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Recently, dozens of home and business owners in Goderich suffered tremendous losses as a result of one of the most severe tornadoes to hit Ontario in 15 years.  If you know you would not have the right insurance coverage to rebuild and cover your financial loss after a tornado, fire, flood or other natural disaster were to destroy or damage your home, or you’re not sure, maybe now’s the time to review your home insurance policy.

There are typically four types of coverage contained in the homeowner’s policy:

1. Home and Personal Property:

(a) Dwelling damage coverage helps pay for damage to your home;

(b) Personal property coverage will pay for such items as household furniture, clothing and other personal belongings, usually up to 50% of the policy limit on your dwelling. The coverage only pays the current cash value of the item destroyed, unless you purchase replacement-cost coverage; and

(c) Off-premises coverage covers your belongings against theft even when they are not inside your home. Other structures such as a detached garage, a tool shed or any other building on your property are usually covered for up to 10% of the amount of coverage on your house.

2. Personal liability coverage applies to non-auto accidents on and off your property if the injury or damage is caused by you, a member of your family, or your pet. The basic liability coverage is usually $1 million. You can request higher limits for an additional cost.

3. Medical payment coverage pays if someone outside your family is injured at your home regardless of fault. The coverage does not apply to you or members of your household. Medical payments coverage limits are typically $5,000 for each person.

4. Additional Living Expenses: If it is necessary for you to move into a motel or apartment temporarily because of damage to your home, your insurance typically pays an amount up to 20% of the policy limit on the dwelling for these expenses.

For tips on reducing your home insurance costs, please see the remainder of this article at

This excerpt was reproduced with the permission of Rob Parker of ThameSpec Home Inspection Services, (519) 857-7101, [email protected]

Download the PDF: Concepts Newsletter – Fall 2011


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