Home Insurance

Replacement cost pays the full cost to rebuild or repair your home and replace your contents at today's prices. Actual cash value deducts depreciation. Replacement cost coverage typically costs more but avoids significant out-of-pocket expenses after a total loss.

Coverage for basement flooding depends on the cause and your policy type. Sewer backup is typically an optional add-on. Overland water coverage (flooding from surface water) is a newer product in Ontario that covers this risk. Standard home policies generally do not include these coverages without specific endorsements.

Standard home insurance typically provides very limited coverage for business property and no liability coverage for business activities. If you operate any business from home, you should disclose this to Luca and discuss the appropriate endorsement or separate policy.

Wood-burning stoves are an insurable risk but require disclosure to the insurer. Some insurers may require documentation of the installation (e.g., WETT certification) and may apply specific conditions. Failure to disclose a wood stove can jeopardize a claim.

Standard Ontario home policies typically exclude: normal wear and tear, gradual deterioration, pest infestation, earth movement, power failure, and intentional damage. Flood coverage is not included unless overland water coverage is purchased as an add-on. Review your policy's exclusions carefully.