Answers to frequently asked questions about home insurance
All-risk coverage (also known as all-perils coverage) insures your building and/or belongings against common risks (like loss, theft, damage due to fire) and clearly lists what's excluded.
Designated-risk (or named-perils) coverage only insures your building and/or belongings or what is clearly listed in your policy.
While policies can differ greatly, there are some standards features that are part of just about every home insurance plan, including:
- Building coverage — if you own a house or condo (if you need it)
- Contents — your personal property
- Personal liability — should someone hurt themselves while visiting your home
- Additional living expenses — for temporary accommodations and expenses if you cannot live at home due to covered loss or damage
It’s wise to take identity theft seriously. If you have TD Insurance homeowner, condo or renter’s insurance, you can sign up for Identity Plus Advantage® at any time. With Identity Plus Advantage, you're covered for up to $30,000 per incident. There's no deductible to pay and you get the help of an expert to restore your identity.
Yes. Freelancers and anyone who runs their business from home can benefit from additional coverage. You can purchase an add-on to your homeowner's, condo or renter's insurance that covers your computer equipment and other business property; liability if someone hurts themselves while visiting you; and reimbursement for extra expenses to keep your business going after a loss that's covered (for example, you need to rent a temporary office after a fire).
Many factors are taken into account when calculating home insurance, including:
- Geography — Are you in a high theft area?
- Amount of coverage — The higher the coverage amount, the higher your rates.
- Optional coverage add-ons — For example, since water damage coverage does not cover floods, you may want to add optional coverage such as sewer back-up water damage coverage.
- Your deductible — You can choose to lower or raise your deductible (the amount you pay on a claim). The higher your deductible, the lower your premiums.
- Safety features — An alarm system, smoke detectors and other security features may help reduce the cost of your home insurance.
Depending on what province you live in, your basic home insurance will provide some coverage against water damage. However, water damage coverage does not cover floods. It does cover the result of water damage (your air conditioner leaks and damages your end table) but not the source (the air conditioner itself).
Actually, you need two types of coverage to be fully protected:
Your own policy to protect your personal property, upgrades to your unit and personal liability should anyone hurt themselves while visiting your unit.
You also want loss assessment coverage. While you own your unit, you also own a share of the common (or shared) areas of your condominium (like the lobby, roof, swimming pool, garden and so on). When it comes to personal liability, you may be held responsible if someone hurts themselves in a common area or if you cause damage to a common area.
Yes. While you may not need a lot of coverage for your personal possessions, you do want the added security of personal liability insurance and for living expenses if, due to loss or damage, you cannot live in your rental (for example, while repairs are made after a fire).
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