What does home insurance usually cover?
Your home insurance mainly covers your property and its contents. If you own a house, then your insurance will generally cover:
-The building itself
-The trees and shrubs located outdoors on the premises
-Detached Structures on the premises, like a garage or shed
-Your own personal property, like furniture, electronics, computers, clothing, kitchenware
-Additional living expenses if you need to relocate temporarily after making a claim
-The loss of any rental income after making a claim, if applicable. However, your needs are unique, so your coverage will be too.
It depends whether your property is a principal or secondary residence, a cottage or condominium, or an apartment. If you’re insuring a condo, under certain conditions, these will be added on:
-Common portions which the co-owners have shared access or common portions for your exclusive use
-Any improvements and betterments you may make to your unit
-Immovable elements of your unit
You can choose to insure your home for either of these:
-Most risks that come out of unexpected situations (all risks coverage)
-Claims that come from risks included in your policy (named perils coverage)
You can always customize your policy to get the right amount of insurance for your unique needs, like adding specific insurance for a special piece of jewellery or work of art. All home insurance policies also give you Liability coverage, which protects you if you accidentally injure someone or damage someone’s property, anywhere in the world.