What home insurance typically covers
- Dwelling: the cost to repair or rebuild your home after an insured loss
- Detached structures: garages, sheds and fences
- Contents: furniture, electronics, clothing and other belongings
- Additional living expenses: extra costs if you need to live elsewhere during repairs
- Personal liability: if you are legally responsible for injury to someone or damage to their property
Policies are written either as comprehensive (all risks unless excluded) or named perils (only the listed risks). The difference matters, and I’ll explain which one you are being offered.
Coverage worth reviewing in the GTA
- Sewer backup and overland water are usually optional add-ons. They matter for basements, especially finished ones.
- Guaranteed or extended replacement cost can help when rebuilding costs exceed your dwelling limit. Terms differ by insurer.
- Scheduled items such as jewellery, watches and art often have low limits unless listed separately.
- Home-based business: business equipment and clients visiting your home are usually not covered on a standard policy without an endorsement.
- Basement or rental units: tell the insurer. A rented unit can change the policy you need. See landlord insurance.
What affects your premium
- Rebuild cost, size and construction of the home
- Age and condition of the roof, plumbing, electrical and heating systems
- Claims history
- Distance to fire hydrants and fire stations
- Deductible and add-ons you choose
- Alarms, water-leak sensors and backwater valves, which some insurers reward
What to have ready
- Address, year built and approximate square footage
- Updates to the roof, electrical, plumbing and heating (years if known)
- Whether the basement is finished or has a separate unit
- Your current policy and renewal date, plus any claims in recent years
Coverage descriptions are general. Your policy wording, limits and exclusions determine what is covered. Availability and premiums vary by insurer and by your circumstances.