In this section, we'll look at certain special situations that may affect your property insurance rate.
Child studying away from home
If your children normally reside with you, but are away from home attending school, your home insurance policy will protect their belongings, too. Your policy automatically extends its contents protection to your children's belongings, up to a maximum dollar amount, for example $5,000.
Planning to move
Big moving day coming up? Remember to let your insurer know before you move within Canada. Most insurers will automatically insure your old home, your contents in transit, and your new residence for a period of time, for example, 30 days. The insurer must also agree to insure your new property for this coverage to apply.
Taking a trip
Planning to travel? Not to worry. Your insurance policy will cover your personal property while you're away from home. But there will be a limit based on a percentage of the value of your personal property, for example, 10%.
If you own a bicycle, it's covered by your property insurance policy. But check to see if there's a special coverage limit. Bicycles are a prime target for thieves. If the insurance company has experienced a large number of claims, they may choose to restrict coverage.
Your automobile is not covered by your personal property policy. You will need to get a separate auto insurance policy. Read through the Automobile Insurance Quickguide to find out more.
Stuff inside your car
Generally, coverage for in-car stolen or damaged property is covered through your property policy. For example, if your car was broken into and your ski equipment was stolen - it would be covered under your property policy.
Tip: If your car is stolen, and you have your property and your auto insurance with the same company, you'll usually only have to pay one deductible -- even if you're making claims on both your policies for your car and its contents!
Property and home insurance quickguides
- Introduction to property insurance in Canada
- Standard home coverages
- Standard condo coverages
- Standard tenant or renters coverage
- Beyond basic coverage
- How insurance is calculated
- How to reduce your insurance premium
- Taking advantage of insurance discounts
- Special situations