Learn about Square One town house insurance
Before reviewing your coverage and deductible options, it’s important you know that Square One offers a comprehensive policy. That means it insures against all types of loss except for what’s specifically excluded. The most common exclusions include war, terrorism and overland flood. Although overland flood is excluded by all home insurance providers in Canada, our policy protects against water and sewer backup damage. And, our policy automatically includes earthquake protection.
To review your coverage and deductible options, click on the tab to view that section.
The most common town house insurance covers are listed below. For each of these covers, we’ll help you determine what limit of insurance is right for you.
- Personal property: Protects all the “moveable” property you own except some types of specialty property for which you can buy additional coverage. More information on specialty property is provided to the right.
- Additional living expenses: Protects against increases in living expenses you incur because your condo can’t be lived in. This could be as a result of damage to your condo from an insured loss, or an order to evacuate your condo due to a sudden and accidental event.
- Personal and premises liability: Protects you against amounts you are legally responsible to pay because you unintentionally injure someone else or damage their property.
- Condo property damage assessments: Protects against amounts you are assessed for loss or damage to common property when your condo corporation’s insurance is insufficient.
- Condo property deductible assessments: Protects against amounts you are assessed to offset an insurance deductible your condo corporation has to pay due to loss or damage to common property.
- Condo liability damage assessments: Protects against amounts you are assessed for unintentional bodily injury or property damage arising from the condo corporation’s ownership of common property when your condo corporation’s insurance is insufficient.
Specialty property covers
Traditional town house insurance policies include $6,000 of coverage for fur coats. Don’t own any furs? With Square One, you choose what specialty property you want to insure so you only pay for what you need. Choose from the following categories of specialty property:
- Bicycles and sporting equipment
- Business property
- China, silverware and furs
- Fine art, collectibles and oriental rugs
- Jewellery and watches
- Musical instruments
You may also want to add the following optional covers to your Square One town house insurance policy:
- Improvements, fixtures and glass: Protects any upgrades made to the interior of your condo after your unit was originally built, whether made by you or a previous owner. Also covers any fixtures and glass in your unit not insured by your condo or strata corporation.
- Legal protection: Provides access to legal advice, assistance and cost coverage for many common legal disputes.
- Identity theft and financial loss: Protects against financial losses you suffer because your identity was stolen.
Select the deductibles that fit your individual risk profile and budget. The higher the deductible you select, the lower the premium you pay on your town house insurance.
- Standard policy deductible: This deductible applies to all types of losses unless otherwise noted below. Depending on eligibility, standard deductible options range from $500 to $5,000.
- Earthquake deductible: You get to choose from a few different earthquake deductible options. The options are based on a percentage of the total limit of property covers under your town house insurance policy.
- Sewer backup deductible: Depending on the type of home and where it’s located, a sewer backup deductible may apply. This deductible may range from $2,500 to $25,000.
With Square One, you get a comprehensive policy. That means you’re protected against all types of losses unless they are specifically excluded. For example, loss or damage due to floods, acts of terrorism, and war are excluded from virtually all policies. (Flood insurance is not available in Canada; instead, the provincial and federal governments offer disaster financial assistance programs.)
Where other providers require you to specifically add and pay extra for critical protection you need, we include it automatically. For example, your Square One town house insurance policy automatically includes:
- Broad water damage insurance;
- Earthquake insurance;
- Hail and wind insurance; and,
- Sewer backup insurance.
For complete details on what is and isn’t covered under your town house insurance policy, please refer to your policy wordings or speak with one of our licensed agents by calling 1.855.331.6933.