Home Insurance
For most, their home is their biggest investment and when a loss occurs, it can be financially and emotionally devastating. SurNet understands this. Our brokers will work with you to complete a customized home insurance policy to protect your home and your belongings if they are damaged, lost or stolen. But that’s not all a home insurance policy protects you against. It also provides coverage for:
- Additional living expenses if you are temporarily unable to live in your home due to an insured loss.
- Financial liability should someone be injured on your property.
- Damage you cause to someone else’s property.
Q. What type of coverage is on a standard home policy?
A. Home insurance policies typically offer three or more types of coverage, including dwelling, contents, and personal liability. Fire and theft are typically covered by standard policies, but you may have unique needs or valuables that require extra coverage.
Dwelling – Covers damage or loss to the actual building you live in such as a house, apartment or condo. Events and occurrences that may put your home and contents at risk are known as insured perils. Insured perils include things like fire, theft, water damage, wind, explosion, smoke. Because available coverage can vary based on what insurance company you are insured with and where your home is located, working with a SurNet broker will ensure you and your home are covered properly.
Contents – This coverage insures your possessions against theft, damage or vandalism and it typically covers all of the items you own such as electronics, clothing, furniture and sporting equipment. Valuable items such as jewellery and art might require extra coverage. You will need to provide receipts and appraisals for these items. Taking a home inventory and documenting it with photos and videos is highly recommended.
Personal liability – Most basic home insurance policies offer some type of personal liability coverage. This protects you if someone gets injured on your property and you are found to be responsible for legal and medical costs. It also covers damage to other property such as if a leaking pipe in your condo unit damages another unit and you are responsible for the repairs and replacement costs.
Q. What is excluded on my home policy?
A. Uninsured activities, also known as exclusions, are risks which insurance companies will not cover, such as:
- Home-sharing (Airbnb, this will require separate insurance and not all insurers offer it)
- Criminal activities (if you purposely damage your property to file an insurance claim or if you intentionally injure someone on your property)
- Moral risk (not taking proper care to protect your home because you know the insurance company will replace something if it’s damaged or stolen such as not installing a smoke alarm because you have fire insurance).
- Business use (running a home-based business, no matter how small will require separate insurance)
There are many different types of home policies in the market place today. A SurNet broker will work with you to find out which one is best for you.
Condominium Insurance
Q. How are condos insured?
A. Condos are protected by a unit owners policy and a condo corp policy.
When you buy personal condominium insurance you are buying a policy that covers your personal liability, additional living expense, personal belongings (contents) and upgrades to your unit. The condo corp policy provides coverage for the building, common elements and the liability of the condo corp.
Tenants Insurance
Q. What is the difference between condo and tenants insurance?
A. Unlike condo insurance, tenants (or renters) insurance does not cover any damage to the interior of the unit. It only provides coverage for your personal liability and your belongings stored within the unit.
Q. My friend has been renting an apartment for years without insurance…do I really need it?
A. Yes!
Just because there isn’t a mortgage company requesting proof of coverage, doesn’t mean it isn’t a good idea. Not only does tenants insurance cover your contents in the event of a claim, but it also provides insurance history for when you go to buy your first home, and discounts when you bundle it with your car insurance.
Cottage Insurance
Q. I just bought a cottage…can I add it to my existing home policy or do I have to buy a separate policy?
A. The answer to this depends on how you plan on using your cottage.
Can you access it all year round? How often do you plan on staying at your cottage? Will you be renting it out or using it as an Air BnB? When you speak to your broker they will be able to determine the best way to insure your vacation home.