Types of home insurance

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Types of home insurance coverage can be defined in 3 major categories:

  • Comprehensive Coverage (this is the coverage Ogilvy Insurance normally recommends when a home qualifies for it)
  • Broad Coverage
  • Standard Coverage

The difference between the three is found in the definition of insured perils (i.e. what is covered). Generally speaking, these include Building Coverage, Contents Coverage, Standard “Named Perils”, “Named Perils”, Broad “All Risk”, Comprehensive “All Risk” and “All Risk”. The same coverage definitions apply to Tenants and Condominium insurance but without the building coverage.

There are two basic approaches used in defining coverage in a home policy – please click through the tabs below to have an overview of each. The third tab includes information about the added coverages and advantages that you find with different insurers. We’ve also covered our notes in that regard, we call that tab the Ogilvy Coverage Offerings, or the Pluses, because we always look to offer you the most for your insurance. We don’t like to leave our clients uninsured, especially when we have special perks that we can offer. When comparing policies, beyond the two approaches, make sure you understand the pluses. They make a huge difference on what you are really getting in the event of a claim. It pays to compare.

The first is “NAMED PERILS”
This type of policy is based on the adding approach. Starting from no coverage, perils are added which are covered under the policy. Therefore, to check if coverage applies in a particular circumstance, one must verify that the cause of loss is an insured peril. “NAMED PERILS” can include:

  • Fire or Lightning
  • Explosion
  • Smoke
  • Falling Object
  • Impact by Aircraft or Land Vehicle
  • Riot
  • Vandalism or Malicious Act
  • Water Escape*, Rupture, Freezing
  • Windstorm or Hail
  • Theft, Including Damage Caused by Attempted Theft

Depending on the Insurance Company, some of these coverages may not be included and/or other coverages may be added to this list – review your own wording for clarification.

The second approach is called “ALL RISK”
This type of policy takes the opposite approach to defining coverage. The initial assumption is that All Perils are covered. The coverage is then limited by exclusions. The reason this backwards approach is used is because it is easier to list 20 exclusions than it is to list 50 perils insured. At Ogilvy Insurance, the “All Risk” coverage is the preferred recommended option when available and all acceptability conditions are met.

The All Risk and Named Perils examples we just listed really form the base of any insurance policy. From that basis, many additional factors come into play. Just because you have two companies with All Risk Coverage, does not mean they are he same. This is where optional coverages, Special Programs and Higher Special Limitations come in.

Example of some of the coverage differences we have seen in “Special Limitations”. Special limitations means that although your policy may cover a certain amount of money for contents, within those contents, these items have limits assigned to them. We work with insurers who can offer some of the lighest limits as part of their packages depending on your needs.

Do you know what you have?

  • Money
  • Fine Arts & Collectibles
  • Additional Living Expenses
  • Jewellery
  • Legal advice Insurance
  • Data Replacement
  • Software
  • Coverage & Discounts for Students Away At School
  • Coverage for parents in a nursing home

Here is a list of optional coverages which we normally offer to our clients with their insurance packages whenever they qualify, or it is available.

At Ogilvy our standard offering is a commitment to give you the best possible.
Some coverages that we offer include:

  • Your Content Goes Here
  • Sewer Back Up,  Above Ground Water, Ground Water
  • Identity Theft
  • Diminishing or ZERO deductible
  • Guaranteed Replacement Cost
  • No Obligation to Replace with Full Cash Value Settlement Options
  • Legal advice insurance
  • Rate Guarantees
  • Claims Forgiveness

Guaranteed Smiles. – Yes, we take our service seriously. We will do everything we can to make you smile