As a homeowner, it is in your best interest to make certain you are fully insured. Three types of home policies are commonly available, Standard, Comprehensive, and Broad Form.

Standard Policy

Standard policies cover specific perils, which usually include:

• Fire, lightning, or explosion other than if the fire follows or results directly or indirectly from an earthquake;
• Smoke from a heating or cooking unit in or on the premises;
• Falling object which strikes the exterior of the building;
• Impact by aircraft or land vehicle, satellite or spacecraft;
• Riot, vandalism, or malicious acts;
• Water damage;
• Weight of ice, snow or sleet;
• Windstorm or hail;
• Transportation;
• Theft, attempted theft, or burglary; and
• Glass breakage.

Comprehensive Policy

A comprehensive policy generally works in the opposite manner to a standard package. The comprehensive policy states that you are covered for everything and then lists the exceptions to the coverage in the limitations, exclusions and conditions set out in the policy. Items covered by a comprehensive policy which usually are not covered by a standard policy include:

• Disappearance of property;
• Spills on furniture and/or carpeting; and
• Higher amounts of coverage for items with special limits.

Broad Form Policy

A broad form policy will give you specified perils coverage on your contents and comprehensive coverage on your building. This is most useful when renting out a dwelling.

Certain types of property may carry limits on available coverage, with the amount of the limit being dependant upon the type of policy and the company holding it. We will work with you to find the policy that best suits your needs. In addition, extended limits of coverage may be purchased for specific types of property.

Earthquake Extension

In BC, most policies also carry an Earthquake Extension. This provides coverage for damage to your building and contents resulting directly or indirectly from an earthquake, usually subject to a deductible. Rather than a flat amount, this deductible is usually a percentage of the total amount claimed. If you choose not to take earthquake coverage, you will not be covered for claims that arise from an earthquake.

* All coverages are subject to limitations and exclusions. Please speak to a licensed insurance agent, read the policy wordings and the certificate of insurance for definitions, limitations and exclusions.