Your Home Policy
Your Property Insurance policy is an important source of protection and peace of mind for you and your family. Property Insurance protects you from financial ruin in the event of a loss to your home or belongings. It is intended for losses that are unavoidable.
There are various types of coverage, terms and requirements associated with a Property Insurance policy. The Dominion offers coverage for Homeowners, Condominiums, Tenants, Rented Dwellings, Seasonal Properties, Boats and more.
What's Covered in a Property Policy?
Our homeowners property policies include the following coverage, subject to certain limits:
Liability - This pertains to your legal responsibility to others on your premises or your personal actions when you are found legally negligent. We do not recommend that you carry any liability limits less than $1,000,000.
Contents - These are the personal belongings you use at your residence (furniture, clothing, cookware, etc). They are covered under the Contents section of the policy when they have been destroyed or stolen, as a result of an insurable loss.
Dwelling Building - This refers to your actual residence and any item that attaches to your dwelling, such as a car-port, attached garage, deck, etc. This term does not apply to Condominium or Tenant's policies.
Outbuilding - These are secondary buildings on the property that are not attached to the main dwelling, such as a shed or a detached garage. This term does not apply to Condominium or Tenant's policies.
Additional Living Expenses - This will cover you for living expenses outside your regular budget for food, rent and mortgage when you have been forced to leave your residence due to a loss.
Voluntary Property Damage - An amount is set aside in your policy in case an insured resident of your home accidentally causes damage to a neighbour's property.
Medical Expenses - This coverage protects visitors or non-residents in the event that they are injured on your property. In such an event, this benefit may help cover some of their medical bills.
Property Policy Terms
Deductible - This refers to the limit of coverage that the policyholder will retain (pay out of pocket) in the event of a claim. For example, if you have a $500 deductible on your Homeowner's Policy, you will be responsible for the first $500 in damage from the loss.
Peril - This refers to the cause of a loss (e.g., fire, theft, water).
Insured Perils - This refers to causes of loss that are covered by your insurance policy.
All Risk - This type of policy wording means that all perils are covered, except those that are specifically named as being excluded. It is sometimes referred to as a Comprehensive Policy because it offers very broad coverage.
Named Perils - Only perils that are specifically named or listed in your policy wording are covered.
Insurable Interest - The person who owns the property has the Insurable Interest in it and only the owner is allowed to take out a policy and be compensated for the loss.
Indemnity - This is a fundamental concept of insurance. It states that policyholders have the right to be compensated for their loss. Insurance strives to put people back into the financial position they were in prior to the loss.
Named Insured - This refers to the person who owns the home or dwelling to be insured (i.e. the person named on the deed). Only the registered owner of a property is legally allowed to take out insurance.
Statutory or Policy Conditions - These are the rules under which the property policy will operate. These outline the company's responsibilities for coverage and claims handling, as well as your responsibilities as a policyholder.
For more details, please contact a broker near you.