What does home insurance cover?

Let’s start with a little bit about home insurance and why you would need it.

Whether you own a home or a condo, or you’re a tenant, the place you live is an investment. From the building itself to all your possessions inside of it. Home insurance is there to help financially protect you if something unexpected happens and you have to pay for damage and repairs to your home and/or its contents.

At TD Insurance, we put together different home insurance packages to suit different types of needs. There are standard home coverages that include the building (if applicable), contents (your belongings), personal liability (if you're held responsible for unintentional injury or damage to other people or their property) and additional living expenses. Additional living expenses may be covered if you’re unable to stay in your home in the event something happens you are covered for such as fire or flood, until you can move back in or if you’re renting, until you find another place to live. On top of these coverages, there are more specialized add-ons (also referred to as endorsements). Depending on your needs, you get a customized policy that directly correlates to your home and what you’re looking for. Home insurance helps you feel confident, knowing your home is properly protected.

Below are some typical questions we get asked. These examples will help you understand what’s covered with TD Insurance and what coverage you can add on. From your new laptop, mobile phone or tablet to a new bike or an addition to your art collection - let’s look at what’s covered and what type of coverage would be available in each of the different questions below.

Do I need special laptop insurance or does that fall under home insurance?

If you use your laptop for everyday personal use, it would generally be covered by your content insurance both at home and if you’re temporarily away from home (for example if you go away for the weekend or on a vacation). However, if your laptop is used for a side-gig or a full-time job, it would be considered property pertaining to business, which would be subject to a limit. If you want to increase that you could look at adding additional coverage such as our In-Home Office add-on or insure specific items through something called a floater.

Is there such thing as camera equipment insurance or does that fall under home insurance?

If you take pictures as a hobby and invest in expensive equipment, it would generally be covered by your content insurance both at home and temporarily away from home, such as when you go on vacation. However, if your hobby becomes a side-gig or a full-time job, your equipment would be considered property pertaining to business, which would be subject to a limit (similar to how a laptop in the above question is treated). Get in touch with us to discuss your unique situation and we’ll be happy to provide coverage advice that best fits your needs.

Does my home insurance cover someone falling in my house and hurting themselves?

Personal Liability coverage is part of your standard home coverage and it protects you if you are sued for causing bodily injury or property damage arising from your (unintentional) actions, ownership or occupancy of your home.

Are bicycles covered under home insurance?

Yes, bicycles are typically covered under home insurance, both at your home and while temporarily removed from the property, however, if your bike is stolen, lost or disappears without explanation, there will be a limit imposed. If you’re buying a specialty bike that’s on the pricier side and want to make sure it’s properly insured, you can increase the limit of what is covered by upgrading to our Enhanced Home Coverage or by purchasing Personal Valuables coverage specifically for bicycles.

Does home insurance cover floods?

Depending on how you define it, “flooding” can be caused by a wide range of sources. Luckily, TD Insurance offers comprehensive coverages for water damages that are either included automatically or can easily be added, subject to eligibility. For example, overland flooding caused by a rising or overflow of a body of freshwater is covered by our Extended Water Damage coverage, which is automatically included for eligible homeowners (subject to a limit). This also covers flooding that results from sewer-backup or water entering your home from below ground.

Beyond floods, there are several other water damage coverages you might be interested in. Want to know more? Dive in a little deeper on water damage coverage.

Does home insurance cover swimming pool damage?

With a pool there are typically two major considerations, Liability and physical loss or damage. Typically, your Personal Liability Coverage, included as part of your policy will automatically extend to cover you from any additional liabilities that come from owning a pool. For increased financial protection, you could increase your liability coverage and even add on Personal Umbrella coverage, to provide increased, multi-faceted liability coverage – not just for your pool but for watercraft, cars and more. As for physical damage, your home policy will cover damage to your pool, however, the amount covered will depreciate over time as the pool ages. If you have a swimming pool or are planning on getting one, it’s important you let your insurance company know so they can update your policy accordingly and review any relevant coverages and additional options.

Is AC covered under home insurance?

Wear and tear to your air conditioner over time is not covered by your home insurance. However, coverage from sudden and accidental damage to your air conditioner by a covered peril (such as a fire) is included in your basic home insurance.

Here is a bit more detailed information about your air conditioner, your insurance and the environment.

Is there such thing as art insurance or does it fall under regular home insurance?

Pieces of art in your home are treated similarly to bicycles. It’s covered but only up to a certain limit while at your home or temporarily removed (for example, if you’re taking it out of the house to get appraised it’s covered, but not if you remove it and hang it at your office). Like bicycles, you can also increase this limit by upgrading to Enhanced Home Coverage or by adding Personal Valuables Coverage, providing increased blanket coverage for works of art.

If you have any specific question about your TD Insurance coverage you can log into MyInsurance where you can view your policy documents, get additional information and even chat with an Advisor if you need any help.

TD Insurance offers many different home insurance options to make sure you have the right coverage for your home. From Family Coverage that includes protection for situations like cyberbullying and parents living in nursing homes, to Identity Theft Recovery coverage, that recovers your stolen identity plus some of the associated costs you’ve incurred to recover your identity. We work together with you to ensure your home insurance coverage is right for you so you can protect what matters most to you.