By Gary Thomas, R.I.B.

Not all Property Insurance Policies are created equal.

In general, there are two basic policy types. There is the “Broad form” policy that provides good basic coverage.  However, the “Comprehensive” policy will provide even broader coverage for your Home and personal belongings/contents. This form also carries higher limits for certain items within the policy.

We always recommend that Homeowners obtain the “Comprehensive” form of property policy. The annual additional premium is minimal and the coverage is much broader. We feel this is money well spent.

What’s Covered in a Property Policy?

Property policies separate losses into various types, each with its own conditions and limitations.

  • Personal Property – most of the normal contents of your home, from furniture, linens to electronics, all are considered Personal Property.
  • Real Property – buildings and land are considered Real Property. A fire in your home can damage both the structure (Real Property) and the contents of your home (Personal Property)
  • Liability – your responsibility to other people when they suffer loss or injury due to your negligence. Liability coverage extends to most everyday life situations.

10 tips on how to save money on your property insurance:

  • Deductibles: Did you know that higher deductibles will reduce your premiums?
  • Dual Policy: Save up to 20% if you insure both your home & auto with the same company.
  • New Home Discount: If your home is less than 10 years old you could be eligible for a discount.
  • Security Alarm: A centrally monitored burglar and fire alarm system will not only improve security but also provide a discount, ranging from 2.5% – 15% depending upon the insurance company.
  • Age Discount: If you’re over 45 years old you could be eligible for savings.
  • Non Smoker?  Let your Insurance broker know, discounts can apply (up to 5%)
  • Mortgage Free Discount: Receive another discount if you have no mortgage.
  • Loyalty or Renewal discounts can reduce the premium by additional 5% where applicable.
  • Claims-Free discounts of 10 – 20% apply, if you have had prior insurance (Tenants, Condo or Homeowner), and are currently claims free for the past 3-5 years.
  • Discounts are available for “Tankless Water Heaters”, and “Back-water valves”, which greatly reduce the damage caused by a sewer back-up.

Gary Thomas, R.I.B is a Senior Insurance Broker with RML Insurance Brokers Ltd.  In Ottawa, for further information and a no-obligation review of your insurance needs contact Gary at: or call 613-820-0550

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