Your home insurance can do more than its basic function – providing protection to your home’s structure and your belongings within it. And whether you’re a first-time buyer or experienced homeowner, it’s important to understand the full extent of your home insurance.

In this article we’ll go over how to identify the type of coverage you need, some of the surprising optional coverage you can add under your policy, and ways you can save on your insurance. 

Understanding Your Home Insurance Coverage

Insurance is not a “one-size-fits-all.” Some insurance companies offer a variety of different coverage options to ensure that the things you love are protected. For example, Allstate Canada offers three different levels of coverage. To understand what coverage option applies to you, you must first understand your home insurance needs.

Basic Coverage

This option provides coverage only against a specific list of perils (for example home fires, lightning strikes, windstorms, hail, etc.). While not offering the most protection, it is typically the cheapest.

Some may choose this option if they’re looking to save or if they want to protect a property that may not be visited often. However, because this coverage does not protect against all risks, it’s important you understand the limitations of this policy.

Elite Package

If you’re looking for broader coverage, consider a policy that provides “all risk insurance.” These types of policies provide coverage to your property from identified perils (i.e. specific events that results in damage or loss).

Not only that, through this type of coverage, it can replace contents with items of similar value, without depreciation. The cost of rebuilding your home will be covered even if the amount for rebuild is higher than your policy coverage.

VIP Package

This package builds on the Elite Package. However most notable with this type of policy is it provides all risk coverage to not only your home, but your contents as well.

You also have the option to add a specific coverage for personal property relating to your hobbies and interest.

Surprising Coverage Options Available Through Your Home Insurance

You may be surprised to know that through your home, condo, or tenant insurance you have the option of gaining additional coverage to protect your favourite hobbies.

Home Insurance Options That Can Protect Things You Love to Do 

Sports Equipment

If you enjoy playing sports, you’ll be pleased to know there are specialized home insurance products that can offer coverage for your equipment. At Allstate Canada, for example, activities like golfing, skiing, snowboarding, and fishing can all be protected with the right add-on to your policy. This type of insurance covers…

Protection Against Loss or Damaged Equipment

Depending on the type of protection you’re looking for, sporting-related insurance offers coverage for loss or damaged equipment. This can include:

• Golf clubs, accessories, and golf carts.
• Hunting and fishing equipment.
• Windsurfing equipment, sailboards, and watercrafts including trailers, furnishings, equipment, and outboard motors.
• Winter ski and snowboard equipment.

Rental fees, for the temporary replacement of equipment, may also be covered.

Membership fees

As an extension to this additional coverage, if you were to have purchased Golf Insurance, you may be provided reimbursement of prepaid club memberships and licence fees if you were to fall ill or get injured and unable to use it.

Gardening

For those who have a green thumb, an extended home insurance policy may give you the option to add Yard and Garden Insurance.

This will cover you for theft, loss, or damage to:

• Trees, shrubs, plants and lawns.
• Garden tractors and snow removal equipment.

As well as protection against windstorms and hail.

If you require a professional to help restore your garden from a loss or damage, their fees and expenses may also be covered.

Home Insurance Options That Can Protect You

Now that you know that your hobbies can be protected, what about you?

Personal Identity Theft and Legal Expense Insurance

While it’s important to protect yourself from identity theft and fraud unfortunately, the Canadian Anti-Fraud Centre received 31,782 reports of identity fraud in 2021.

Your home insurance policy can be expanded with additional coverage options to help with expenses due to identity theft or covered disputes. This type of insurance can also offer a toll-free legal assistance hotline for questions.

Savings – So You Don’t Break the Bank          

Did you know that most insurance companies offer discounts for individuals who bundle their home and auto insurance? Extra features can also be added to help you save money and increase the value of your coverage.

This can include Claims Forgiveness* – where your home insurance rates won’t go up even if you make an insurance claim or Disappearing Deductibles** – if you go without making a claim, your insurance provider may reduce your deductible until it disappears.

Disclaimer:

Terms and conditions apply. Coverage, perils, discounts, and availability may vary by region.

* Rates will not be increased or surcharged if insured submits no more than one claim every 5 years

** Claim Forgiveness does not protect your Disappearing Deductible.

This contains information about coverage offered by Allstate but does not list all of the conditions and exclusions which apply to the coverage described. The wording of the actual policy and local law will govern. For more information on coverage, perils, discounts and availability, please contact your local agency or 1-800-allstate.

This information and the websites referenced are provided for your convenience only and should not be construed as providing legal or insurance advice. Allstate does not control or guarantee the accuracy of any content on any third-party site.  Allstate is not responsible for the privacy practices of any third-party site.