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Types of homeowner’s insurance in Canada
There are three main types of home insurance policies:
Basic or Named Perils Home Insurance
Basic form home insurance or Named Perils is the most limiting of coverage compared to all other forms of home insurance. The perils in which the home insurance policy responds to are specifically stated. Insurance coverage only responds if loss or damage occurs due to a named peril. Typically, the broad form covers things such as fire, smoke, lightening vandalism, malicious acts, falling objects, impact by aircraft or land vehicle, windstorm, hail, theft or attempted theft and also some types of water damage.
Broad Form Homeowner’s Insurance
Broad form home insurance represents a broadening of home insurance coverage compared to the named perils or basic type policy. The broad home owner’s policy is somewhat of a middle ground between basic and comprehensive home insurance.
Comprehensive or All Perils Home Insurance
The Comprehensive home insurance policy, also known as All-Risk home insurance, is the most expansive in insurance coverage. The scope of coverage is determined by the exclusions in the policy. Therefore, if the peril is not excluded, insurance coverage should be in force.
Choosing the right home insurance policy requires the help of an insurance professional.
What does home insurance cover?
Home insurance policies are meant to cover and protect buildings, contents and liability exposures of the private property owner.
Home insurance also includes rider endorsements (insurance floaters) to protect items of high value, such as jewelry or fine art, broadening the scope of insurance coverage.
Coverage on a homeowner’s insurance policy can be divided into two parts:
The first section addresses the following:
The second section addresses the following: