Often when people call us for a home insurance quote, they also want to know what the policy covers. We deal with over 15 different insurance companies, so there may be small differences between the companies. But, generally, they have the same coverages. To make it easier, we compiled a list of coverages on the standard home insurance policy. Start with this and then call us for a quote, where we’ll be able to tailor the coverages to suit your needs.
List of Perils
First, let’s start with the list of perils that are generally covered under a comprehensive home insurance policy. The perils include the following:
- 1. Collapse of building
- 2. Lightning
- 3. Windstorm or hail
- 4. Melting of ice or snow
- 5. Impact by land vehicle
- 6. Falling object
- 7. Explosion
- 8. Fire
- 9. Electricity
- 10. Damage caused by bears
- 11. Glass breakage
- 12. Riot
- 13. Weight of ice, sleet, or snow
- 14. Vandalism and malicious acts
- 15. Transportation
- 16. Smoke damage
- 17. Theft
- 18. Impact by aircraft
- 19. Water damage
Optional Perils
Then, there are perils that are not part of the standard home insurance policy, but can be added on at your option. The optional perils often include the following:
- 1. Sewer back-up
- 2. Overland water
- 3. Surface water
- 4. Ground water
- 5. Water & sewer lines
Coverages
The following are the coverages that you’ll normally find on the Ontario comprehensive home insurance policy:
- 1. Dwelling building (with guaranteed replacement cost)
- 2. Detached structures (this could include things like sheds and fences).
- 3. Personal property
- 4. Loss of use – Dwelling (also called “additional living expenses”)
- 5. Personal liability
Limits
There are certain limits to the above coverages. Most Ontario comprehensive home insurance policies will have the following limits:
- 1. Business property – $5,000 limit
- 2. Cannabis and cannabis plants – $500 limit
- 3. Luggage and handbags (including purses and wallets) – $10,000 limit
- 4. Money – $1,000 limit
- 5. Securities – $5,000 limit
- 6. Spare auto parts – $1,000 limit
- 7. Utility trailers – $1,000 limit
- 8. Watercraft – $2,000 limit
- 9. bicycle – $1,000 limit per bicycle
- 10. Coin collections – $1,000 limit
- 11. Collectible comic books and cards – $5,000 limit
- 12. Jewellery, watches, and furs – $5,000 limit
- 13. Stamp collections – $1,000 limit
The above limits vary between insurance companies, but these are usually the standard limits. Your policy might be different, depending on the insurance company. And, any of the above limits can usually be increased if requested.
Mow, call us for a home insurance quote. We’d love to quote you and set up a policy tailored to your specific needs. Our phone number is at the top of this page.
