Home Insurance Explained

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

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

Sewer Back-Up:
Floaters:
Increased Liability:

For a small cost you can increase your home liability from $1,000,000 to $2,000,000. This also protects you against accidental personal acts against someone. We recommend $2,000,000 and many insureds are opting for a personal umbrella option that increases limits up to $5,000,000 on Automobile and Personal Property. This coverage pays for injury to others and damage to their property.

Coverages vary from company to company, please contact an Armour Insurance representative fro more information.

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

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:

Life Insurance
Property Insurance Insurance for your Residence and your Personal Property
Farm Insurance
Auto Insurance (in jurisdictions that don't have Government Insurance)
Commercial Insurance
Travel Insurance

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

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