Home insurance is a general term for insurance policies that protect where you live either as the owner or as a tenant. Whether you live in a condo, apartment, townhouse, or house, you’ll need home insurance to protect your home, your personal property, and yourself from liability.

Not usually.  Your home insurance policy will provide global coverage for personal property items of dependents going away for school.

That said, this extension is usually limited to just a few thousand dollars so if they are bringing valuable items with them, they should be purchasing their own insurance locally.

These items are covered by default under most home insurance policies but if they’re above a certain value, they should be endorsed specifically onto the policy to make sure there is adequate coverage for these rare and valuable items.

Yes, it is but there are certain restrictions. 

If you are going to be away for more than 30 consecutive days, you should contact your insurance broker to make sure your insurance company is notified (they may charge an additional premium for the vacancy). If you’re away for more than 4 consecutive days during the regular heating season, you may have no coverage for water damage caused when a pipe freezes and bursts.  To ensure you still have coverage, you should have a responsible person check on your home daily or make sure the water in your home is drained and shut off.

While most home insurance policies offer coverage for water damage, compensation is usually only restricted to clear water. Sewer Back-Up Insurance can be endorsed onto your policy to ensure against wastewater such as water overflowing from a sump pump, septic tank or toilet.

The first thing to do when you have a claim is to contact your broker.  They will help you review your coverages and submit the claim to the insurer.  After the insurer receives the notice of claim, they’ll assign and adjuster to the case and reach out to you for additional information if necessary.

Be prepared to provide receipts and other documentation to help you substantiate the claim.

Even though the building is insured by the landlord, tenants should carry their own insurance.

A tenant insurance policy includes 3 important coverages that protect both landlords and tenants:

1. Personal Property – this protects the personal property of tenants such as their electronics, clothing, jewellery, furniture, etc.
2. Additional Living Expenses – this provides extra funds to pay for alternate accommodations in case an insured peril damages the unit and the tenant needs to move out during repairs
3. Liability – while the landlord’s insurance would cover building damage, tenants are also responsible for losses they cause to the landlord’s property.  This coverage assures the landlord that the tenant will have funds available to compensate them should the tenant damage the property.

Even though the landlord likely has insurance for the building, you’ll need your own insurance to cover your personal contents, any renovations you’ve made, additional living expenses, and liability both to your landlord and 3^rd parties.

Home Insurance is a general term.  The type of Home Insurance you’ll need depends on what type of home you live in.  If you rent, you’ll need tenant’s insurance.  If you own a condo, you’ll need condo owner’s insurance.  And if you own a single-family home, you’ll need homeowner’s insurance.