Homeowners insurance provides coverage for your home, garage, shed, other out-buildings, and your personal property. It also provides financial protection or liability coverage in case you unintentionally injure someone or damage someone’s property. You can purchase a Comprehensive plan which would cover your home and your personal property for All Risk coverage, subject to the limitations within the policy wordings and can provide you with Guaranteed Replacement Cost on your home as well as Replacement Cost on your personal property within the home or in the possession of a family member.
Condominium Insurance (sometimes called condo insurance) provides coverage for your personal property, improvements or betterments you’ve made to the interior of your unit, and insurance for loss assessments made by your condominium corporation. Condominium or Townhouse insurance also provides financial protection or liability coverage in case you unintentionally injure someone or damage their property.
Tenants insurance (also known as renters insurance) provides coverage for your personal property in the event it is stolen, damaged or destroyed. It also provides financial protection or liability coverage in case you unintentionally injure someone or damage their property.
This is a home or property location that you would lease out to a third party. It is imperative if you have a home that is leased out that you advise your broker. You will want to get coverage on the building and any contents you may own within the building as well as Liability and Rental Income Coverage
ADDITIONAL COVERAGE AVAILABLE
You can also add: (sometimes these are included) coverage such as Sewer Backup, Identity Theft, Food Freezer coverage, Rental Income, Bylaws Coverage and Umbrella Liability to increase your liability limit at a lower cost and have it drop down to cover your home, auto, recreational vehicles and cottage. There are many more endorsements available and when you speak with a broker they will guide you as to what is required and what would be optional.