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Your home should be insured from the moment you take legal ownership – even if it is under construction. At Taylor Group of Companies, our brokers have the expertise that you need at this stage, when you really need to match policy features with needs. Here's a primer to get you started: Home insurance covers the building, its contents and liability There are usually three parts to your homeowner's policy. For condominium owners and tenants, just the contents and liability coverages apply: Building insurance covers the main dwelling, garage and any out buildings. Contents insurance covers the cost of replacing furniture, carpets and personal possessions. Valuables such as art, jewels and furs may require additional coverage. Note that most contents are insured even outside the home, for example, if stolen while you are on a trip. Liability policies insure against the costs incurred if, due to negligence, you are held responsible for an act causing injury or property damage to others. Policies range from offering comprehensive to "bare-bones" coverage There are three general policy categories from which to choose: Basic/Named Perils policies are the most basic you can buy, providing "Named Perils" coverage only for your home and its contents. Broad Form policies provide slightly broader protection, offering "All Risks" coverage on your home and outbuildings and "Named Perils" coverage on your contents. Comprehensive policies provide the most thorough coverage available by offering "All Risks" coverage for your home/outbuildings and also your contents. Regardless of which policy you select, some coverages can be increased and certain items insured separately. At the Taylor Group of Companies, we’re always happy to sit down with you to review your coverage needs. Also, don’t assume that once you have a policy you are covered for everything. If you have any questions about which policy is right for you, call us at 613-723-4730 or 1-800-203-3283. At Taylor Group of Companies, we’re here to help. Copyright © 2007, Taylor Group of Companies. This article is based on one that appeared on the Insurance Brokers Association of Ontario website. |
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