Home insurance provides personal property and liability coverages—two things that everyone needs, whether you live in a mansion or a bachelor apartment.

Basic coverage everyone needs

Whether you rent or own, you need insurance to protect your home in case of theft, vandalism, fire, or water damage caused by plumbing problems or household appliances accidents.

Basic all-risk coverage provides protection in case of damage to your personal property or in case you are responsible for causing property damage or bodily injury to someone else (liability). You’ll also receive compensation for additional living expenses if you need to move out of your home temporarily following an insured loss. It can all add up quickly!

Protect your property and your personal belongings

Having the right home insurance means you’ll receive compensation for lost or damaged property and personal belongings following a natural disaster or other type of insured loss. The best way to make sure you’re fully covered is to keep a detailed inventory of your belongings and their current value (furniture, appliances, electronics) and to always let your insurer know of any home improvements.

Liability coverages

Whether you rent or own, you could be held liable for causing accidental bodily injury or property damage to others. If you have a basic home insurance policy, the costs related to any damage caused to the victim of the accident and any associated court costs will be paid for by your insurance company.

Additional living expenses

If your home is unfit for occupancy following an insured loss, your insurance policy will cover your hotel bills and meal expenses while you’re away from your home. This type of coverage is included in an all-risk insurance policy.

Why add extra coverage?

Because a basic home insurance policy doesn’t cover everything. You’ll need extra coverage to insure things like:

• Certain items with a value higher than your insurance policy limit (e.g., jewellery, collectibles, watercraft)
• A pool or hot tub
• Damage caused by an earthquake
• Certain types of water damage such as sewer backup or water seepage

Deciding which extra coverages you need is part of choosing the right home insurance.