What Is Contents Insurance?

Contents insurance is another way TD Insurance gives you coverage when faced with the unexpected.

So what is contents insurance? It’s a type of insurance that pays for damage to or loss of your possessions while they’re located in your house or temporarily away from your home. (For example, when your possession is with you while you travel or are in your vehicle.) The coverage also applies to things that are not permanently attached to your house and can sometimes (but not always) include contents in your shed or garden features. Think of it as a way to enjoy coverage for your prized possessions whether you’re at home or away.

Here’s what contents insurance can do for you.

Contents insurance offers you confidence that the things you care about could be covered in the event of fire, theft or other accidental damage. It can be costly to replace things after they’re damaged or stolen, which is why being able to lean on this type of insurance to pay for damage or loss is so useful. Contents insurance can help you repair and replace these things without having to take on a major financial or time burden, allowing you to focus on other priorities in your life.

Learn what your policy should cover and the types of perils covered by insurance.

TD Insurance wants to help you find the option that best fits your needs, which is why we offer policy options that feature All Perils coverage, so you won’t be forced to choose between All Perils and Specified Perils insurance when making the decision that works for you. Our advisors are always happy to answer your questions and explain the details of our policies, so don’t hesitate to contact us online or give us a call if you would like more information.

Here’s what else you should consider when choosing a policy.

  • If you have any high-value items, consider buying specific coverage for those items. Things like memorabilia and art are sometimes overlooked or not covered by a policy. It’s also a good strategy to make sure the payout for high-value items isn’t capped by a maximum payout.
  • A good portion of policies have a deductible, which is the amount you agree to pay toward the total cost of a claim.
  • Some items (like jewellery and bicycles) have unique conditions that have to be met to receive the maximum amount that will be paid out. We recommend checking these special limits to ensure they meet your needs.
  • Your deductible could be a factor in deciding if you want to pursue a claim. For example, if your fancy new 4K TV was stolen in a home burglary, the amount you pay for the deductible could be more than paying out of pocket for replacement costs.
  • Most policies offer new for old coverage, meaning if you replace an item, you get the full replacement cost.

Your coverage can come in handy in more ways than you might expect. All contents insurance policies include coverage for these common perils with a few category-specific exceptions:

  • Electrical current
  • Explosion
  • Falling object
  • Fire
  • Lightning
  • Smoke damage
  • Theft
  • Vandalism or malicious acts
  • Water damage
  • Wind and hail

TD Insurance is here and ready to help you find the coverage option that fits your lifestyle.