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Home Insurance Glossary

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Options

Fur option
A basic policy limits the amount of coverage available for furs and jewellery. A standard limit is $3,000.If you make a fur or jewellery claim on a regular property policy, you are obliged to pay your deductible first. You should consider this option if you want to eliminate your deductible, or if you have a fur that exceeds the $3,000limit.

Jewellery option
A basic property policy limits the amount of theft coverage available for your jewellery and furs. The standard limit is 3,000$.If you make a jewellery or fur claim on a regular property policy, you are obliged to pay your deductible first. If you choose the Jewellery option, you do not have to pay a deductible on jewellery claims. You would also have a higher coverage level for your jewellery and furs. You can also use this option to itemise your larger pieces of jewellery separately and use the basic policy limit to cover your smaller valued pieces.

Sewer back up option
A regular property policy covers you for any damages caused by a "sudden, accidental discharge of water in your home." This includes coverage for freezing pipes and the overflow of water from public water mains carrying drinking water (e.g. a bathtub overflow). If you wish to be covered for damages caused by the back up of sewers, septic tanks, eavestroughs or downspouts, you should purchase the Sewer back up option.

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