What is comprehensive home insurance?
Comprehensive home insurance offers the most extensive amount of coverage. It is the top-level plan offered by insurers. Depending on the insurer, it may be called "all-risk" or "all perils" coverage.
It gives protection against the most threats to your physical dwelling, property, and personal belongings. You are protected from perils unless they are specifically excluded from your policy.
Who is comprehensive property insurance coverage for?
A comprehensive perils home insurance policy, similar to comprehensive insurance for your car, is for you if you’re the type of person who doesn't want to leave much to chance. You want to minimize your potential losses as much as possible. You’re okay paying a higher premium to have the peace of mind of knowing you have coverage for most types of damage and liability threats.
Why should I consider a comprehensive home insurance policy?
Not sure if a comprehensive plan is for you? Here are some things to consider:
- Peace of mind: Many homeowners believe it's worthwhile to pay a little more in premiums for that extra peace of mind in knowing they’re covered.
- Financial predictability: Comprehensive plans reduce the potential for having to pay for a significant repair bill out of pocket. It gives you greater financial protection in the event of a loss.
- Risk mitigation: You live in an area that is prone to certain risks (severe storms, flooding, etc.). This plan will help to mitigate these threats.
- Mortgage requirements: If you have a mortgage, proof of insurance is required. Some lenders may require you to have comprehensive.
A comprehensive policy will increase your Ontario home insurance premiums. How much will depend on your insurer, plan limits, and if you add endorsements or other personalized coverage.
Back to table of contents