The amount of coverage required for your property should reflect the value of the home itself, plus all the important contents within. Keeping track of how much everything is worth and noting any renovations or big purchases will ensure you have an accurate valuation.
In Quebec, it’s crucial to protect your home from winter damage, frozen or broken pipes, flooding, and falling trees. Burst pipes and exterior damage from heavy snow or fallen trees may be covered with named perils coverage, depending on your insurer. Creating a space that is safeguarded from these scenarios is even better; insulation, structural upgrades and winter maintenance can go a long way.
It’s important to discuss your coverage options with your broker or provider and read over your policy thoroughly.
Comprehensive or All Perils - An all perils or comprehensive insurance policy will cover nearly all risks, except those explicitly excluded. The most expensive type of coverage available.
Basic or Named Perils - With named perils insurance you will only be covered for losses related to the perils named explicitly in your policy.
Broad - Generally considered to be a good compromise between comprehensive and basic policies. A broad policy protects the structure of your home from all perils, while its contents are only covered against named perils.
No-Frills - This policy will be your most basic coverage option that will still cover the cost to replace or repair your property, but may leave out ornamental coverages such as room and board in the event of a fire, for example.
Endorsements are additional coverages you can add on to your policy to protect valuables that may not be included in traditional property insurance. For example, you may want to add on an endorsement to protect your expensive jewelry or fine art collection from damage or theft. Endorsements are also referred to as “riders” or “floaters”.