Coverage to protect your home and the life you've built inside it

Home insurance helps protect you from the financial impact of unexpected events, such as fire, theft, certain types of water damage, or liability claims. Without it, you could be responsible for paying out of pocket to repair or rebuild your home, replace your belongings, or cover legal costs. 

It can also provide support if you need somewhere else to stay while your home is being repaired after an insured loss. For many homeowners, having the right coverage is an important part of protecting their long-term financial security. 

If you have a mortgage, your lender will usually require proof of home insurance before finalizing financing. 

Home insurance can be tailored to your specific needs, but most standard policies include a few core types of protection. A knowledgeable Navacord advisor can help you understand what’s included, where your limits apply, and whether additional coverage is appropriate. 

Your policy may include coverage for:

- Your home’s structure, including the main building.

- Other structures on your property, such as detached garages, sheds, fences, or boathouses. 

- Personal belongings, such as furniture, clothing, electronics, and other contents, up to your policy limits. 

- Personal liability if you or someone in your household is held responsible for injury or property damage. 

- Additional living expenses if an insured loss makes your home temporarily unlivable. 

You may also be able to add optional coverage for specific needs, such as: 

- Higher liability limits for added financial protection. 

- Replacement cost coverage (based on current replacement value without deducting for depreciation) for eligible personal belongings.

- Extra protection for valuables as jewellery, art, collectibles, or other special belongings. 

- Additional coverage for electronics, computer equipment, or other personal property that may need specialized protection. 

- Coverage options that reflect the contents of your home, especially if you have recently completed a home inventory. 

Yes. Home insurance can often be customized with optional add-ons, also called endorsements. These can help extend your protection for specific risks or belongings, such as valuables and collections, watercraft, increased coverage limits, or certain types of water and weather-related damage. 

Home insurance policies generally include liability coverage, which can help with legal expenses if someone is injured on your property or if you accidentally damage someone else’s property. Depending on your policy, this may include defence costs, settlements, or awards. 

Home insurance premiums can vary based on several factors, including:

- Where your home is located. Insurers may consider nearby fire services, local crime rates, weather patterns, natural disaster risk, and proximity to bodies of water. 

- The coverage you choose. Your limits, deductible, and optional add-ons all play a role in your overall premium. 

- Your home’s details. The age, construction type and condition as well as the systems in your home can influence how it is assessed by underwriters. 

- Prevention and detection features. Systems such as sump pumps, backup valves, water alarms, burglar alarms, security cameras, and smoke alarms may help reduce risk and could qualify you for discounts. 

- Your insurance history. How long you’ve been insured and whether you’ve had previous claims can also affect your rate. 

Yes. Each insurance company may use different factors and pricing models to calculate premiums. A Navacord advisor can help you compare options, understand what may be influencing your rate, and look for ways to manage your costs.