The form contains two coverage sections.
Section I – Property Coverages
The following standard coverage codes are used to identify the
coverages provided by this Section.
Coverage A – Dwelling Building (applicable to Homeowners only)
Coverage A 1 – Condominium Unit
Coverage A2- Loss Assessment (applicable to a Condominium
Unit owner only)
Coverage A3 – Unit Improvements and Betterments (applicable to a
Condominium Unit owner only)
Coverage B – Detached Private Structures (applicable to
Coverage C – Personal Property (applicable to all), including
improvements and betterments made by the
insured if a tenant
Coverage D -Additional Living Expense (applicable to all)
Section II – Liability Coverage
Liability coverage is automatically included in the Comprehensive Homeowner, Tenant’s, Condominium Unit Owner Package Policy
and is the same for each insured. Standard coverage codes are also used to identify the liability coverages provided. They are:
Coverage E – Personal Liability
Coverage F – Voluntary Medical Payments
Coverage G – Voluntary Payment for Damage to Property
Coverage H – Voluntary Compensation for Residence Employees
Coverage I – Loss Assessment (applicable to condominium unit
The following additional coverage are provided to all under the Comprehensive Homeowner’s, Tenant’s, Condominium Unit Owner
(1) Debris removal (2) Property removed (3) Moving to another home (4) Damage to dwelling (applicable to a tenant) (5) Fire department expenses (6) Freezer food (7) Credit or debit cards, forgery and counterfeit money (8) Change of temperature (9) Lock replacement (10) Tear out (11) Arson and burglary conviction reward (12) Inflation protection (if specified in the Declarations) .
The above explains the basic coverage’s available in most Habitational Insurance Policies but you have to discuss with your registered Insurance Broker for your individual needs as there are many options / coverage and extensions available in the Habitational Polices
Tips to check your existing Habitational Policies
- Replacement Cost of your Building/ Outbuildings/ Attached Structures & Swimming Pool Etc. – This becomes very important as we keep on doing small renovations like upgrading your Kitchen/ Washrooms/ Floors etc and that changes the replacement cost of your hoe considerably. These additional features / additions/ improvements raise the replacement cost of your home considerably. You need to inform your Insurance Company / Insurance Broker for upgrading the replacement value of your home accordingly so that there is no dispute with your insurance company at the time of any claim.
- Addition of Any Extra Unit in Basement of home and renting it out changes the liability of the home policy as now home has two families and two apartments. There are additional charges for these changes to be incorporated in the policy , some companies like Dominion of Canada requires Supply to the home be upgraded to 200 Amps i.e. 100 Amps per Apartment. So any change like additional unit in the Home must be reported to the Insurance Company.
- Title of the Property the policy must me setup according to the ownership on the title of the property and the Mortgagee information must also be correct
- Water Damage Extensions The Standard coverage’s doesn’t include the coverage for the following type of water Damages
- Overland Water
- Ground Water
- Surface Water
Below are some of the potential causes of loss (also known as “perils”) for which most insurance companies will not
- Damage caused by wear and tear, rust, corrosion or gradual deterioration.
- Water damage caused by flood , underground water or water that enters through cracks in your foundation.Damage arising from the freezing of indoor plumbing. Note: If you are away from home for more than four consecutive days over the normal heating months, you must drain the plumbing or arrange to have your home inspected on a daily basis by a competent individual to ensure that heat is maintained. If, however, freezing-related damage were to occur despite such precautions, it might be covered.
- Damage caused to the exterior of your home as the result of freezing, melting or moving snow or ice and heaving frost. Damage caused by snowslide, landslide and other forms of earth movement (e.g., earthquakes). Note: However, damage from a fire or explosion caused by earth movement may be covered.
- Damage caused by insects and rodents (e.g., termites, squirrels, mice, birds).
- Intentional or criminal acts (fraudulent claims).
7 Things to Know About a Property Claim ( As published on IBC Website )
- Call your insurance representative as soon as possible. Most companies have 24-hour claims service.
- Details are critical. Provide as much information as possible about the circumstances and damage. Take photographs if it is safe to do so.
- If your home is unfit to live in, ask your insurer about the expenses you may be entitled to, and for how long. Keep all receipts and invoices for additional living expenses after your loss.
- A claims specialist or adjuster (who is paid by your insurance company) will contact you to investigate the circumstance of the loss, examine documentation and explain the next steps. He or she also:
- Determines the facts related to the claim and the extent of what is covered by your insurance policy.
- Attempts to reach an agreement with any other people involved about the amount of their loss and extent of their responsibility.
- Your insurance company will ask you to complete and return a proof of loss form after the incident. If any of the statements you make on the form are untrue, your insurance and claim may be voided. This form lists the property and/or items that were damaged or lost, and their estimated value or cost. On the form, you will be asked to:
- Make a complete list of all damaged, destroyed or stolen items. Attach proofs of purchase, receipts, police reports, owner’s manuals and warranty, if possible.
- Attach photos of damaged items. Keep damaged items unless they are dangerous or a health hazard. A current home inventory can help if you experience a loss.
- Sign and swear that the statements you make in the proof of loss are true.
- Review your policy and become familiar with specified deductibles, coverage limits and replacement values.
- If you make a claim, the amount you receive will depend on the type of coverage you bought.
- Insurance companies have three options for your damaged or stolen items:
- Your policy requires that you take all necessary steps to limit further damage.
- Ask your insurance representative if you can hire a contractor or supplier of your choice to do repairs. If so, discuss the costs. Make sure the contractor or supplier respects the price and specifications that you and your insurer agree on.
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