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Your home is probably the biggest purchase you'll ever make. At RBC Insurance, we'll help you protect your home and your financial future with affordable coverage that is right for you—with no compromise on quality, coverage or service.
From protection for your home and personal belongings to coverage against liability claims, homeowners insurance protects you in a number of ways. Below is an overview of the key coverage it provides and tips to keep in mind when considering your coverage options.
You are on: Your home
Protection for your home and detached structures on your property
Homeowners insurance helps provide valuable financial protection against incidents that can cause damage to your home—including fire, lightning strike, wind and hail, explosions, falling objects, vandalism, theft and other risks or "perils."
Depending on your coverage, your home and detached structures—a storage shed or fence, for example—will be protected against All Perils or Specified Perils:
You are on: Your personal belongings
Protection for your home's contents and personal belongings
In addition to protecting your home itself, homeowners insurance helps protect you financially against insured damage or loss to your personal property (furniture, televisions, computers, washer/dryer, clothes, jewellery, etc.) inside your home or in your vehicle.
Like the coverage on your home, you can choose to protect your personal belongings against All Perils or Specified Perils:
The coverage limit for your personal property will be a percentage of the coverage limit you have on your home itself—and varies from plan to plan.
Some personal items, like jewellery, coin collections, computer software and more also have special coverage limits . If these limits do not adequately protect your possessions, you may be able to "schedule" them separately on your policy to increase your protection.
You are on: Additional living expenses
Compensation for additional living expenses
If you cannot live in your home while repairs are being made after an insured loss, your homeowners insurance will also help to cover some of your additional living expenses, such as moving costs, a hotel room, restaurant meals, storage and more.
There are three circumstances that may entitle you to this coverage:
You are on: Accidental damage or injury to others
Protection for accidental damage or injury to others
One of the most important ways that homeowners insurance protects you is through liability coverage. This coverage helps to protect you financially if you unintentionally cause bodily injury or property damage to others—at your home or anywhere in the world. For example:
Your liability coverage helps protect you whether someone sues you or not:
It’s a good idea to purchase as much liability coverage as you can afford—we recommend at least $1 million in coverage and offer up to $2 million in coverage in all of our plans.
Note: The information above is a summary only and does not include all terms, conditions, limits and exclusions.