Even though home insurance isn’t always mandatory in Ontario, it is extremely valuable when it comes to protecting you and your property. We’re uncovering five common home insurance myths that nobody else will tell you!
Home Insurance is not always easy to understand and there’s a lot to know to make sure you’re protected. We’re providing clarifications on common home insurance myths so you’re aware of the proper coverage you need if you own property in Ontario.
Five Common Ontario Home Insurance Myths Clarified
Myth 1: Your Home Office is Covered
TRUTH: If you are running a home-based business, your insurance provider must know about it or any claim could be denied. Discuss options with your insurance broker to ensure you, your home, and your business is fully protected. Remember, working from home and running a business out of your home are very different.
Myth 2: Home Insurance Includes Flood Coverage
TRUTH: Often you must purchase additional coverage(s) to be covered for flooding. Typically, most standard Ontario home insurance policies would cover sudden and accidental water damage such as wind damage to the outside of your home. Speak with your insurance broker to find out what your current policy covers.
Myth 3: All Your Valuables Are Covered
TRUTH: Most home insurance policies include contents coverage to a set limit. Ensure you advise your insurance broker about all your valuables, such as jewellery and special collectibles, so that they are properly covered. You may have the option to schedule the items, purchase higher special limits, or insure the high-value item(s) on its own policy.
Myth 4: Your Landlord’s Insurance Covers Everything
TRUTH: If you are a tenant, your landlord’s insurance does not cover your property or personal liability. Additionally, anything you’ve made improvements on wouldn’t necessarily be covered under the landlord’s insurance either. Call your insurance broker to discuss the wording of your landlord’s policy to ensure you’re aware of any gaps in coverage.
Myth 5: Your Condo Unit is Covered by Building Insurance
TRUTH: Your contents are not covered, nor are any upgrades. Your maintenance fees may go towards the condo corporation’s insurance but it’s important that you protect your contents and get your own condo insurance. You also need your own insurance policy to cover liability in the event someone is injured because of your negligence in your home.
Home insurance can be overwhelming and that’s why it’s important to stay informed about what your policy covers. Call your insurance broker to discuss your policy so you can ensure you and your property are properly protected in Ontario.
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