and heating, due to a covered loss like fire or hail storm damage. You need enough coverage for the cost of rebuilding or repairing your home, minus the cost of the land.
Other structures: This includes coverage for detached structures, such as a garage, garden shed, and fixtures attached to land such as a driveway, sidewalks, patio, fence and swimming pool.
Personal property: This covers the contents and personal items in your home such as furniture, clothing, and sporting goods. It also extends to your personal belongings anywhere in the world. To determine your property’s value, we’ll provide you with a home inventory checklist to help you quickly and easily itemize your belongings. Replacement cost value ensures that you can replace yesterday’s purchases at today’s prices.
We recommend insuring your personal property for its replacement cost value.
Loss of use: In the event that a covered loss forces you from your home, such as a fire, loss of use provides a safety net for additional expenses over and above your normal living expenses while you are unable to live in your home, up to the policy limit.
This portion of your policy covers against lawsuits for bodily injury or property damage that you or family members may cause to other people. It pays for both the cost of litigation and any court awards, up to the limit of your policy. It covers you whether you are at home or away.
In the event that a visitor is injured in your home, medical payments coverage allows the person to submit medical bills directly to your insurance company. The benefit is that expenses are paid to the injured person up to the policy limit without a liability claim being filed against you.
READ: Understanding Your Homeowners Policy [COMPLETE GUIDE]
It’s prudent to get enough home insurance coverages for the following:
Consider additional coverages based on your unique risks such as the following:
As an Ontario home insurance broker, we specialize in providing solutions so you can get back to the business of living, knowing one of your largest assets is protected. Contact Scrivens today at 613-236-9101 to learn more about how we can help you insure your property.
