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
- Falling Object
- Impact by Aircraft or Land Vehicle
- 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.