How Homeowners Insurance Protects:
This insurance plan helps protect your home and the detached structures on your property like storage shed etc. against risks that are insured like theft, wind, hail, fire and much more.
This plan helps protect you financially against damage that is insured or clothing and other personal belongings that has been damaged due to fire, including any other personal property inside your vehicle.
Expenses such as storage costs, hotel room and much more are covered. If you are unable to live in your house while repairs are being made due to an insured loss, those expense are covered as well.
Protects you financially if you cause damage to property or bodily harm accidently to others at home or any location in the world.
Overview of the Insurance Plan
The Comprehensive Homeowners Insurance Plan provides reasonably priced protection against a comprehensive range of risks.
|Coverage Type||Plan Details|
|Building/Dwelling||All Perils Coverage|
|Up to 100% of the Replacement Cost is Covered|
|Guaranteed Replacement Cost is Included|
|Detached Private Structures||All Perils Coverage|
|Up to 15% of Dwelling Coverage is provided|
|Contents/Personal Belongings||All Perils Coverage|
|Up to 80% of Dwelling Coverage is Covered|
|Special Limits on Certain Personal Belongings||Yes, view special limits|
|Non-owned Property||Is Covered|
|Personal Property at Other Locations||Covered (while away from home temporarily)|
|Property in Your Vehicle||Up to 100% of Contents Coverage is Covered|
|Voluntary Medical Payments||Up to $5,000|
|Voluntary Property Damage||Up to $1,000|
|Additional Living Expenses||Up to 25% of Dwelling Coverage is Covered|
|Extensions of Coverage||Yes, view extensions of coverage|
|Optional Endorsements||Available, view endorsements|
|Deductible||Up to $1,000|
|Deductible Waiver||Yes, if the claim exceeds $25,000|
Home Insurance plan usually covers what?
It depends on the type of property you reside in. Your property insurance will cover the property itself if you own a home, including detached structures like a storage shed or a fence.Additionally, the policy will also cover your personal belongings such as jewellery, furniture, artwork, carpets, computers, and much more.
The insurance policy also includes third-party liability coverage, which protects you from any personal liability if an individual is injured on your property premises or if you cause damage to your neighbour’s property accidentally.
When is the right time to purchase home insurance?
As soon as you become the legal owner of the property or tenant, you should begin your coverage. Even if your condo or house is still being constructed, you can purchase insurance for your property.
What is the difference between All Perils and Specified Perils coverage?
All Perilsprotects your insured property against a complete range of risks and only excludes the perils that are specifically listed in your insurance policy.
Specified Perilsprotects your home that is insured against the most common risks, which will be listed in your insurance plan.
Why do I need tenant insurance?
For the property you are renting, there is a certainty that the building is insured. The property might also have coverage for certain belongings in your residential unit, such as appliances, light fittings, carpets and much more. So, you may ask yourself the question, why do I need coverage too?
Below-mentioned is two great reasons why you need tenant insurance:
Your personal belongings will not be covered under the landlord’s insurance. Personal items such as entertainment equipment, jewellery, artwork, furniture, and other valuable items will not be insured.
You also need to insure yourself against personal liability for injuries to visitors to your home or for damage you accidentally cause to your neighbour’s house.
Why is it essential to have condo insurance?
The condominium corporation is insured, so you may ask yourself why you need your own insurance policy.
Below-mentioned is why you should have condominium insurance:
The condominium corporation insurance plan does not cover personal belongings. Items such as entertainment equipment, jewellery, artwork, furniture, and other valuable items will not be insured.
Belongings that are part of the building will only be covered in the condominium corporation's policy. You have to purchase your own insurance to protect any personal items or additions (such as built-in cupboards, carpets, etc.) you have made inside your condominium.
You also need to insure yourself against personal liability for injuries caused to visitors in your property or for damage you accidentally cause to your neighbour's house.
How does liability insurance protect me?
The liability coverage included in a tenant insurance plan or homeowners condominium protects you financially if you accidentally cause bodily harm or damage others' property anywhere across the world. Below-mentioned is reasons:
A babysitter injures themselves by slipping on your wet kitchen floor.
Your toaster or oven catches fire resulting in damaging your house, including a part of your neighbour's home as well.
You injure a bystander by throwing a ball while playing on the road, public park, beach etc.
Expenses that are covered from your own pocket, i.e., meals, hotels, taxi fares, ride-sharing or rental cars and much more, will be covered if such a situation arises.
Does my home insurance plan cover all water losses?
Coverage for loss from water damage depends on several factors, like where and how your property was constructed and which area you reside in. Insurance for a few types of damages caused by water may be included in the plan, but you may be required to purchase as additional benefits
A few examples of water damage that are not covered under most basic home insurance plans are seepage and flooding:
Seepage is the slow movement of fluids through small openings, pores, or cracks in your property.
Flooding: Damage to your property caused by water flowing into your home from natural sources such as lakes, rivers, ponds etc.
Water damages that are usually covered under the most basic home insurance plans include:
Sewer back-up: Water from the sewer system is forced back into your property, or your sump pump is broken. (Sewer back-up can be added by endorsement).
Water Escape: When your sink or your bath overflows, or a pipe or hose in your property gets damaged, then you are eligible for this coverage.
Does my home insurance plan include earthquake coverage?
It does not automatically. However, for an additional premium, you can buy earthquake coverage. To find out more information, please do not hesitate to take a look at Endorsements for Your Property.
Will be personal belongings be covered under home insurance when I’m travelling?
Most property insurance policies will protect the belongings in your property when you are on your travels. For example, if your baggage or luggage has been stolen from your car or hotel room, you will be covered for the loss.
Will my home insurance plan replace these additions to my property if I have undertaken renovations and improvements?
The valuation on your property changes once you have remodelled your home. If you construct a swimming pool or make a significant addition, you will need to update your current insurance plan.
What is “overland water”?
Freshwater that accumulates on dry land from torrential rainfall, melting snow, or overflow of streams, rivers, and lakes is called overland water.Do I need to purchase an overland water endorsement if I have the sewer backup coverage endorsement?
In response to the effects of frequent changing weather patterns, including severe storm events that often cause property damage, we have made the overland water endorsement available for purchase.
If you decide to purchase additional protection, you will have coverage for damage caused by overland water entering your home from torrential rainfall, melting of snow, or overflow of streams, rivers, and lakes. This could result in loss or damage of belongings in your property, including structural damage on basement walls, doors, foundation etc.
Please note: This coverage does not include the sewer backup coverage endorsement.
This endorsement also provides essential coverage, which includes the unexpected and accidental backing up of water or sewage through:
Waste, sewer pipes and drains that are underground or outside the building.
Septic systems, septic tanks or piping that is connected located outside the property.
Retention tanks or holding ponds, sump pits, sump pumps and their attached piping or equipment
Downspouts or eaves troughs.
The Overland Water endorsement does not cover?
Damage incurred from storm surge or flooding of coastal saltwater.
Seepage not caused by overland water through foundations, basement walls or doors.
Loss of property damage from water resulting from the accidental breaches of structures such as dams and levees.
What coverage makes up the Home Repair Bundle?
The Home Repair Bundle includes three services for $125 per year:
Home Repair Assure: fixes minor issues before it leads to a large, expensive claim.
Claim Prevent: Helps prevent a further claim from damage that has already happened.
HALO Assist: For access to free phone advice from legal and home repair professionals.
In addition to the home repair service, you have unlimited access to information about covered repair issues in your property. You can also call the toll-free number any time during the day, and a professional customer service representative can answer questions you may have about property issues and repairs. If your home repair issue is not covered under the program, we will refer you to a trusted service provider in your area. You can then arrange and pay for service directly with them.
As soon as I Purchase the endorsement, can I immediately use the Home Repair Bundle services?
This entirely depends on the service:
After a claim has been covered, claim prevent can be used immediately.
On the date, after your coverage comes into effect, the services in HALO Assist can be used immediately.
For the Home Repair Assure portion of the endorsement, there is a 45-day waiting period from the date your coverage begins for the home repair assure portion of the endorsement.
Do I have the option to purchase only one or two of the three services offered in the Home Repair Bundle?
Please note: The services cannot be purchased separately.
Deductibles and Premiums
What is an insurance deductible?
The amount you must incur out-of-pocket for every claim before your insurance plan pays, is the deductible.
What are my deductible options for home insurance?
The standard deductible amount is $1,000 for the homeowner, condominium owner or tenant insurance policies. You have the freedom to increase or decrease your deductible amount, which may impact your insurance premium amount. Since the deductible amount is what you pay from your own pocket for a claim, it is imperative you choose an amount that you can pay back if you ever need to make a claim.
Will my deductible apply to all types of property insurance claims?
In most cases for property loss or damage, a deductible will apply. However, in certain instances, you will not be required to pay a deductible for losses incurred on damages to property.
How can I save money on my home insurance premiums?
Below-mentioned is some of the best tips for saving money through RBC Insurance®.
Choose a higher deductible by lowering your premium.
Combine your insurance policy through RBC Insurance.
Install a security system for your property.
How can I pay for my home insurance?
You have many ways to pay your home insurance, including payment through a major credit card such as Visa, MasterCard, or American Express, or you can make pre-authorized withdrawals from your bank account. At RBC Insurance, our insurance advisor will work with you to set up a convenient payment plan method that suits your needs. For your initial payment, you may use your Visa debit or MasterCard for your initial payment. But for payments in the future, you have to select either one of the options mentioned above.
If I use any of the additional services under the Home Repair Bundle, will my premium increase?
Using the additional services under the Home Repair Bundle will not affect your claims history or discount, and will also not increase your premiums. This bundle is created to help you proactively reduce and prevent the same claims from occurring and provide further protection.
If I claim the Identity Theft Expense endorsement, will my premium increase?
Under this endorsement, if you make a claim, it will not affect your claims history or discount, and will also not increase your premiums. If you possess an identity theft claim, you do not have to pay your policy deductible.