Home Insurance
Importance of having Home Insurance
Home insurance is vital for protecting your investment and ensuring peace of mind. It covers costly repairs or replacements after unexpected disasters and includes liability protection to shield your assets from legal claims.
With home insurance, you can reduce financial burdens and focus on enjoying your home without worrying about potential risks.
Strata Deductible Insurance
Condominium deductible insurance protects unit owners from having to pay the strata corporation’s high insurance deductible when damage originates from their specific unit. It covers three main risks:
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Fire 🔥 – Covers damage caused by accidental fires, ensuring unit owners are not responsible for large deductible costs if the fire originates in their unit.
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Earthquake 🌍 – Protects against the high strata deductible if an earthquake causes structural damage.
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Water Damage 💧 – Covers deductible costs for water-related incidents originating in their unit such as burst pipes, appliance leaks, or overflows that lead to damage.
This coverage is crucial for condominium owners, as strata corporations have been increasing deductible amounts that can reach tens or even hundreds of thousands of dollars.
Earthquake Deductible Insurance
Earthquake Deductible Insurance helps property owners manage high deductible costs after an earthquake. There are two main types of coverage:
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Buyback Coverage 🔄 – Covers the strata unit owner's share of the earthquake deductible, based on their individual unit entitlement, helping to reduce out-of-pocket expenses.
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Buy-Down Coverage 📉 – An earthquake buydown policy specifically covers a portion of the deductible on your primary earthquake insurance. It does not replace your primary policy; instead, it works alongside it to reduce the financial burden for homeowners in the event of an earthquake claim.
Both options provide financial relief in regions with high earthquake risk, ensuring property owners are not left with overwhelming expenses after an earthquake.
Earthquake Deductible Insurance
Earthquake Deductible Insurance helps property owners manage high deductible costs after an earthquake. There are two main types of coverage:
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Buyback Coverage 🔄 – Covers the strata unit owner's share of the earthquake deductible, based on their individual unit entitlement, helping to reduce out-of-pocket expenses.
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Buy-Down Coverage 📉 – An earthquake buydown policy specifically covers a portion of the deductible on your primary earthquake insurance. It does not replace your primary policy; instead, it works alongside it to reduce the financial burden for homeowners in the event of an earthquake claim.
Both options provide financial relief in regions with high earthquake risk, ensuring property owners are not left with overwhelming expenses after an earthquake.
Optional Coverage
Why are they important
Optional coverage is crucial for protecting homeowners from unexpected costs associated with repairs or damages. It provides additional financial security against unforeseen events, ensuring that homeowners can effectively manage expenses and maintain their property without significant financial burden.
Optional Coverage
Why are they important
Optional coverage is crucial for protecting homeowners from unexpected costs associated with repairs or damages. It provides additional financial security against unforeseen events, ensuring that homeowners can effectively manage expenses and maintain their property without significant financial burden.
Overland Water
Overland water coverage protects against damage from water entering your home due to flooding or heavy rain.
Overland Water
Overland water coverage protects against damage from water entering your home due to flooding or heavy rain.
Sewer Backup
Sewer backup coverage protects homeowners from damage caused by overflowing or blocked sewers and drains.
Sewer Backup
Sewer backup coverage protects homeowners from damage caused by overflowing or blocked sewers and drains.
Service Line
Service line coverage protects against costly repairs to underground utility lines like water, gas, or electricity. It's vital for covering unexpected damage and repair expenses.
Earthquake
This endorsement reimburses for damage to your home, detached structures, and contents, plus out-of-pocket expenses for alternate living arrangements or meals if you are unable to occupy or cook.
Earthquake
This endorsement reimburses for damage to your home, detached structures, and contents, plus out-of-pocket expenses for alternate living arrangements or meals if you are unable to occupy or cook.
Service Line
Service line coverage protects against costly repairs to underground utility lines like water, gas, or electricity. It's vital for covering unexpected damage and repair expenses.
Building By-Law
This endorsement protects homeowners from increased repair or replacement costs due to new or updated bylaws enforced after an insured loss, ensuring financial security during repairs.
Building By-Law
This endorsement protects homeowners from increased repair or replacement costs due to new or updated bylaws enforced after an insured loss, ensuring financial security during repairs.
Rental Income
If the rental unit is uninhabitable due to a claim, you can’t charge your tenants rent. If you are relying on the rent, you may want to consider rental income insurance.
Rental Income
If the rental unit is uninhabitable due to a claim, you can’t charge your tenants rent. If you are relying on the rent, you may want to consider rental income insurance.
Rental Income
If the rental unit is uninhabitable due to a claim, you can’t charge your tenants rent. If you are relying on the rent, you may want to consider rental income insurance.
Vandalism by Tenant
To cover direct physical loss or damage to your insured property intentionally caused by:
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your tenant;
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a member of your tenant’s household; or
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any person acting under the direction of your tenant or a member of their household.
Vandalism by Tenant
To cover direct physical loss or damage to your insured property intentionally caused by:
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your tenant;
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a member of your tenant’s household; or
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any person acting under the direction of your tenant or a member of their household.
Homeowner Equipment Breakdown
This coverage helps pay for the repair or replacement of covered items that break down due to mechanical failures or electrical issues.
Homeowner
Equipment Breakdown
This coverage helps pay for the repair or replacement of covered items that break down due to mechanical failures or electrical issues.
Claims Free
Protects policyholders from premium increases after their first claim.
Claims Free
Protects policyholders from premium increases after their first claim.
Common Questions
Home insurance typically covers your home’s structure, personal belongings, liability protection, and additional living expenses if you're temporarily displaced due to a covered loss (like fire or storm damage).
While it’s not legally required, mortgage lenders usually require it as a condition of the loan.
Common exclusions include floods, earthquakes, mold, and wear-and-tear. Optional coverage (endorsements) may be available for these.
Coverage should reflect the cost to rebuild your home, not its market value. We help calculate this to ensure you're properly protected.
This protects you if someone is injured on your property or if you accidentally damage someone else’s property.
It depends on the cause. Sudden and accidental leaks (like burst pipes) are usually covered. Overland flood or sewer backup coverage may require add-ons.
It can, depending on your claim history and insurer. We can help you decide when it’s worth making a claim.
Discounts may apply for bundling, security systems, being claims-free, increasing your deductible, or being mortgage-free.
Frequently Asked Questions
