Home Owners Insurance

Home Owners Insurance


Home Owners Insurance is an insurance policy that protects you financially in the event that your home and property is damaged in a covered peril, or in the event of a covered lawsuit.

While no one plans on losing their home or possessions to any of these perils, it unfortunately happens every day.  Home Owners Insurance protects the investment you have made in your home by providing you with coverage for specific hazards.

In the event that someone was filing a lawsuit agaist you for accidental damage you caused to their property, how would you pay for the costly legal fees - the Liability coverage that protects you and your family against lawsuits where another party finds you liable for damage to their property or person.

Why buy Home Owners Insurance?

  • Owners: To protect both your house and personal property
  • Tenants: To protect your personal property
  • Everyone: Protection against liability for accidents that injure other people or damage their property

What does a Home Owners Insurance cover?

In summary, a Home Owners Insurance covers you for:

  • Dwelling - Pays for damage or destruction to your house and attached structures, such as a screen enclosure or carport
  • Other structures such as a garage, deck or swimming pool
  • Personal Property - Covers the contents of your house, including furniture, clothing and appliances, if they are stolen, damaged, or destroyed.
  • Pays for additional living expenses if your home is unihabitable due to a covered loss
  • Personal Liability - Protects you against financial loss if you are sued and found legally responsible for someone else's injury or property damage
  • Medical payments - Covers medical bills for person(s) injured on your property
  • Domestic Workers
  • Property Damage: Building, own content for family members on premises and off premises
  • Theft: Loss of property and/or damage to property following attempted theft
  • Personal Liabilities:
    • Third party suits for personal/property damage and the legal expenses
    • Can include slander and libel
    • Dog bites
    • Guests injured at your premises
    • Golfers legal Liability
  • Consequential losses:
    • Expenses incurred if house is not habitable and alternative accomodation sought
    • Fire fighting charges
    • Cost of trauma counselling
    • Home ambulance rescue following an emergency at home
  • Workers Compensation following injury/death/funeral expenses/medical expenses

What does Property Damage cover?

Property damage coverage helps repair your home and personal property when damaged by such perils as fire, lighting, windstorm or hail, flood and earthquake

What does Personal Property Insurance coverage include?

In general, the contents of your home and other personal belongings owned by you or family members who live with you are covered.

Home Owners Insurance also provides property coverage to members of your household.

If you're dependent child is a full-time college student living on campus, their stuff's covered by your homeowner's insurance policy.  So, if someone steals your daughter's laptop or a fire damages your son's dorm room, your home insuer should take care of it.

What does Additional Living Expense or Loss of Use cover?

Most Home Owners Insurance policies cover extra costs you incur if your home is damaged by an insured peril and you cannot live there while repairs are made.

Damage caused by, burst pipes, fire, storm and additional living expenses are also covered by homeowners insurance.

For example, if a home is uninhabitable after a storm/fire, the insurer will pay for hotel and restaurant bills.

Why do I need Personal Liability Insurance coverage?

Personal liability coverage protects you and all family members who live with you against a claim or lawsuit from (non-auto and non-business) bodily injury or property damage to others for which you become legally obligated to pay.  Defence costs are also included.

Personal Liability can arise in different circumstances which can include:

Slander, Libel

Home Owner's Insurance policies ofter absorb some of the burden of slander and libel lawsuits.  This coverage applies when the client is sued for a variety of claims, including oral or written publication of material that slanders or libels a person or organization.

Dog Bites

Let's say you have a family member or friend from out of town staying with you and they don't get along with your dog.  If your dog bites them, you should be covered under your homeowner's insurance policy.

Miscellaneous Accidents

Home Owners Insurance is basically a general liability policy.  It covers a wide range of activities completely unrelated to a person's home.  And it can cover the client in any location irrespective of where their home is actually located.

What does Medical Payments Insurance cover? Medical bills for gusts injured in your home

Regardless of fault, this coverage pays the reasonable expenses for others including guests accidentally injured on your premises.

Medical payments coverage does not apply to your own injuries or those of family members living with you or injuries arising out of activities involving a business that you operate out of your home, your intentional acts or rental use of your premises.

I'm just starting out in my first home. How much homeowners insurance do I need?

Part of the process of securing a mortgage on a first home is purchasing Home Owners Insurance.  Because the bank has a financial interest in your home, they need to be sure that their investment is protected if a loss occurs.

As a new Home Owner, you also need to be sure that your investment is protected, including your home's structure and your personal belongings. Of course, you should also protect your financial assets in the event that someone is accidentally injured on your property.  You don't want to find yourself responsible for costly medical bills.  Personal liability coverage protects your assets in the event of financial liability or lawsuit.

My landlord has insurance, so why do I need renters insurance?

Your landlord may have insurance to cover your building, but what if there's damage to your property from fire or storms? Your landlord isn't responsible for that.  You are.  And if repairs require you to move out, do you have the money to pay for another place to stay?

Renters insurance covers you against specific types of losses - named perils such as damage from lighting, fire, storms, vandalistm or theft - so that you can replace or repair your property in the event of an accident.  And it even protects belongings that may be in your car.

If your apartment is uninhabitable for a period of time, Renters Insurance provided through the national General Insurance Home Owners Program* provides you the funds to live in a comparable apartment while yours is being repaired.

Think you don't have enough personal property to justify the cost of renters insurance? You may be surprised.  Your sporting items, electronics, computers, clothes and furnishings may be work more than you realize.