Home Owner’s Insurance

Home Owner's Comprehensive Insurance


Home Owner’s Comprehensive Insurance provides compensation to owners/tenants of private dwellings against loss or damage to the building and/or its contents, arising from a wide range of catastrophe perils to include hurricane, earthquake, flood, fire and lightning.

Why choose Covenant Insurance Brokers?

Why do you need home owner's insurance?

1. A Homeowners policy provides coverage for residential properties in the event of damage to the building and or  contents, caused by perils insured by the policy.  Examples of such perils are fire, flood, earthquake , hurricanes/ windstorms, burglary and theft. In addition, the policy  generally covers the legal liability of the insured , incurred  at the premises, to (a) domestic employees and ( b) visitors to the insured property.

2. Only buildings and contents are considered by the insurance;  land is not covered. It is recommended that your sums insured are revised annually  especially if home improvements were done.  This will mitigate the effects of under-insurance and the application of the average clause in the event of a claim. If you cannot afford a valuation, you may obtain a report from  a loss adjuster who provides  insurance valuation services. Be sure to submit this to your insurer before or around the time of your annual renewal so the necessary changes can be done.

3. The reinstatement cost/replacement value, which is found in a valuation report, is used to determine the sum insured for the building(s).  The market value or forced sale value is not used as it may, among other things,  include the value of the land.

4. Claims should be made within 30 days of an event. Among the documents to submit are completed Homeowners  insurance claim forms, an estimate of damage done to the insured property, supported by pictures if available. In the case of a fire or vandalization, a police report is required.

5. The policy is subject to an average clause, which means the insured is responsible for a potion of the claim , should the sum insured be less than 85% of the replacement value. This is one reason it is important to ensure that an up-to-date valuation is in place.

Frequently Asked Questions

Your house should be insured for the cost of rebuilding the house as new. That means it should be insured for what it would actually cost you to replace the buildings.

Yes you can. You can insure your household goods and personal belongings such as furniture, video and audio equipment, television and jewelry.

Yes. An Excess is applicable to most losses under home insurance except losses caused by fire, lightning, explosion and damage from falling aerials, fittings or masts.

If I live in an apartment building that is insured by the Management Committee of the Strata Corporation, however the complex is not insured for its full replacement value – can I buy additional insurance cover for my apartment only to “top up” the strata policy?

No. Under the Strata Titles Act, your apartment complex should be fully/adequately insured. 

No. The Strata Corporation’s policy is for the joint owners of the building in which you live and only covers items that are commonly owned such as the building, guard house, swimming pool etc. You will have to take out a contents insurance policy to cover your own belongings.

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