Comprehensive Home Insurance Policy
The comprehensive policy offers the most amount of coverage and is the most popular choice among homeowners. All-risk policies covers a broader range of perils that may affect your home or its contents.
Basic Home Insurance Policy
Also known as a named perils policy, basic home insurance offers minimal or primary coverage. It only covers the damages or losses specified in your policy. If you, for example, included only theft in your policy and not fire, and a fire occurs in your home, the policy will not cover you.
Broad Home Insurance Policy
Broad home insurance is a type of coverage that falls somewhere between basic and comprehensive home insurance. It offers more protection than basic policies, but doesn’t cover as many perils as comprehensive policies.
Home Insurance Policy with No Frills
This policy is mainly offered for properties that don’t meet normal standards. Not all insurance companies offer this policy. No-frills policies are offered for homes with structural problems or those that require significant renovations.
Overland water coverage protects you against the freshwater that could enter your home. It could be from excessive rain and a leaking roof or a nearby stream. Flood insurance wasn’t available in Canada until recently. Flood insurance now comes in a variety of options, protecting you in cases of damage from heavy rain or snowmelt, storm surges, or tidal waves. For more information, please see our guide on Flood Insurance in Canada.
If you rent your home out to tenants, you may consider purchasing landlord insurance. You may also require your tenants to obtain tenants insurance, also known as renters insurance. This ensures protection for you as a landlord as well as for your tenants.
Your possessions will most likely be covered by your home insurance, but your insurer may have a maximum limit that you are covered for, regardless of the value. For high-value items, you may have to buy extra coverage. You should speak with a Sudbury insurance broker who will do their best to protect your valuable possessions.
You should consider using a broker to help you with your insurance needs. Sudbury home insurance brokers offer many services, including comparing multiple policies and plans to get exclusive partnerships and deals from a variety of insurance providers.