What is comprehensive home insurance?
This is the most common type of home insurance coverage. It protects your home and the other structures on your property, as well as your personal belongings, from all risks, other than specific exclusions that are listed in your policy.
Buying a home is usually the largest purchase most of us will ever make. So it makes sense to want to protect it thoroughly with comprehensive home insurance, which as the name suggests, gives you the most complete coverage possible.
With comprehensive home insurance, in the event of a claim, the onus is on the insurer to prove an exclusion, meaning that you are more likely to be successful if you make a claim where coverage is not clear. For example, if items were stolen from your home but you didn’t report it to the police, on a broad form or basic home insurance policy the claim would likely be denied. If you have a comprehensive policy, this kind of claim would most often be accepted. This means more peace of mind for you.
What does comprehensive home insurance cover?
Comprehensive home insurance protects your property from all risks (with the exception of standard exclusions listed in your policy).
|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|
|Voluntary medical payments||Yes||Yes||Yes|
|Voluntary property damage||Yes||Yes||Yes|
Learn more about what’s covered by homeowners insurance
Additional Coverage Options
Additional coverage options, which are also known as endorsements, allow you to extend your home insurance coverage to include situations or property not covered by a standard policy. The most frequently chosen endorsements include:
If you choose to decline these extra coverages, then damage from these events will not be covered by your home insurance.
Exclusions: What’s not covered by comprehensive home insurance?
Here are some things not usually covered by a standard home insurance policy:
- Wear-and-tear: Nothing lasts forever. Your roof and other parts of your home need to be replaced periodically. This is not covered by insurance.
- Mold: Insurance is for sudden, unexpected damage. Mold builds up over time in wet areas. Keeping your home dry and mold free is part of home maintenance.
- Frozen pipes: If water damage is due to pipes freezing in winter, this is not covered since it is considered preventable with proper home maintenance.
- Intentional application of heat: Basically this means there’s no coverage if the dryer shrinks your clothes, the iron burns your clothes or the stove burns you pots.
- Crime: Insurance covers theft or vandalism by someone else, buy it doesn’t cover damage from a crime committed by the policyholder.
- Animal or insect damage: Home insurance won’t pay for termite damage to your walls or floors, or if mice chew wiring. It also won’t cover pest control or cleanup.
- Pollution: Most policies cover damage if your own pipes or oil tank spring a leak, but that’s it.
Good to know: Common questions about comprehensive home insurance coverage
How much is comprehensive home insurance?
Comprehensive home insurance coverage is the most expensive form of home insurance, but it’s also easily the best coverage you can buy. Given the added peace of mind, it’s a great value and only costs about 10% more than broad form coverage.
How do I know if I have comprehensive coverage?
Most home insurance policies in Ontario are comprehensive. It is the standard coverage, and in many cases, it’s the only kind of coverage you’ll be offered. If you have a lesser form of coverage like broad form, it’s likely because the insurance company doesn’t want to offer you a comprehensive policy. This typically only happens with older homes that have non-standard wiring, cottages and trailer park homes.
Is comprehensive coverage the same as all perils coverage?
Yes, comprehensive is all perils coverage on both the dwelling (the building) and your belongings. Other types of policies like broad form apply all perils coverage to buildings, and named perils coverage to contents, or your belongings.
Is comprehensive home insurance better coverage?
Yes. Comprehensive coverage makes it more likely that you’ll be successful in a claim if that claim includes damage to or theft of your personal possessions. If you choose broad form coverage, it is easier for the insurance company to deny your claim if you don’t have documentation like receipts or a police report. Comprehensive coverage takes the onus of proof off you and puts it on the insurance company. If they want to deny your claim, they have to prove that your losses aren’t covered.
Is comprehensive home insurance the same as comprehensive auto insurance?
No, the two are completely unrelated. Comprehensive auto insurance is an optional coverage that protects your car from theft, fire, vandalism, and weather damage.
We’re happy to help you find the coverages, limits, and endorsements that are right for you and your home at the best price available. Give us a call today!