Home insurance

Homeowner insurance

Homeowner’s guarantee

Homeowner’s Guarantee coverage is the best insurance coverage you can buy to protect your home and belongings. With this coverage, we agree to replace your dwelling and/or outbuildings at today’s prices with materials of similar kind and quality, even if the cost to do so is more than the amount of insurance protection you have purchased.

To qualify for this coverage, you and your insurance broker must complete and submit an approved Residential Dwelling Cost Evaluator form for your home. This form is used to calculate the reconstruction replacement value of your dwelling, taking into consideration the age, size, quality of finish and style of your home.

Once the reconstruction replacement value is determined, you need to insure your dwelling at this value; otherwise you don’t qualify for the insurance. The replacement value of your home will typically be higher than the cost of a new home. Reconstruction costs include additional costs for demolition and debris removal.

We automatically adjust your home’s insurance amount each year on the renewal of your policy. This ensures you have the proper level of coverage to fully protect your home and belongings.

You also receive the following benefits:

• 100% single amount of protection – Includes coverage for belongings, increased living expenses, lost rental income and mass evacuation.
• Mortgage protection – If you’re forced to re-mortgage due to your loss, we will cover any difference between your old and new rate for the remaining mortgage term.
• Building code/bylaw extra expense – You’re covered for the extra expense of rebuilding to meet current building codes, as long as local laws allow you to rebuild at the same location.