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Examining Home Insurance: Defending Your Assets and Mind
Welcome to the home insurance-focused Padlet wall! We'll go through all the details of house insurance in this presentation, including policy types, coverage options, and advice on how to choose the best policy for your needs. This Padlet offers insightful information about home insurance, whether you're a renter or a homeowner trying to secure your possessions.

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Video#1 - Understanding Home Insurance Policies

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Video#1 - Understanding Home Insurance Policies

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The various kinds of home insurance policies that are offered in Canada, such as basic, broad, and comprehensive coverage, are explained in detail in this video. It gives readers an understanding of their options by outlining the salient characteristics of each type of policy and offering examples.

Why I Selected It: This video offers a succinct and easy-to-understand summary of the many types of home insurance policies, assisting viewers in understanding the distinctions and selecting the right coverage for their need.

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Your Guide to Understanding Homeowners Insurance!  (Homeowners Insurance 101)

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Video#2 - Tips for Lowering Home Insurance Premiums

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Video#2 - Tips for Lowering Home Insurance Premiums

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For both homeowners and renters, this video offers feasible advice on how to reduce the cost of their house insurance. It covers a range of cost-cutting strategies, including installing security systems, bundling policies, and keeping credit scores high.

Reason for Selection: This video was chosen because it provides practical tips for cutting house insurance rates, which can be very helpful for people who want to save as much money as possible without sacrificing coverage.

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Tips for Lowering Your Homeowner’s Insurance Premiums | Insurance Explained

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Video#3 - Importance of Liability Coverage in Home Insurance

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Video#3 - Importance of Liability Coverage in Home Insurance

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In addition to outlining what liability coverage includes and why it's important for both renters and homeowners, this video emphasises the significance of liability coverage in home insurance policies. It uses situations and examples from real life to highlight the importance of liability protection.

Motive for Selection: I chose this particular video because it highlights the need of liability coverage—a crucial element of house insurance that policyholders frequently ignore. It clarifies the possible dangers and obligations that renters and homeowners can encounter as well as the need of having sufficient insurance.

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Video#4 - Factors Affecting Home Insurance Rates

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Video#4 - Factors Affecting Home Insurance Rates

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The many elements that affect home insurance prices are examined in this video, including geography, property value, building materials, and individual characteristics like credit score and claim history. It offers advice on how to lessen these elements and cut insurance costs for renters and homeowners.

Justification for Selection: This video helps viewers understand the factors that determine their premiums and how to successfully manage them to save on insurance costs by providing a thorough overview of the variables that affect house insurance rates.

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What factors affect my homeowners insurance rates

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Website#1 - Canadian Home Insurance Providers Comparison

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Website#1 - Canadian Home Insurance Providers Comparison

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This website provides a thorough comparison of several Canadian house insurance companies' coverage options, costs, and client feedback. For those looking to discover the greatest house insurance plan catered to their own requirements and tastes, it offers insightful information.

Reason for Choosing: This website offers a useful tool for evaluating several house insurance companies, enabling users to make well-informed selections depending on their needs and financial situation.

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This Page's Content Was Last Updated: July 14, 2022

What You Should Know

Home insurance covers property damage, loss, theft, and personal liability

Home insurance rates vary depending on your home's value, location, and claims history

The average home insurance premium in Ontario was $1,284 in 2021, while it was $1,779 in Alberta

Some of the largest insurance companies in Canada include the major banks, such as RBC Home Insurance, TD Home Insurance, and ScotiaLife Financial. Other major players include Desjardins, Aviva, CAA, Co-Operators, and Intact

Home insurance is a special form of insurance designed to protect your home and belongings in a potentially costly event, such as a fire or theft. By paying into policies through payments called premiums, homeowners will be able to make a claim for reimbursement should something happen in or at the property location. Home insurance isn't necessarily a requirement by law, however mortgage lenders require home insurance in order to protect their loan in case of an incident or accident with the property. Even those who own their home outright and are mortgage free choose to carry home insurance, as a way to protect what could be their biggest asset.

In addition to conventional home insurance for single family properties, home insurance is also offered for condos and for those renting, in the form of tenant insurance. The different types of home insurance coverage that insurance companies have all protect you in different ways and to different extents. For example, if you were to live in an area that is classified as a flood risk, you may either be ineligible for flood protection, or may need to get this special coverage added on.

Basic or Named Perils

You will only be covered for certain named risks on your property. This is usually the cheapest option, and provides only basic coverage.

Broad

This covers a broad variety of risks associated with your property, but it will only cover your personal contents for named hazards.

Comprehensive

This covers your property and contents from all risks, aside from some optional events such as sewer backups and earthquakes. It is the most expensive option.

Personal Liability

This provides coverage for events that occur at your property where you are held personally liable, such as for slip and falls.

Best 5-Year Fixed Mortgage Rates in Canada

Can I increase my home insurance coverage?

You can add on additional coverage to protect against damage or loss that is not covered in your standard insurance policy. For example, if you were to live in an area that is classified as a flood risk, you may either be ineligible for flood protection or may need to get this special coverage added on.

Insurance add-ons, called insurance endorsements or riders, can include coverage for earthquakes, floods, sewer back-ups, and more. Other endorsements might include coverage for home-based businesses, such as for work equipment or computers inside your home. Specific items can also be named and covered, such as high-value jewelry, bicycles, memorabilia, and art.

Home Insurance Endorsements

The way home insurance works is if you make a claim, you will have a minimum out-of-pocket expense, called a deductible. Since a higher deductible saves the insurance company money with the homeowner covering some of the cost, a higher deductible on your policy will usually mean lower monthly premiums. As well, a higher deductible will mean that smaller incidences that cost less than the deductible will not be paid by the insurer.

Factors That Affect Your Quote

The cost of your insurance coverage may be affected by: your type of coverage, home location, replacement cost of your home, past claims history, home age, property style, roof, if you have a hot tub or pool, renovations on your home, your credit score, and the valuables you choose to insure.

The following chart shows these 10 factors, with a description of how they affect your premiums:

Location

The neighbourhood you live in, including the crime rate, your proximity to water, and potential risks for your policy in the area will affect the rate you will be offered.

Replacement Cost

This is the cost for you to rebuild your home. This will differ from the market value, and the higher the replacement cost, the higher your premiums will likely be.

Past Claims History

The amount of claims that you file will lead to a potentially higher premium. This is because the insurance company will deem you as likely to file even small claims in the future, making it more expensive to cover your house.

Age of Your Home

Old homes tend to have a higher chance of something going wrong, whether that be in the form of electrical, plumbing or structurally. This will mean higher risk and therefore higher premiums.

Credit Score
Insurance data shows that your credit score is correlated to your insurance risk. The better your credit score, the better rate you will likely receive.

Swimming Pool & Hot Tubs

With pools and hot tubs comes the risk of potential liability, occurring from injuries or drowning. Although safety precautions such as fences around the water can make your pool safer, the added risk of a pool or hot tub will still lead to higher premiums.

Renovations

As renovations tend to add to the value of your home, it will mean a higher home replacement cost and therefore a higher cost to insure.

Property Style

Depending on what type of property you live in (townhouse, condo, single family home) you will have different risks that the insurance company will consider.

Roof

The style and age of your roof will affect the potential for leaks and other costly issues with your house.

Valuables

Anything of value within your home that you insure, including jewelry, will increase the replacement cost in the event of an incident. Higher replacement costs mean higher premiums.

When comparing insurance rates, the amount you pay monthly isn't the only detail to consider. Getting a cheap home insurance rate may save you money in the short term, however it could lead to higher costs over the long term, such as through a higher deductible and less coverage. This is why home insurance should be compared by both cost and the extent of coverage. The main 4 different types of coverage for home insurance are:

Basic or Named Perils

Broad

Comprehensive

Personal Liability

When deciding on what options you want to include in your coverage package, it all comes down to your level of protection and comfort. If you are ok with some out-of-pocket expenses and are not overly worried about something adverse happening at your property, you may opt for less expensive options. However, If you have a home that you are very worried about something happening in, a more comprehensive package may fit your needs better. If your house is older as well, it will be more likely that something adverse occurs, making comprehensive insurance that much more important.

Best 5-Year Fixed Mortgage Rates in Canada

Insurance Providers

Taking under 5 minutes, Scotia

provides the option to adjust and re-calculate your quote based on specifications you want to include or remove. This can make designing the quote to fit your needs very simple.

Sonnet Home Insurance - Sonnet is quick and easy; they ask a few questions on the type of house you own, including the size, when it was built, and what the home is used for. Then, Sonnet shows you 3 options in terms of coverage, from basic coverage to comprehensive coverage.

- Using your basic personal information, along with some general questions about your property (property age, value of belongings), you are able to get a detailed quote. TD 's process takes around 5 minutes to complete, and shows you all the different options for coverages, from more basic coverage to comprehensive coverage.

- With your property information, including information on your past claims and property features, RBC Home Insurance provides a detailed quote that takes around 5 minutes to complete. Once you reach the quote stage you are able to customize the policy, including your personal liability coverage limit and your deductible limit. You are also able to add on different types of coverage options. These coverages can include: sewer backup coverage, jewelry protection coverage, and identity theft protection.

With similar questions and a similar interface as Desjardins, CIBC offers detailed quotes and the option to adjust your policy while seeing how it affects your quote.

Insurance Marketplaces

How Can I Lower My Home Insurance Premiums?

Just like comparing mortgage rates in order to get the best deal, you should compare home insurance providers to see who can offer the best coverage at the lowest rate. Getting quotes from multiple insurance companies can be made easier by using an insurance broker. If not, you can easily get multiple quotes online in minutes. Remember to check what the policy will cover, rather than just looking at which company will offer the lowest insurance premium. Important things to look out for include the size of the deductible, what is excluded, and the coverage amount.

One way to lower your home insurance premium is by increasing your deductible. Agreeing to have a higher deductible, such as $1,000 instead of $500, can let you reduce your insurance premium. That's because you will be paying more should you need to file a claim with your insurer.

Another way to reduce your premium is by qualifying for discounted rates. Some insurers provide discounts for those that bundle other insurance policies together, such as life insurance or auto insurance. You may also qualify for discounts for certain safety features, such as if you have a monitored alarm system or if you have fire extinguishers in your home.

There are some things that you can't change, such as your home's location. For example, increasing costs of natural disasters have caused the average home insurance premium in Alberta to increase from $741 in 2011 to $1,779 in 2021. Avoiding homes in disaster-prone areas, such as floodplains, can let you avoid steep insurance premiums.

Provincial Considerations

Common risks to your home in each province include:

Flood risk and water damage in Ontario, Alberta, Nova Scotia, New Brunswick, PEI, Newfoundland & Labrador, and Manitoba,

Earthquake risk in British Columbia, and

Maintenance issues on your home in Quebec and Saskatchewan

How Do You Make a Home Insurance Claim?

The important thing to remember when making a claim is to have documentation and proof to back up your claim and to report the incident as soon as possible.

If there has been an incident that can be covered by your home insurance, you can decide to make a claim with your insurance provider. However, not all claims may make sense. Your home insurance may have a deductible that would make any smaller claims not worth it, as the deductible that you would need to pay may be higher than the amount you may receive from a claim.

If your claim is large enough to be worthwhile, you may also want to consider its possible effects on your insurance premiums. Making frequent claims may cause your insurance premiums to go up. The first step to making a claim is reporting the incident to your insurance provider. You should take pictures of the damage, or if there has been a theft, have a police report.

You will be assigned someone from your insurance provider who will work with you through your claims process. They'll help you find temporary accommodation if your home has been damaged. They will also arrange to have repairs completed, or suggest contractors that can complete the work.

How Will My Home Insurance Claim Be Paid?

If your home insurance claim has been approved, your insurance provider will pay out your claim. If your claim involves repairs, your insurance provider will pay the cost of repairs directly to you if you paid contractors for the repairs out-of-pocket. This can be done through a cheque or bank transfer.

For instances where the insurance provider's contractors completed the repairs, then the provider will pay the contractors directly. If the claim will be paying for items that will need to be replaced, you will be paid the replacement cost of the items. The amount that you paid will be after your deductible is subtracted from your payout.

For example, let's say that there was water damage in your bathroom from a small leak in your sink. The cost of repairs is $5,000, and your home insurance policy has a $1,000 deductible. You will need to pay $1,000 to your insurer, while your insurer will pay $5,000 for repairs.

What happens if my claim is denied?

If your home insurance claim has been denied, you can choose to dispute the denial with your insurance provider. If your claim was denied due to a lack of evidence, you can try providing additional proof or documentation. If your claim still hasn't been resolved, you can appeal to your insurance provider's Ombudsman. The Ombudsman will investigate and help mediate the dispute.

If that still doesn't provide you with a satisfactory resolution, you can ask for help from third parties. The General Insurance OmbudService (GIO) is independent and is free to use. They can provide mediation with your insurance company and will act as a neutral third party. The GIO can escalate to a non-binding adjudication.

Beyond that, you can contact your province's insurance regulator. For example, if you are in Ontario, you can file a complaint with the Financial Services Regulatory Authority of Ontario (FSRA). You may also choose to take legal action.

The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.

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Compare All Home Insurance Options in Canada | WOWA.ca

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Home Insurance protects you from costly expenses that occur from accidents and events. This page describes what affects your policy, and helps you find quotes.

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Website#2 - Understanding Home Insurance Deductibles

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Website#2 - Understanding Home Insurance Deductibles

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This page explores the idea of house insurance deductibles, describing its operation and implications for policy prices and claims. To assist viewers in comprehending the significance of deductibles in their insurance coverage, it offers circumstances and examples.

Reason for Selection: This website offers comprehensive information on house insurance deductibles, assisting users in understanding this crucial component of their policy and helping them decide on deductible amounts.

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Ontario Home Insurance | House Insurance Quotes in Ontario | Surex

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Compare home insurance quotes in Ontario. Find affordable house insurance options with your free quote and get up to 25% off!

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Website#3 - Home Insurance Claims Process Explained

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Website#3 - Home Insurance Claims Process Explained

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The whole home insurance claims process—from submitting a claim to getting paid—is explained in detail on this page. It describes the procedures, typical hazards to watch out for, and advice on how to speed up the claims procedure.

Reason for Selection: In the case of a loss or damage, this website offers users insightful information about the home insurance claims procedure, guiding them through the intricacies of the filing process and guaranteeing a seamless claims experience.

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How Home Insurance Claims Work

Once you file a claim, a claims adjuster working for the insurance company that provides your home insurance policy will begin to assess your claim. During the claiming process, they may contact you several times with questions or information.

How Long the Home Insurance Claim Process Takes

The home insurance claim process can take time-how long it takes depends on several factors, including:

Finalizing your home insurance claim may take weeks or even months-in the best-case scenarios, it may only take a matter of days.

The 4 Steps of the Home Insurance Claims Process

1. Opening Your Claim

If you purchased your insurance through a Westland Insurance broker, we can help you file a claim with your home insurance company.

In case of emergency, once you've made it to safety and contacted police, fire, or other emergency resources, you can call your insurance company directly to file a claim, 24/7. Some insurance companies also allow you to file online, but online filing is usually slower than phoning in and connecting with the company directly.

Have paperwork, pictures, and any other documentation ready when you phone in to file a claim. During the phone call, your insurance company or insurance broker will:

Take a statement from you about the claim you're making

Check your insurance coverage to see if the claim is eligible

Refer you to a recommended service provider for repairs

Tell you which documents to send them

Tell you which documents they may send you

Tell you your deductible

Give you a claims number to track your claim

2. Assessing the Damage and/or Determining Fault

There are three ways in which damages will be assessed by your insurance company:

Building Damage: The cost for building damage-meaning either repairs or replacement-will be assessed by one of your insurance company's recommended service providers. Should you disagree with the amount assessed, you have recourse-you can contact a different provider for a different estimate and compare those estimates with the one provided by your insurer's recommended service provider.

Personal Property Damage: You'll send your insurer documentation proving that you owned the property you're claiming for-pictures, receipts, credit card statements, and more can help. Keep an updated inventory of all the items you own to simplify this process.

Liability: Liability is complex. Your home insurance company may contact:

Witnesses

Police

The people who were injured or whose property was damaged-and their insurance company

You will have to send your insurance company:

Pictures

Any notices that you are being pursued (legally) for damages

Invoices, estimates, and other documents related to the liability claim

The process to complete a liability claim takes time-it can take weeks to get police reports and witness statements, all of which are crucial to the liability claim process.

3. Repairs or Settlement Proposal

Building Damage: When possible, your insurance company will repair or replace buildings using their recommended service providers-they will pay them on your behalf (minus the deductible). Your insurer will contact you to authorize recommended service providers to begin repairs.

Personal Property Damage: Your insurer will contact you to propose a settlement for property that's been damaged or destroyed. Depending on the terms of your policy, they may offer amounts based on the replacement cost or the actual cash value of the items that were damaged.

Liability: When there's a reasonable case against you, your insurer will attempt to settle out of court with the other party-when settled, they may pay the other party the settlement amount (assuming it's less than or equal to your liability coverage), then give you documentation protecting you from future lawsuits stemming from the same claim.

There are times when out-of-court settlements are impossible-in these cases, your insurance company may invoke their right of subrogation and represent you in court using their lawyers. In these cases, your insurer will pay all legal fees, in some cases, up to your limit of coverage. Should the court find you liable, your liability coverage may still step in to cover damages.

4. Payment

Payment can occur in several ways. Your insurer may pay you directly to cover costs (such as in the case of personal property damage), or they may pay the service providers you've used to repair or replace your buildings (be it dwelling buildings, detached structures, or both). Both repair costs and replacement costs may be covered directly-minus whatever deductible you need to pay.

Your insurance policy may cover more than you expect-your coverage may, for example, offer you payment for additional living expenses incurred while your home is being repaired or replaced.

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Understanding the home insurance claims process in Ontario - Westland Insurance

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Filing a home insurance claim in Ontario? This guide will help you through the process with information, tips, and practical advice.

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Website#4 - Home Insurance Coverage Options Explained

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Website#4 - Home Insurance Coverage Options Explained

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The various coverage options for home insurance plans, such as supplementary endorsements, liability protection, personal property coverage, and dwelling coverage, are broken down on this website. It uses situations and examples to highlight the significance of each kind of coverage.

Reason for Selection: This website provides a thorough explanation of the many types of house insurance coverage, assisting users in comprehending the various parts of their policy and making sure their possessions and property are adequately protected.

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In January 2019, the Canadian Multiple Listing Service (MLS) sold 23,968 properties.

Granted, that represents a 4% decrease from the year before. But it still shows that many folks pursue their dream of becoming homeowners. Especially Millennials, 59% of whom are already homeowners.

Regardless of your age though, a house is one of the biggest investments you can ever make. It's also the most expensive purchase you'll ever make in your lifetime.

That's why you want to get a home insurance policy to protect your home and its contents.

The big question is, what does home insurance cover exactly? How does it protect your home, its contents, and you from potential losses?

That's what this post is for -- your ultimate guide to home insurance coverage. So, be sure to keep reading to know what it'll cover you for and how helpful it is to have one!

What Does Home Insurance Cover: Covered Perils in Standard Policies

Unlike auto insurance in Canada, homeowners insurance isn't a legal requirement. In some cases though, mortgage lenders may need borrowers to get this as part of their contract.

But even if it isn't required, you should still get it, as it can make a huge difference in case a disaster happens. In Canada, we refer to these covered disasters as "insured perils". All homeowners policies detail which perils they cover.

From fire to theft to lightning strikes, standard policies protect you from a lot of perils. Let's take a closer look at each of these covered disasters.

Fire and Smoke

Most standard homeowners insurance coverage includes protection for fire and smoke damage. In fact, insurers consider this as a form of "total loss".

First, because fire and smoke often result in the entire dwelling becoming inhabitable. This then warrants the need for repairs or even a complete rebuilding of the house.

Second, it's very likely that the fire and smoke have also damaged the contents of the home. As such, they need replacement before the home's occupants can live in the house again.

There are two cases, however, wherein a homeowners policy won't cover fire and smoke damage.

There's arson, which is a criminal offense in Canada. Arson is the intentional setting of a fire in a house or a property. It's not as common as other crimes, but there were still some 23 arson cases per 100,000 residents in the country in 2017.

The second one is a fire that occurs in a vacant property. Insurers have differing definitions for "vacancy", especially how long it has been vacant. In general though, these are homes unoccupied for over a month.

But even if your policy covers accidental fire and smoke damage, it's best to make your home as fire-proof as you can. Don't leave your open stove or oven unattended and don't let anyone smoke inside the house. Doing these two alone can already make your home not only safer but healthier too.

Explosion

Explosion is almost always a basic covered peril in Canada homeowners' policies. In fact, if you look at a policy, you'll see "Explosions" listed by itself without any other explanation.

But there are some cases wherein you may not get home insurance coverage for an explosion. An example is if the explosion resulted from a nuclear reaction.

Now, keep in mind that Canada has 19 reactors, where 15% of its electricity comes from. Also, most of these are in Ontario. If you live somewhere near a nuclear facility, be sure to ask your insurer what your options are.

Lightning

Canada sees a lot of lightning strikes -- 2 million on average each year, to be more specific. Alberta gets a lot of this, averaging 400,000 lightning strikes in the summer. But Southern Ontario's small Windsor town remains the stormiest and most active.

Luckily, lightning damage is often included in standard home insurance coverage. Your policy will cover your home and valuables in case a lightning strike hits and damages them. Damages from a fire or explosion caused by lightning are also often part of the coverage.

What you may not get coverage for is damage from a power surge caused by a lightning strike. While they won't cause destruction of your home, they may ruin your electronics. If you have a lot of pricey gadgets, be sure to check your additional coverage options.

Falling Objects

If a meteor strikes the earth and part of it damages your home, your policy should cover the damages. The same goes true if a storm uproots a healthy tree and slings it to your home.

Damage Caused by Aircraft or Land Vehicle Impact

If an airplane falls on your house and damages it, your homeowner's policy should also kick in. It should also cover damages caused by a car that crashes into your home.

Riot

Riot and civil commotion are also part of the basic named perils in homeowners policies. These violent acts can result from a mob and cause property damage. Because these are "unpredictable", most policies cover damages that arise from their occurrence.

Thank goodness then, that Canada is one of, if not the friendliest country in the world. So, such violent acts are pretty rare in the country. But still, it's nice to know that in case a riot does happen, you have a policy protecting your home and possessions.

Water Damage

Your home insurance will provide water damage coverage if the cause is accidental. For instance, one of your plumbing pipes just burst and let all that water out. Unless the pipe wasn't frozen, your policy may help cover the costs of the resulting water damage.

Floodwater from exterior sources, say from an overflowing creek, isn't covered. Your policy also won't cover damages caused by a sewer back up or continuous water seepage.

Wind and Hail Damage

Homeowners insurance coverage also comes with protection against wind and hail damage. Note though, that this usually only applies to the exterior of your home. Also, not all insurers cover antennas or satellite dishes.

But what if a storm damages your home and allows water or snow to enter? In this case, it may also cover the contents of your home. This already depends on your specific insurer though, so be sure to read your exclusions.

Theft and Vandalism

Most standard homeowners policies also cover property damages caused by burglars and thieves. An example is when they break a window or kick the door in to get access to your home

Your policy's personal property coverage will handle the coverage for the stolen property. Keep in mind that almost all policies have coverage limits though. They also have certain exclusions, such as big-ticket items like jewelry and antiques.

If you have a lot of these super pricey items, consider getting optional coverage for them.

Of course, it's always better to keep your home secure, especially if you're going on a holiday. This way, you get to preserve the sanctity of your home and avoid dealing with messy claims. Plus, using home security technology may even lower your insurance premiums.

Damage from Man-Made Electricity

Some power surges result from fluctuating supply of electricity from your electricity provider. This is an artificial electrical current, as opposed to lightning strikes. But if this happens and it causes damage to your personal property, your policy may cover the damages.

An example of such damage is if the power surge causes an appliance to overheat and melt. If the surge was accidental and caused by man-made electricity, your policy may kick in. It may help pay for the repair or replacement of the damaged device.

Take note though that policies offering this damage always have coverage limits. Exclusions also vary from one provider to another. Be sure to speak to your insurer, as you may need extra personal property coverage.

Damage from the Heavy Weight of Ice, Snow, or Sleet

Think it's always snowy in Calgary? Not quite. In fact, with only 54 snowy days on average, it doesn't even make it to the top 10 list of snowiest cities in the country.

The snowiest of them all is St. John's, Newfoundland, getting an average of 131.9 inches of snow a year. As for the city with the greatest number of snowy days, it's Saguenay, Quebec, with 93 days of snow.

Wherever in the country you live though, you'll be happy to know that your home policy covers snow damage. To be more specific, damage caused by the heavy weight of snow or ice. In most cases, these include caved in roofs or glass breakage.

Liability Coverage

In Canada, standard homeowners insurance policies come with "personal liability coverage". This is the part of your policy that protects you against lawsuits filed by other people against you. This can happen if you, another family member, or your pet causes injury or damages to other people.

Take note that pet insurance in Canada isn't a type of personal liability. You do want pet insurance though, as it helps cover veterinarian fees and medicines if your pet gets sick. But it may not have liability coverage if your pet bites a guest or people not part of your household.

This also helps cover accidents that injure other people while on your property. Let's say you have a guest who gets injured after slipping, tripping, or falling while inside your home. Your liability coverage may cover the medical bills of your injured guest.

Get Covered Now before Any Of These Perils Happen

There you have it, all the answers to your question, "what does home insurance cover?" And as you can see, even the standard policies already cover quite a lot of perils. But this doesn't mean that a standard policy is already enough to cover everything you own.

That's why it's important to determine how much you own by taking an inventory. This way, you know how much you're likely to lose and how much coverage to get. This'll also give you an idea on the cost of home insurance you're likely to face.

As soon as you're ready to shop for home insurance, ask us for your quote! We can help you find the most affordable homeowners policies in Canada.

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What Does Home Insurance Cover? An In-Depth Coverage Guide - Insurdinary

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Are you a home or property owner wondering about home insurance? What does home insurance cover? We explain the ways you're protected and covered, here.

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This picture emphasises how crucial it is to compile a house inventory before applying for home insurance. It underlines how important it is to record possessions and their worth in order to guarantee sufficient coverage in the event of damage or loss.

Reason for Selection: This picture was chosen to highlight the significance of house inventories in the home insurance procedure, since they are essential for precisely determining the amount of coverage required and for accelerating the claims procedure in the event of a loss.

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Image#2 - Understanding Flood Insurance Coverage

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Image#2 - Understanding Flood Insurance Coverage

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An overview of flood insurance coverage and its significance for homeowners—especially those who reside in locations that are prone to flooding—is given in this illustration. It emphasises how important it is to have separate flood insurance to guard against water damage that regular home insurance policies do not cover.

Motive for Selection: This picture is what I used to emphasise how important it is to have flood insurance because floods can seriously destroy homes and other property. It acts as a prompt for homeowners to evaluate their risk of flooding and think about getting more insurance to reduce possible losses.

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When I began researching home insurance, I was most astonished by the variety of coverage options and the ease with which they could be customised to fit specific requirements. There are numerous choices available to guarantee sufficient protection for both homeowners and renters, ranging from basic policies to comprehensive coverage.

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An instance of house insurance's practicality came about when a friend's rental property was broken into. Seeing how stressful and expensive the occurrence was made me realise how important it is to have comprehensive home insurance to protect against unforeseen circumstances.

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If I could impart one important piece of knowledge to a friend or family member about home insurance, it would be the importance of routinely evaluating and updating their policy. Maintaining appropriate coverage requires making sure your insurance policy takes these changes into account. Rental and homeownership circumstances can vary over time.