Home Insurance: What it is and why you need it!

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Protecting your home and possessions

Most people would agree with the old adage that claims that there’s no place like home. But if that’s really the case, what are you doing to keep your home happy, healthy, and safe? Home insurance is a form of property insurance designed to cover the replacement cost of your home and its contents in case of fire, damage or theft. It can also cover you against the loss of use of your home, insuring all or some of your living expenses should your home become uninhabitable for a period of time as a result of an insurable peril.

What you can claim under home insurance

The type of home you live in will determine what you can claim. If you own a house, your home insurance will cover the house itself and detached structures like a shed or fence. You will also be covered for personal belongings such as jewellery, artwork, furniture, computers, rugs and more. Some restrictions on coverage for personal belongings may apply, your policy will outline what is and is not covered and for what amount. Your insurance also includes third-party liability coverage, which protects you against personal liability should anyone be injured while on your property or if you accidentally damage a neighbour’s property.

Depending on your type of home insurance coverage, your home will either be protected against All Perils or Specified Perils.

All Perils protects your home against the widest range of risks and only excludes the perils specifically listed in your policy.

Specified Perils protects you against the most common risks, which will be listed in your policy. This typically includes damage to your home caused by fire, lightning strikes, wind and hail, falling objects, vandalism, and theft.

Insurance Quotes

Home insurance quotes are determined by a number of factors related to risk, such as the physical condition of the home, its proximity to water, the type of structure (whether its detached, semi-detached, a condo, row house, etc.), and the area in which it’s situated.

An insurance company or broker will ask you a series of in-depth questions in order to help determine an accurate cost to rebuild your home should it be completely destroyed. This estimate is called the replacement cost and it’s essential that it be accurate to ensure that you have the right amount of coverage.

The following are typical questions that you might be asked in order to help determine the replacement cost of your home.

  • In what year was your home built?
  • What is the total square footage of your home?
  • How many stories are there in your home and is the basement finished?
  • What type of roof do you have?
  • Do you have a garage or any other out buildings?

It’s important to make sure that the replacement cost of your home is always up-to-date. Improvements you make to your home could change the initial valuation of your home. For example, if you upgrade your kitchen or finish your basement you should speak with your insurance company or broker to insure that your policy reflects those changes and that you have adequate coverage.

For a comprehensive home insurance quote, get a PC Home Insurance quote today!

How to make a claim

Call 1-877-251-8656 to speak with a Claims Advisor.

Renewing your policy

Call 1-877-251-8652 for information regarding policy renewal.

Buying a new policy

Call 1-866-660-9035 for information on obtaining a quote.

Need help?

Take a look at the top 5 FAQs:

  • Why should I have home insurance?

    Why should I have home insurance?

    While the government doesn't require you to purchase home insurance, your mortgage-holder probably will - at least enough to cover its share of ownership. There are various kinds of home insurance that cover general and specific kinds of damage to your home, and you should research your options carefully. You can also buy specialized insurance to cover a condominium, home business, or other kind of property or valuables found in your home.

    Home insurance also includes liability coverage for people who are hurt on your property.

  • Why should I buy tenant's insurance when I live in an apartment and don't have many contents or valuables?

    Why should I buy tenant's insurance when I live in an apartment and don't have many contents or valuables?

    Most people would be surprised at the value of their personal property if they were to add it up and have to replace it all immediately. Think about your furniture, clothing, electronic equipment-then try to put a price tag to it all. Also, if you've purchased items on credit and they are stolen or destroyed by fire, you could still have to make the payments.

    Tenants insurance also includes liability insurance for damage the tenants or their guests cause to the building, for injuries in the rented home, etc.

  • How can I earn PC® points?

    How can I earn PC® points?

    When you use your President's Choice Financial® MasterCard® to pay your PC home insurance premium, you'll get 20 PC points per dollar of your premium. If you use your President's Choice Financial bank card to pay your PC home insurance premium, you'll get 10 PC points per dollar of your premium.

  • What is a deductible?

    What is a deductible?

    A deductible is your share of the amount that needs to be paid to cover the repair or replacement of your covered property before your insurance pays the rest.

  • How are premiums calculated?

    How are premiums calculated?

    The building itself has a lot to do with how your home insurance premiums are set. Many things about your home are taken into consideration including:

    • Its age and size
    • Type of building (detached, semi, high rise, etc)
    • Type of construction (brick, stucco, wood, etc)
    • Type of heating system
    • How close it is to a fire hydrant or fire station
    • Where it is located

See all Home Insurance FAQs

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