Left Navigation Types of Coverage Comprehensive, basic/named perils, broad and “no frills” are typical home insurance policies. Wording and what’s covered in individual policies vary from one insurer to another. Home insurance policies include personal liability coverage. ComprehensiveAs the most inclusive home insurance policy, comprehensive covers both the building and its contents for all risks, except for those specifically excluded. Two types of risk that are not normally included in any home insurance policy are:Uninsurable perils are predictable events that are not coveredOptional coverage for which you can buy insurance, such as earthquake or sewer backup.The insured perils included in comprehensive and other policies include coverage for aircraft or vehicle impact, fire, lightning, theft and window breakage.If you live in a condo/strata or mobile home, you require customized insurance for your property type. Basic or Named PerilsIf you want to save money and carry the financial risk of some losses yourself, consider a basic or named perils policy. This policy covers only those perils that are specifically stated.BroadIf a comprehensive policy costs more than you want to pay and a basic or named perils policy isn’t suitable, a mid-priced compromise is the broad insurance policy. This policy provides comprehensive coverage on the big-ticket items, such as the building, as well as named perils coverage on the contents.No FrillsSome insurers offer basic or no frills coverage for properties that don’t meet normal insurance standards. If there are physical problems with your home that keep it from meeting the standards set by insurers, you may save money in the long run by correcting these problems to qualify for better coverage.Personal LiabilityWhether you own or rent your home, you can be held liable for bodily injury or property damage unintentionally caused to others. Your home insurance’s personal liability portion provides coverage if such an event occurs on your property or anywhere in the world. For example, if a visitor slips on a snow-covered walkway on your property and is injured, you may be held legally responsible. If you’re found negligent, your personal liability coverage would cover the damages resulting from the injury up to the coverage limit. Liability coverage does not apply to injuries sustained by you or members of your household.In addition to the home coverage types described above, insurers may use trademarked product names to describe home insurance packages.IBC’s Home Insurance - Personal Property Inventory All about home insuranceA house is often the single largest financial investment you can make. Without insurance, your most valuable asset is vulnerable to fire, theft and other disasters.Personal Property InventoryDo you know how much your possessions are worth?Home Insurance Q&AQuestion to ask your insurance representative.Home Insurance - Is yours up to dateProtect your most valuable asset. Make sure your home insurance is up to date with the checklist and tips in this brochure. Related ServicesInsured PerilsA peril is a chance event that is unexpected and accidental. Home insurance policies offer coverage for other named perils, but not those that are excluded. Optional CoverageOptional coverage can protect you against financial losses stemming from the shaking of a home during an earthquake. Choose the coverage that covers the risks specific to your region.Condominium or Strata CoverageCoverage is available under two separate policies: one for a unit owner and another for the condominium or strata corporation. Useful LinksHome Inventory ApplicationA current inventory of your belongings makes it easier to file a claim. Keeping your records off-site is wise in case a fire or flood damages your property. Consider updating your home inventory each spring and advise your insurer of any major purchases.Act of GodInsurance companies don’t use the phrase “acts of God.” They use the word “perils” to describe events that an insurance policy covers, and “exclusions” for events or situations that are not covered.Spring Thaw HoodGenerally, overland flooding is not covered. Overland flooding occurs when water from rivers, streams or other bodies of water flows onto dry land and causes damage to homes. This kind of flooding can be caused by a spring thaw.Rental PropertiesBefore renting out your primary or secondary residence, contact your insurance representative. Make sure that your home insurance provides adequate coverage and no exclusions apply.