Home insurance: to protect the most important investment of your life

Whether you live in a traditional single-family home, a condo or an apartment, it is essential to have good insurance. M2 Insurance’s certified brokers can advise you on the type of coverage you need in home insurance.

Three types of contracts to know

There is a wide choice of types of home insurance coverage. By dealing with a qualified broker, you can adjust the chosen contract according to your needs.

• For most people, an “all-risk” insurance policy with a general formula offers the necessary protection to most homeowners. It has exclusions, or things that are not covered. It is therefore important to read your contract carefully.
• With the extended coverage, you benefit from insurance that covers all risks for the house itself, except exclusions; if you are a tenant, the extended coverage will cover the contents of your home against risks such as fire, theft and others.
• Basic insurance, also called “specified risks”, is a more economical type of contract, but with more limited coverage. It protects you against specific risks – fire, theft and vandalism, for example.

More details on these types of contracts can be found in the Insurance Bureau of Canada’s website at Insurance Bureau of Canada’s website at .

A condo is like a house

More and more condominium agreements require condominium owners to take out home insurance. This obligation is imposed because in the past, many people living in a condo believed that condominium insurance covered their property and the inside of their apartment, which is not the case. Nor does the condominium insurance cover any damage you may have caused, for example, to the apartment on the lower floor because you failed to have the washer repaired or the water heater replaced. It is therefore essential, if you live in a condo, to have good condominium insurance.

Why insure yourself as a tenant

Every winter we hear sad stories of people who lose everything as a result of a fire: they were tenants and had no insurance. However, insuring the contents of a home costs only a few dollars a month and can save you a lot of trouble. M2 Insurance’s certified brokers can tell you more about home insurance policies for tenants.

And the chalet?

In the common language of the insurance world, the cottage is what is called a “recreational property”. You can add the cottage to your existing home insurance, and the additional premium will be determined based on various factors such as heating method, occupancy frequency, age of the cottage and its proximity to a watercourse. Ask your M2 Insurance broker how much it will cost to insure your cottage. He can establish for you a personalized protection, which will protect this beautiful asset.