There are different ways in which to protect your home, rental property, and contents. Below is list of some of the coverages that can help you protect your home.
Flooding
The insurance definition of flood revolves around the source of the water. Did it ORIGINATE inside or outside your home?
With a standard house insurance policy, coverage for any sudden or accidental discharge of water the originate inside your home is included. This includes coverage for water line breaks or if any of your appliances overflow or leak. You are also covered if hail or wind causes a hole in your home through which water enters and causes damage.
If water originates from outside your home, via ground or sewer, the damage is causes is NOT covered unless you specifically add it. Water has become the top cause of home-insurance claims so we like to add this coverage to every policy we sell.
The types of water damage sources that you can add coverage for are:
Sewer Backup Flooding. Water back-ups and flows into your home from your municipal sewer system.
Ground Water Flooding. When groundwater enters your home suddenly and accidentally through basement walls, foundations or floors.
Overland Flooding. Water damage caused by overflow of a lake or river, heavy rain or rapid snowmelt that enters your home from a point at or above ground level.
Guaranteed Replacement (GRC)
If your home is completely destroyed due to an insured event, a standard insurance policy will cover the cost to rebuild it up to the policy limit.
What if the estimated value of your home was incorrect or the cost of the materials to build your home is significantly higher and now exceeds the limit of your policy? This is where the GRC steps in and will ensure that it will be re-built, even if it costs more than the policy limit.
Identity Theft
Identity theft is when someone else uses your information, such as your credit card, Social Insurance Number, or name without permission. It can take months or even years to restore your good name, credit rating, and legal standing from someone creating false lines of credit and making purchases using your stolen bank or credit card, etc.
If someone used your credit card without permission, the credit card company will most likely reimburse you for the charge. What if it was your identity that was stolen? Your credit card will not help you recover it.
This optional coverage will reimburse you up to up to the limit of the policy (typically $10,000 - $40,000) for expenses including legal fees, the cost of notarizing affidavits or sending certified mail, and potentially any earnings lost due to time away from work.
An identity theft claim does not have a deductible and will not increase your premiums in the following years. Also, identity theft protection covers not only you but also others living in the same household: your spouse, your relatives and any person under 21 in your care.
Bylaws
When your home was constructed, it complied with the bylaws of the time. However, building codes and zoning laws are constantly changing. If your home was damaged beyond repair, the insurance company should pay for everything such as clean up, tear down, and rebuild of your home, EXCEPT for the cost to comply with the updated bylaws. This optional coverage will pay for those costs up to the limit stated in your policy.
Liability
This is mandatory on every insurance policy but the limit of coverage can vary. This is an increasingly important component as it provides for a defence if you are sued, and can pay damages to injured persons up to the limit of liability.
It is important to note that this not only covers liability for accidents that happen in your home but also while you, or a family member who lives in your home, is away from the house.
For example, you hit someone with a golf ball while teeing off, your home policy should step up to cover the damages to the person you injured. Our standard amount of coverage is $2,000,000.
Rental Income
Do you own a property that you rent out? If that property becomes damaged due to an insured event, your insurance policy will most likely pay for all the damages.
What if the damages are severe and your renters are unable to live there during the repairs? You can add Rental Income protection to your policy that will cover the rent that you would have earned if your renters where able to live in the property.
Home Repair
This provides coverage for repairs to the following systems products and their components, after the product warranty has expired. As an added bonus, a claim for one of these will not affect your future premiums.
Air Conditioning/Heat Pump
Heating System/Built-In Wall Unit
Interior Plumbing
Interior Electrical
Internal Gas Supply Lines
Owned Water Heater (excluding tank less)
Roofing