Broad Policies
A BROAD policy protects you against most natural and man-made perils, such as: fire and lightening, explosion, falling objects, oil leaks, theft on and off premises, vehicle and aircraft impact, electrical damage, collapse of building, smoke damage, vandalism and mischief, freezer and contents, glass breakage, lock replacement, property damaged in transportation. These are some of the things that a BROAD policy covers. Not all policies are the same, it is important that you read and understand your policy. If you have any questions or concerns with your policy, your insurance broker will be more than happy to help you!
ATTENTION CONDO OWNERS AND TENANTS...
Your BROAD policy may also cover improvements you make to your unit, shortfalls in your condominium corporation policy, damage to your rented premises form vandalism, theft or attempted theft, damage to trees, plants or shrubs and lock replacement.
KNOW YOUR POLICY!!!
Comprehensive Policies
A comprehensive policy provides you with all the coverages that a BROAD policy does plus more. A COMPREHENSIVE policy includes things such as mysterious disappearance, accidental happenings...paint spilled on the carpet, wedding ring down the drain.
An example...if a tree falls on your house or a car drives into your house, both the BROAD and COMPREHENSIVE POLICIES will cover these types of losses. However, if you spill paint on your carpet or a piece of jewellery goes missing, only the COMPREHENSIVE policy will cover these losses--the BROAD will not.
Homeowners policies also cover your outbuildings, personal property, additional living expenses, legal liability, voluntary medical payments and voluntary property damage and they are subject to a policy deductible and limitations on some classes of personal property.
Some classes of personal property that are limited are jewelry, watches, gems, furs, bicycles, books and tools or instruments pertaining to business, profession or occupation. Check your policy wordings to know exactly what your policy covers.
* Don't forget about the future of your family either. What if you experience a fire loss or break and enter...do you have insurance to cover what you lose? Do you know what you are covered for?
