What exactly does my homeowner’s insurance cover?

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Posted Sep 5th, 2018

What exactly does my homeowner’s insurance cover?

There are several different types of homeowner’s insurance to choose from, and each covers a different combination of risks. Here, the Youngs Georgetown team talks you through the primary types, and what is covered by each.


As the name suggests, comprehensive homeowner’s insurance policies are the most inclusive option. These policies typically cover property, belongings, liability and living expenses in a single policy.

When it comes to comprehensive coverage, the two types of risk that are not usually included are:

  • Uninsurable perils: predictable events that are not covered, such as flooding or landslides
  • Optional coverage: for which you can buy insurance, such as earthquake or sewer backup

Please note that if you live in a condo/strata or mobile home, you will require customized insurance for your property type.

Basic or Named Perils

If you’re willing to carry the financial risk of some losses yourself for the sake of saving money, you may want to consider a basic or named perils policy. This type of homeowner’s insurance policy covers only the specific perils that stated in your policy.


A mid-priced option is a broad insurance policy. This policy type provides comprehensive coverage on big-ticket items like your building, as well as named perils coverage on the contents.

No Frills

For properties that don’t meet normal physical standards for comprehensive insurance coverage, some insurers offer basic or ‘no frills’ coverage. However, it’s important to note that you may save money in the long run by fixing the physical problems your home has, so that you can qualify for better coverage.

Personal Liability

Whether you own or rent your home, you may be held responsible for bodily injury or property damage sustained by others on your property. The personal liability portion of your home insurance provides coverage should such an event occur.

For example, if a visitor slips on an icy walkway on your property and is injured, you may be held legally responsible. If you’re found responsible, your personal liability coverage would cover the damages up to the coverage limit. Liability coverage does not apply to injuries sustained by you or others living in your home.

If you have questions about what your home insurance covers, please contact the team at Youngs Insurance in Georgetown any time!

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