Personal Property Insurance

If you don't know what personal property insurance is all about, read on and get a basic idea.

The importance of personal property insurance

Home insurance and other forms of personal property insurance can often be quite pricey. If you think about it though, protecting your home is well worth the extra cost of property insurance. One of the largest financial investments that you will make in your life is a home purchase. It is for this reason that you should definitely look into getting home insurance. Home insurance and personal property insurance aim to protect you from the costs of damages and losses caused to your home and property by natural disaster, theft, and other possible situations. Read on to learn more about the different forms of personal property insurance available in Canada.

Basic types of home insurance

There are basically four types of home insurance available to homeowners. First is comprehensive, which covers structural damages, as well as damages and loss of the contents within the home. Comprehensive insurance covers all risks except those that are explicitly excluded in your insurance contract. Second is basic and named perils insurance, which covers the damages and losses to your home and property caused by perils that are stipulated in the policy. Third is broad insurance, a mid-range price of insurance that normally covers structural damage, as well as damages and losses caused to specifically named items by named perils. Finally, no frills coverage may be made available to properties that do not reach the required standards of the insurer.

Tenant insurance basics

Tenant insurance is available to those who do not own the property, but are renting. Basically, this type of insurance can cover liability costs, repair costs, and replacement costs for structural damages and losses, as well as damages and losses caused to your neighbours' properties.