When it comes to insurance, making sure your home is protected should be one of your top priorities. For most people, having a home is one of the biggest investments they will make in their lives, and protecting it is the most important part of that investment, which is why getting insurance from the best home insurance companies in Ontario is the most crucial thing. Depending on the type of policy you pay for, the fine print can determine various changes between each type of insurance. However, as a minimum, your home insurance will always cover four areas: personal property, dwelling, personal liability and loss of use. These existing categories have subcategories within them, which will further delve into the covered perils.
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Building Insurance:
The logistics of building insurance are straightforward. The insurance protects the building itself, the brick and mortar that is your home. Although each policy may vary depending on the terms and conditions, the insurance will generally cover the expenses of repairing the house, or rebuilding it if it was to be damaged by any of the following:
- Water damage. Such as floods or escapes of water.
- Fire damage, including smoke damage and explosions.
- Natural disasters. This includes storms, lightning in addition to earthquakes etc.
- Vandalism, or damage caused by malicious persons or rioting.
- The collapse of satellite dishes or aerials.
It’s also worthwhile to note that permanent structures in the house, such as bath suites and fitted kitchens, in addition to garages and sheds are also covered by most building policies.
Contents Insurance:
While building insurance protects items in your home which are a fixture or the building itself, contents insurance essentially protects all the things that are inside of the property but aren’t a part of the building itself. This includes everything from the beds in the bedroom, sofas in the front room to hallway decorations such as a mirror. In some cases, even the contents of your freezer can be covered! Offering the same policy as building insurance policies, contents insurance varies slightly as it additionally protects against damages and losses by:
- Breaking and entering, alongside attempted theft.
- Leaks from water fixtures of heating.
However, contents insurance does not protect against the general wear and tear of the items in your house. It will only cover losses or damages that are covered by the factors which are listed above, and if you wish to protect other things such as jewellery or laptops, you will have to take our extra cover to protect these high value items.
Other Types of Insurance:
Family Protection:
Insurance for your family allows you all to be protected in the case that costs are placed against you due to civil legal proceedings. This includes personal injury claims, motoring incidents or prosecution, probate or personal tax issues.
Emergency Home Cover:
This type of insurance will protect you against any type of immediate home emergency- which mainly concerns things such as central heating, plumbing or electrics. When you realise there has been an emergency, your insurance company will ensure that a contractor is sent out and can cover up to £500 of the cost and callout charge.
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