Learn about Square One 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 most 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 house insurance covers are listed below. For each of these covers, we’ll help you determine what limit of insurance is right for you. Unlike our competitors, we don’t force you to buy protection you don’t need.
- Building: Protects the main structure of your house as well as attached garages, swimming pools, and hot tubs. With our policy, you’re covered even if it costs more to rebuild your house than it’s insured for. We also offer unlimited protection against cost increases from building code changes – most other insurance policies limit this to as little as $10,000.
- Personal property: Protects all the “moveable” property you own except some types of specialty property for which you can buy additional coverage. Personal property includes appliances, clothing, electronics, household goods and furniture. More information on specialty property is available by selecting the appropriate tab.
- Additional living expenses: Protects against increases in living expenses you incur because your house can’t be lived in. This could be as a result of damage to your house from an insured loss, or an order to evacuate your house 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.
Specialty property covers
Traditional 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 house insurance policy:
- Detached structures: Protects any other structures within your property lines, like detached garages, sheds, gazebos and carriage homes.
- Landscaping, fences and gardening equipment: Protects all trees, shrubs, lawns, fences, retaining walls, rockeries, and almost anything else that improves the curb appeal of your house. Also protects lawnmowers, trimmers, snow blowers and other gardening equipment.
- Landlord’s property: Protects any property you own that is located in a rental suite in your house. Of course, this is only necessary if you have a rental suite in your house.
- Rental income: Protects against the loss of rental income you face because your home can’t be lived in due to an insured loss.
- Identity theft and financial loss: Protects against financial losses you suffer because your identity was stolen.
- Legal protection: Provides access to legal advice, assistance and cost coverage for many common legal disputes.
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 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 house insurance policy.
- Glass breakage deductible: For a small premium, you can reduce or eliminate the deductible for loss or damage to glass that forms part of your house.
- Sewer backup deductible: Depending where the home is located, a sewer backup deductible may apply. This deductible may range from $2,500 to $25,000.
- Wind and hail deductible: Depending where the home is located, a wind and hail deductible may apply. This deductible may be $2,500 or $5,000.
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 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 house insurance policy, please refer to your policy wordings or speak with one of our licensed agents by calling 1.855.331.6933.