Broad form home insurance – what you need to know

Like most things we buy, home insurance comes in all shapes and sizes, from minimum basic coverage to very comprehensive coverage. Broad form home insurance is a good basic policy that generally protects your home from all risks (fire, theft, vandalism, burst pipes, weather damage, etc.), and the personal belongings inside your home from named perils only. Our insurance experts may recommend this type of coverage for non-standard properties like student rentals. Give us a call to learn more.

Compare broad form home insurance with other types of coverage

Broad Home Insurance Compared with Comprehensive and Fire & EC
  Fire and extended coverages Broad form coverage Comprehensive coverage
Dwelling building Named perils only Yes Yes
Additional buildings Named perils only Yes Yes
Contents Named perils only Named perils only Yes
Additional living expenses Yes Yes Yes
Personal liability Yes Yes Yes
Voluntary medical payments Yes Yes Yes
Voluntary property damage Yes Yes Yes

What’s not covered by broad form coverage?

1. Mysterious disappearance

The main exclusion from a named perils policy such as broad form contents coverage is mysterious disappearance (lost items). Mysterious disappearance most often involves jewelry: Heirlooms go missing with no evidence that they were stolen; diamonds fall out of rings; and bracelets and necklaces fall off. These examples would not be covered by a named perils form but they would be covered by an all risks form, such as a comprehensive home insurance policy.

2. Onus of proof

Another difference between a named perils policy such as broad form vs. all risk is the onus of proof. Precedent in Ontario courts favours that in a named perils policy, the onus of proof is on the insured to provide evidence that the loss occurred due to a named peril. This is why thefts often have to be reported to police to apply coverage. In an all risks form, you would only have to prove that the damaged property belongs to you and that a policy was in force on the date of loss. Then coverage is implied. The onus is then on your insurer to prove an exclusion applies in order to deny coverage.

3. Other examples of broad form exclusions

Other examples of losses generally not covered by broad form property coverage include accidental damage; rips; stains; and power surges.

Whichever type of home you live in, and whatever your lifestyle, our insurance experts would be happy to answer your questions and provide you with a quote. Give us a call 1.800.731.2228