Protect Your Home and Property with Property Insurance

You should protect your property with the best possible protection and for this you can buy insurance. There is insurance for homeowners, condo owners, tenants, landlords and seasonal insurance. Every type of property can be covered with insurance which protects it in case of any unexpected event.

There are insurance policies in Canada that protect you and your home. With the additional coverages available you can buy insurance for specific needs and situations. For all this you need to buy property insurance. It helps to protect your property against a few types of risks like water damage, fire and more.

We offer insurance policies to cover any type of property. Our experts can help you out to get the best insurance policies for your property. You can get an insurance quote online too.

Types of Property Insurance

Depending on your type of property there are different insurance policies.

Home Insurance

The coverage for dwelling insurance helps to protect you, your home and the structures that are attached to it. Structures like garages and decks.

The detached private structures insurance helps to protect the structures that are separate from the home but still are on your property. Structures like detached garage, tool shed and fence.

The liability coverage helps to protect you in case somebody not living with you is injured on your property.

The personal property insurance helps to cover your valuables and the personal belongings in your home. It helps to cover the cost in case your household appliances or valuables get stolen, lost or damaged.

There are additional coverages available which you can purchase. There is Claims Forgiveness, Disappearing Deductibles, Personal Article Floater, Home Business Endorsement, Natural Disaster, Water Damage, Home Replacement Cost Guarantee and Single Limit of Insurance.

Condo Insurance

This type of property insurance is for condominiums only. It provides protection for what all is there inside your condominium and the improvements you make inside your unit.

The Single limit insurance includes Additional and Alteration coverage, Unit Contingent coverage and Loss Assessment coverage.

Additions and Alterations

This covers the upgrades done to your condo unit like in-built sound systems which might not be considered to be a part of the standard condo unit by the condo corporation.

Unit Contingent Coverage

This offers additional coverage in case the condominium corporation insurance is insufficient.

Loss Assessment Coverage

This provides coverage for the losses for common condo areas like swimming pools, laundry rooms and fitness rooms. It covers you If special assessments are levied against you by other condo unit owners. Protects you if you are responsible for a portion of the loss due to the condo corporation’s deductible.

The liability coverage helps to protect you if someone gets injured on your property. It should be made a part of the condo insurance coverage.

The personal property coverage helps to protect your personal belongings in case they get stolen, damaged or lost. It includes clothing, electronics, books, furniture, appliances, jewellery, antiques and high-end electronics.

There are additional protection endorsements available like Limited Sewer Backup, Enhanced Water Damage and Ground water, Sewers and overflow of bodies of water. You can choose to buy them if you require them.

Tenant insurance

You can buy this insurance if you rent a home or an apartment or a condominium. It protects you and your belongings in your rented property. The landlord’s insurance will not cover your belongings though it will cover the property.

The personal property (contents) coverage protects your personal belongings. It helps to cover the cost of stolen, lost or damaged items.

The additional living expenses insurance helps to pay the increase in the cost of living and moving costs if you are unable to live in your property due to an insured peril or repair work is being done and so you have to move out of your home.

It covers a reasonable length of time for which you are out of your home due to repair work or rebuilding if you relocate permanently.

The tenant liability insurance protects you when someone not living with you is injured on your property. It covers the legal and the medical bills if you are at fault.

There are option extra coverages available with this type of property insurance which you will have to purchase along with the basic coverage. They are Earthquake Damage, Personal Article Coverage, Water Protection Coverage, Home Business Coverage and Property in a Storage Facility.

Rental Insurance

This insurance is for the landlords and if they want to rent their property. This insurance will help to protect the landlord from problems that may arise. This insurance is required when you do not live in this home and decide to rent it. You will need to buy rental insurance to protect your property from any type of damage.

The dwelling protection insurance helps to protect your home and the structures that are attached to it like a garage or a deck. It is restricted to perils like fire, wind and smoke.

The detached private structure insurance helps to protect the structures which are on your property but separated like a detached garage, shed or fence.

The liability insurance helps to protect you if you are held legally liable for injury or death of a person on your rental property.

There are optional rental insurance coverages available like Water Damage Protection, Appliances and Rental Income.

Seasonal Insurance

This type of property insurance is for your vacation property like a lake house or a log cabin or a cottage. Seasonal insurance covers your seasonal or vacation home. To protect your vacation home you can choose between the Basic Homeowner Policy or the Residential Fire Policy.

Basic Homeowners Policy

This policy should be bought when higher insurance limits are required.

The dwelling protection insurance covers your seasonal home and the structures attached to it, like a garage or a deck. It is restricted to named perils only.

The personal property (contents) insurance protects the personal property in your vacation home. It covers losses caused due to named perils like fire, wind or smoke.

The additional living expenses insurance covers the cost of increases in living expenses if you are unable to live in your home due to repair work or your dwelling is unfit to live. It covers moving and lodging expenses. The payments are made for relocation and for a reasonable time while repair work is being done in your home.

The liability coverage helps to protect you in case you are liable for injury or death of someone on your property.

The perils coverage protects you from perils like water damage and escape, fire, vandalism, falling objects, glass and theft.

Residential Fire Policy

This type of policy should be bought when you need dwelling and liability coverage.

The dwelling protection covers your vacation home as also the structures attached to it like a garage or a deck. It is restricted to named perils only.

The detached private structures insurance covers other structures in your vacation home that are separated from your home like a detached garage or a tool shed or a fence. The coverage is restricted to named perils only.

The liability coverage protects you in case you are liable for an injury or death of someone on your property.

We can give you the best property insurance policy depending on your type of property. You can call us to get an estimate for free.

We can also help with the additional endorsements that you require as per the specific needs of your property.

FAQs

What is a Personal Article Floater insurance policy in home insurance?
It is an additional coverage that you can buy if you need more protection for your valuables like jewellery or sports equipment. These valuables may exceed the home insurance policy coverage.
What protection is provided to your home by the additional water damage coverage?
The basic home insurance covers water damage but you may need additional water protection for your home. This additional coverage is for damages caused due to sewer backup and overland flooding issues.
Why do the condominiums in Ontario need additional endorsement for water protection?
Condominiums in Ontario may need additional protection like limited sewer backup and enhanced water damage coverage. This additional coverage may be required to suit your needs.
Sewer backup covers escape of water from sewer, drain, sump pit, septic tank and water damage from malfunction of your septic pump. It also covers certified backflow valves and/or sump with backup power if it is installed.
Enhanced water damage covers sewer backup and groundwater and overland water all in one.
How to protect your condo from all perils?
You can insure your condo against perils like fire, lightning, smoke, explosion, wind and hail, riot, falling objects, vandalism and malicious acts.
What additional coverage do you need to purchase if the basic policy does not cover the limits for valuables?
You will need to buy an additional Personal Article Coverage to insure your valuables if they exceed the basic policy coverage limits. You can buy it to cover jewellery, cameras and sports equipment.
Why do you need rental insurance?
When you live in your home your home insurance protects your property. But if you decide to rent the home then you will need rental insurance to protect your property as a landlord. You need this insurance if you want to become a landlord.
Does the rental insurance cover the home appliances?
To buy protection for your major home appliances like washer, dryer, fridge or stove you will have to buy an additional Appliances insurance. It helps to cover major home appliances in case they break down and need to be replaced. It covers all the items required for the maintenance of the rental property.
How to insure your personal belongings in your vacation home?
You will have to first choose the Basic Homeowners policy and then buy the Personal Property (contents) insurance to insure your belongings. The coverage is restricted to losses caused by named perils only.