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Covers the replacement cost of a home even if it exceeds the policy limit of your house insurance policy.
Home Insurance
Marsh can help you find the right coverage for your home insurance. Our customer-focused approach combines customized solutions, access to a wide range of coverage options, expert knowledge, and efficient claims advocacy.
Maximize your Coverage
Optional Add-Ons
Additional coverage for water damage caused by water-related events, such as burst pipes, sewer backup, escape of water from an appliance (dishwasher, washing machine, etc.).
Helps cover costs associated with restoring your identity and repairing credit damage after an identity fraud loss. This can include legal fees, lost wages due to time off work dealing with the fraud, and other related expenses.
Provides higher limits and more comprehensive protection for valuable items like jewellery which may not be fully covered under a standard policy. This add-on can cover losses due to theft or loss of the insured jewellery items, even when you are away from home.
Provides protection against damage and loss to your home and personal property caused by an earthquake, which is not typically included in standard policies.
How to Save on Home Insurance
selected option
- Bundling
- Group Discounts
- New Builds
- Deductibles
This is generally one of the best discounts offered. Insure your home and auto with the same insurer and substantial discounts can be applied to both premiums.
If you work for specific companies or are a member of certain associations, you may be eligible for preferred group rates on auto and home insurance. Contact us at +1 888 992 9160 to find out if your organization participates in this program.
A potential reduction in insurance premiums offered to homeowners of newly constructed homes.
The combined deductible feature is beneficial when a loss impacts both your home and auto policies. For instance, if your garage collapses on your car, you would only need to pay one deductible for both home and auto repairs. This feature is contingent upon its inclusion in the policy and the purchase of both home and auto policies from the same insurer.
FAQs
Frequently Asked Questions About Home Insurance:
Home insurance in Canada is calculated based on several key factors.
- The location of the property plays a significant role, as it determines the risks associated with weather, crime rates, and local building costs.
- The total insurable value (TIV) is another crucial element, which includes the combined value of all property, inventory, tools, equipment, etc. at each insured location.
- Insurers also consider your claims history, the type and amount of coverage you choose, and the benefits of a good credit rating.
Ultimately, each insurance company has its unique method for calculating premiums, but these are the general principles that apply across the industry.
While home insurance is not a legal requirement in Canada, it's highly recommended for several reasons.
- If your home is mortgaged, lenders will usually require you to have home insurance.
- Home insurance provides financial protection against unforeseen risks and perils like fire, theft, or damage due to weather events. It also offers coverage for personal valuables inside the house.
- Liability coverage included in home insurance policies can protect homeowners from financial loss if someone is injured on their property and decides to sue.
In Canada, home insurance should ideally be arranged before closing on a property or signing a lease on an apartment. This is because most lenders or landlords require proof of insurance before providing a mortgage or rental agreement.
If you already have home insurance, it's crucial to review your policy annually or when significant life events occur. These events could include renovations, major purchases, or changes in lifestyle. This ensures that your coverage adequately reflects your needs and that you're not overpaying for unnecessary coverage.
The amount of home insurance you need depends on the value of your home and personal belongings. Generally, your coverage should be sufficient to cover the cost of rebuilding your home and replacing your belongings in case of a total loss. Increasing your liability coverage limits is an inexpensive way of protecting your wealth and your family.
Your home insurance may not fully cover business-related activities. Standard home insurance policies often have limits on business property and additional liability exposures related to a business. If you run a home-based business or work from home full-time speak to a Marsh representitive who can advise you on the best way to protect you or your business.
