Protection for your family
Property insurance isn't just about protecting your investment in your home or condominium unit. It covers your valuable personal belongings too, both inside and outside your home. It can even help safeguard your financial future if you are ever sued for damages suffered as a result of your negligence.
Choose the Coverage You're Comfortable With
You don't want to pay for more insurance coverage than you need. At the same time, you don't want to compromise on your coverage, just to save on your premiums.
That's why we offer a range of choices, allowing you to personalize your insurance to suit your needs
Special Categories That Have Limits
Insurance companies group certain kinds of things into categories. Some categories have a maximum amount that can be paid to replace all the items in the category. Within a few categories, there's also a maximum amount to be paid for any single item. To make sure all your stuff is adequately covered, you'll want to go over your policy's category and item limits with your agent.
Actual Cash Value vs. Replacement Cost
Most of your things decrease in value over time. That purple leather sofa isn't worth anywhere near as much as you paid for it back in '92. When you purchase coverage for your personal property, choosing Actual Cash Value or Replacement Cost is one of the most important decisions you may need to make
Property insurance protects you in two ways
Your property insurance will reimburse you for losses if your home or personal belongings are damaged by fire, your belongings are stolen or if any other unexpected situation that is specified under your policy occurs.
Your home and other detached structures such as a garage will likely need to be repaired. You will probably be reimbursed for most, if not all the value of items, such as furniture, artwork and computers - or the items themselves will be replaced.
If you cannot live in your home while it is being repaired after a loss, your insurance will pay for some of your additional living expenses, such as accommodation, restaurant meals and storage. For example, if prior to the loss, your total monthly living expenses were $800, and after your loss your total monthly living expenses increased to $1,000 - you would be reimbursed for the difference of $200.
If someone is injured while visiting your home, they could sue you for damages. If they win and a court awards them a substantial amount of money, your entire future could be in jeopardy. Your wages or salary could be garnished for years to come - and you may find it extremely difficult to recover your financial standing. Property insurance includes protection against this kind of liability.
Your property insurance will also protect you against liability for accidental damage to someone else's property. For example, if you live in an apartment building and your sink overflows, resulting in damage to a neighbor's ceiling and carpet, your property insurance will pay for repairs or replacement.