If you’re looking to get home insurance, you should know that there are quite a number of different kinds of insurance which particularly differ in their coverage. Perhaps you don’t think you can afford the costs of comprehensive insurance which is probably the type of insurance coverage that comes to most people’s minds when they think of insurance, or perhaps you simply think some risks covered in comprehensive insurance are unnecessary and you would like a package that covers just the essentials.
Whatever your needs or preferences are, there is a home insurance package that is likely to be just right for you. So read on to see the different types of insurance policies you can choose from.
Comprehensive insurance coverage in Canada offers protection for the insured property and everything inside of it, insuring them against all types of risks with the exception of uninsurable risks. Uninsurable risks are essentially predictable dangers that are expected and thus cannot be insured against.
#2. Basic/named perils
You could opt for insurance coverage that covers only specific items that you stipulate. This type of insurance is particularly apt if you feel as though you have some particular property you would like to insure.
#3. Broad coverage
If you’re looking for something that covers your basic needs but costs less than comprehensive insurance, then you could try a broad coverage insurance policy. Such policies offer insurance that covers your home and its structure as well as a few other items named on your policy.
#4. No Frills
A no frills insurance policy could be likened to comprehensive insurance for people with homes which do not meet the minimum acceptable standard for regular comprehensive insurance. If there is a significant problem with your homes structure, then you are not likely to be able to get full comprehensive insurance, given that your home is already considered an insurance risk.
#5. Personal liability
You might not be aware of the fact that you have personal liability for any injuries suffered by a person when they are on your property, regardless of how reasonable or not it is to expect you to bear this responsibility. For example, if a stray dog wanders onto your property and happens to bite a laborer, you are going to have to bear the liability for treatments costs.
This is where personal liability could be applicable for you. You could choose to take out a personal liability policy to keep you covered in the event of unforeseen incidents in which you have personal liability. For people with home offices in particular, this is a smart idea.
Each of these packages works bests in different situations, so make sure you weigh up your property properly and make your decision accordingly.