inFrequently Asked Questions
At TD Insurance, we want to help you be ready for whatever life throws your way. That’s why we’ve put together a list of helpful insurance tips, based on some of the unique, thought-provoking and interesting questions we’ve received over the years. So, whether lightning strikes your home, or you’re just wondering what kind of damage your policy covers, we’ve got answers to your Infrequently Asked Questions.
I’m renting a furnished home, and my lease says I’m responsible for any damage to the furniture. Can I insure items I don’t own myself?
The simple answer is no, you can’t take out an insurance policy on items you don’t own.
The longer answer is, there are two different types of insurance for a home: Your landlord’s home insurance policy (which covers the structure), and your renter’s insurance (which covers the stuff inside the home). Your renter’s insurance will provide you some coverage in the event you break something that isn’t yours, but there are limits to this. Just so you’re prepared, it’s good to check with us when you’re moving into a new place, to understand what your individual policy covers, before an accident occurs.
House prices have been skyrocketing in my neighbourhood lately. How often should I be getting my house re-appraised to raise the cap on my home rebuild insurance?
It’s great to hear that your neighbourhood is in such high demand, but a hot market doesn’t actually impact your home rebuild cost. That number is based on the raw material and labour it would take to rebuild it, not the property value. So you don’t need to keep getting your house re-appraised based on the housing market.
What happens if lightning strikes my home and fries my electronics?
If mother nature makes your house a target, we’ve got some good news and bad news.
The bad news is lightning can cause electrical surges that move randomly through your home’s circuits and usually focus on your favourite electronics.
The good news is home insurance policies can cover lightning, so even if a household favourite is lost, there’s a good chance it’s covered. When lightning does strike, make sure to check all of your electronics, hold onto any damaged electronics until we have a chance to take a look at them, and don’t forget that a deductible will factor into any replacement costs.
What happens if an entire raccoon family moves into my house and damages my stuff?
They might look all cute and cuddly, but raccoons can cause a fair bit of damage if they get into places they’re not supposed to be in. While the damages caused by these and other home invaders aren’t usually covered under home insurance policies, dealing with them quickly can reduce the risk of long-term damage.
My house has a large wraparound porch that I always lock my bike to. Someone broke the bannister and stole the bike. Am I covered?
It’s a lousy feeling to have your bike stolen, and it’s even worse when your property gets damaged in the process. If burglars do hit your home and steal your bike, the home damage and the loss of the bike are both covered under your policy, although there are some limitations on the replacement costs associated with a bike.
When I’m signing up for home insurance do I cover the cost of my home, or the cost of the property, or both?
While you may have a beautiful backyard or lawn, the land that your house sits on cannot be claimed if anything happens to the house. That’s why you should make sure to only include the value of the home (and not the property) in your coverage. It means cheaper premiums for you, and you won’t be ‘over-insured’.
I've been invited to ANOTHER destination wedding, and need to save some money. How can I lower my home insurance premiums?
If you’re finding yourself stretched a little thin because of some far-off nuptials, one way to reduce your premiums is to increase your deductible. For example, if your deductible is currently $200, raising it to $500, or even to $1,000, can make a difference on your premiums.
What happens if I rent out my place for a few nights on a home-sharing app. Am I covered?
Home-sharing apps have really taken off in the last few years, so it’s important to understand the extent of your coverage before welcoming a short-term tenant into your home.
While some home-sharing apps have their own policies to protect your place, that’s not always the case. If you are trying to earn some extra dough by sharing your home, make sure to contact both us and the home-sharing service that you’re using, so that you understand exactly what’s covered under the two policies, and what kind of risk might be associated with the rental.
I’m notorious for losing things. Just in case my engagement ring goes missing, am I covered?
Most instances of the loss of a wedding ring are covered under your policy, up to a certain limit. If the value of your ring (or the combined value of your jewellery) exceeds that limit, you may want to consider adding something called a floater to your coverage to insure these items.
What happens if I lose the engagement ring before I propose to my fiancée?
It can be nerve-wracking enough to pop the question, so we don’t want you to have any added stress. That’s why it’s important to make sure your ring is covered between the time you buy it and the time you give it to your hopefully-soon-to-be-fiancée.
Once you’ve picked out and purchased your ring, you’ll want to reach out to us, so we can figure out if you have enough coverage under your policy. There are limitations (depending on how expensive the ring is, or how much jewellery you’re already covering) so you might need to take out a floater to cover the ring.
My partner and I are finally taking the leap, and moving in together. If I own the place, is their stuff automatically covered under my policy?
Not automatically, because your partner is technically considered your ‘tenant’ (although if you want a happy relationship, we wouldn’t recommend you calling them that).
Once you’re married (or qualify as common-law), your partner will be automatically covered. Until then, you need to let us know that your partner will be moving in, so that we can list them as an ‘insured’ person on your policy.
My fiancée and I are taking a pre-wedding honeymoon, and I’m wondering if the ring is covered when we travel to another country, or do we need to insure it separately?
Wherever you choose to go for some much needed R&R, the coverage of your possessions will travel with you. As we’ve mentioned in some of these other answers, one thing to keep in mind is that there are certain limitations on jewellery coverage, depending on the value of the ring and what other jewellery you already own. So make sure to reach out to us when you do make a big purchase like a wedding ring, so we can better explain the extent of your coverage.
The guests at our wedding ran up the bar tab a little higher than we expected, and we’re looking to save some money. Any advice on how two newlyweds can cut down on our insurance costs?
Hopefully your guests enjoyed that extra bit of generosity. The easiest way to start saving is to bundle your policies together under one insurance provider. You’ll not only take advantage of some great savings, you’ll also keep your contact list short in the event that you have an insurance concern or a claim.
My partner and I don’t plan on ever getting married, but we have lived together for a number of years, and are now considered common law. Insurance-wise, are there any benefits to getting married versus staying common law?
As far as insurance goes, you receive the exact same coverage and advantages whether you’re married or common law, so you don’t have to tie the knot to receive any special benefits. The biggest difference is that to qualify as ‘common law’, it takes a certain period of time (which varies depending on where you live), whereas getting married or eloping doesn’t have that same waiting period.