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Home Insurance Explained

Understanding Property Insurance, Home Insurance, Condo Insurance and Tenants Insurance Policies.

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There are many types of property insurance policies and coverages. We often recommend a comprehensive property coverage to our customers . This is sometimes referred to as "all risks" coverage on the building and on personal property because it has the least number of exclusions, is the best value for your dollar. Below is some information on what the 3 main types of personal property insurance cover.

Homeowners

 

  • Dwelling building coverage
  • Detached private structures limit is 15% of the dwelling amount
  • Personal property limit is 80% of the dwelling amount
  • Additional living expenses is 25% of the dwelling amount
  • Comprehensive personal liability limit: $2,000,000
  • Medical payments up to $5,000
  • Voluntary property damage up to $1,000
  • Outdoor trees, shrubs, plants and lawns up to 5% of the dwelling limit
  • Debris removal up to 5% of the dwelling limit
  • Single limit endorsement
  • Guaranteed replacement cost coverage

Condo Owners

 

  • Personal property coverage
  • Tenants improvements, betterment and alterations up to 100% of the personal property limit
  • Additional living expenses is 25% of the contents amountt
  • Comprehensive personal liability limit: $2,000,000
  • Medical payments up to $5,000
  • Voluntary property damage up to $1,000
  • Loss assessment up to 250% of the personal property limit for property
  • Liability loss assessment: including condominium contingent insurance up to 250% of the contents limit
  • Debris removal up to 5% of the contents limit
  • Replacement cost coverage

Tenants

 

  • Personal property coverage
  • Additional living expenses is 25% of the contents amount
  • Comprehensive personal liability limit: $2,000,000
  • Medical payments up to $5,000
  • Voluntary property damage up to $1,000

Some Common Options Available to Enhance Your Coverage

 

Common Policy Limits

Most sections of your property insurance policy will have limits. In many cases, these limits can be increased by adding endorsements to your policies. Below are some common starting points for these limits. 

  • Home computer software: no limit
  • Silverware: no limit
  • Garden tractors/lawn mowers/snow blowers up to $10,000
  • Tapes, discs, records: no limit
  • Property of a student (living away from home temporarily): no limit, liability included
  • Property of a parent in a nursing home up to $2,500, liability included
  • Books, tools, instruments, computer hardware and computer software pertaining to a business up to $5,000 but
  • only while on the premises (limit may be increased)
  • Securities up to $6,000
  • Money or bullion up to $500
  • Watercraft and equipment up to $3,000
  • Sewer back up (additional charge may apply in some provinces)
  • Spare automobile parts up to $1,000
  • Utility trailers up to $2,000
  • Animals, birds or fish up to $2,500
  • Cemetery plot monuments up to $2,500
  • Satellite dishes
  • Motorized wheelchairs, power scooters that provide aid for walking
  • Power golf carts, liability included
  • Theft from an unlocked vehicle
property-insurance-limits
 

Extensions of Coverage

  • Credit card coverage, forgery, counterfeit money and fund transfer cards up to $10,000
  • Fire department charges up to $5,000
  • Home freezer coverage: no limit
  • Inflation protection coverage
  • Lock replacement up to $1,000
  • Private power and light poles up to $1,000
  • Reward coverage up to $1,000
  • Safety deposit box up to $10,000
  • In transit coverage, to a new principal dwelling
 

Mysterious Disappearance Loss Limits

  • Jewelry and furs up to $6,000 in all
  • Coin collections up to $1,000
  • Comic book/card collections up to $5,000
  • Bicycles up to $1,000
  • Stamp collections up to $3,000
 

Talk to an Armour Insurance agent about the packages we offer

  • Personal Umbrella
  • Dwelling Under Construction
  • Mechanical Breakdown of residential heating and cooling systems
  • Entrepreneur Plus for home based businesses
  • Vacation Trailer, Camper and Motor-home
  • Seasonal Plus
  • Rented Dwelling Package
  • Farm Plus/Commercial Business Plus

Armour Insurance also offers the following insurance products at all Locations:

Armour Insurance Group can offer you a custom insurance program and a highly competitive quote!

 

Quote and Compare your Home Insurance

 

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