Homeowner insurance

"All Risk" Insurance

This type of contract, often known as general or comprehensive insurance, covers all risks except those specified as being excluded from the contract. They offer the best coverage on the market and are the type we normally provide.

"All risk" insurance provides many benefits. Often, coverage will also extend to the damage you cause to your own possessions. For example, your child who spills his gouache paints on your beautiful white wool carpet.

Policies referred to as "All risk" are often issued under a single amount. They are more flexible and can combine the house, contents, outbuildings and additional living expenses for one single amount. Thus, if coverage falls short in one section of the contract, the surplus from another section can be used.

"All Risk / Named Perils" Insurance

This type of contract includes two types of coverage. The first applies to the dwelling and covers all risks except those specifically excluded by the policy. The second covers the contents for a limited number of risks. This type of contract is obviously more economical.

"Named Perils" Insurance

Often known as "Standard", this type of contract covers the risks specifically mentioned in the policy, such as fire, vandalism and theft, falling objects, land vehicle impact, hail or windstorms.

Coverage A: Dwelling Building

Ideally. the building should be covered for its full replacement value. The replacement cost does not necessarily reflect the market value of your residence. You can buy an inexpensive home if a salesperson is in a hurry to sell. That does not affect the amount required to rebuild after a fire. Conversely, if you buy a house for a high price because of its strategic location, this does not increase the value of the materials to rebuild it.

The municipal assessment is not necessarily a reliable indicator of the replacement value of a home. It is not revised every year and can thus represent a lower cost than the replacement value. Moreover, it is important to take into account the area where the house is located.

For peace of mind, you can also have your insurer add a replacement value clause, if possible. Under certain conditions, the insurer will agree to pay the cost of repairing or rebuilding your home, even if it exceeds the amount indicated in the policy. We can also offer you the replacement value with no obligation to rebuild.

These descriptions are provided only as a guide. Certain conditions, limitations and exclusions may apply to each of these  guarantees, as specified in the forms. Coverage is also subject to change without notice. Please refer to the forms provided by your insurer and to their modifications.

Coverage B: Detached Private Structures

You should consider providing coverage to any outbuilding on your property such as a detached garage or a shed. The homeowner policy assigns a percentage ranging from 10 to 20% of the building, so be sure to check the amounts listed and have them increased if necessary.

These descriptions are provided only as a guide. Certain conditions, limitations and exclusions may apply to each of these guarantees, as specified in the forms. Coverage is also subject to change without notice. Please refer to the forms provided by your insurer and to their modifications.

Coverage C: Personal Property

From the insurance amount of the building, you also automatically obtain, attributable to the contents, an amount ranging from 50 to 70% of the amount of the building, and it is listed in the personal property section without specific insurance of its own. It should be noted that the personal property guarantee in your home insurance policy covers possessions of a family member who is studying away from home, at their place of study. It can also cover the personal effects of family members during a stay in a healthcare facility. Moreover, coverage extends to goods temporarily located off the premises, as when travelling.

Most all-risk home insurance policies have a replacement value clause on the contents, which means that damaged or destroyed goods, whether they be clothes or accessories, will be replaced with new, comparable items.

Make sure you are aware of the limitations in coverage of your policy regarding contents. You can take out specifically designated insurance.

These descriptions are provided only as a guide. Certain conditions, limitations and exclusions may apply to each of these guarantees, as specified in the forms. Coverage is also subject to change without notice. Please refer to the forms provided by your insurer and to their modifications.

Coverage D: Additional Living expenses and Fair Rental Value

If your residence becomes uninhabitable following a covered loss, your homeowner policy can cover the additional living expenses while you wait for repairs to be made or until you return to your home. The multiple policies of our insurers have either a percentage of the value of the insurance amount on the building or provide various amounts or policy terms according to the policy you have taken out.

This same guarantee also covers loss of income when your home includes one or more rental units.

These descriptions are provided only as a guide. Certain conditions, limitations and exclusions may apply to each of these  guarantees, as specified in the forms. Coverage is also subject to change without notice. Please refer to the forms provided by your insurer and to their modifications.

Coverage E: Legal Liability

This part of the home insurance policy covers you for bodily or material damages that a third party may suffer as a result of your daily activities or on the property (homes or land) that you own or use. The amount of the civil liability guarantee is the amount covered up to the limit of your policy in the event of legal proceedings brought against you. The insurer will take up your defence in the event of legal proceedings.

To determine the amount of civil liability coverage you should take, keep in mind that this coverage protects you anywhere in the world. If you do any travelling, it would be wise to increase your limit to $2 million and to also consider the purchase of an Umbrella Liability policy.

These descriptions are provided only as a guide. Certain conditions, limitations and exclusions may apply to each of these  guarantees, as specified in the forms. Coverage is also subject to change without notice. Please refer to the forms provided by your insurer and to their modifications.

Coverage F: Voluntary Medical Payment

The homeowner policy covers medical expenses for minor incidents that can occur on your property. This guarantee covers the medical expenses incurred by or for the victim of an accident resulting from personal activities or on the insured premises. It also covers bodily injuries sustained by your resident employees, such as nannies and housekeepers, while they are working.

Even if you are not liable, you can make a claim under this coverage. There is a maximum amount payable by the insurer, which can vary from one company to another.

These descriptions are provided only as a guide. Certain conditions, limitations and exclusions may apply to each of these  guarantees, as specified in the forms. Coverage is also subject to change without notice. Please refer to the forms provided by your insurer and to their modifications.

Coverage G: Voluntary payment for damage to property

This guarantee covers accidental material damages caused to the property of others, provided they result from your personal activities or they occur on the insured premises.

Even if you are not liable, you can make a claim under this coverage. There is a maximum amount payable by the insurer, which can vary from one company to another.