Your home is likely your most valuable asset. Given its value, you’ll want to do what you can to protect it. And a home insurance policy can do just that.
Despite your best efforts, your home could still be vulnerable to damage. A fire could destroy it or its contents, for example, or it could be burglarized and robbed of its valuables. In these unfortunate events, you could be left with a hefty bill to cover your losses, which could place you in a serious financial predicament.
With a home insurance policy in place, these damages can be covered. Depending on the exact policy you take out, you could be completely reimbursed for all damages suffered.
Your lender will require that a home insurance policy be taken out on your home. But even if it wasn’t mandated, a home insurance policy can come in very handy if your home or its belongings ever come into harm’s way.
Several insurance companies in Canada offer home insurance policies, including Industrial Alliance. Since 1892, Industrial Alliance (iA) Financial Group has been serving the needs of Canadians and is now one of the country’s largest insurance wealth management companies. The firm offers a number of financial, wealth, and insurance products, including home insurance.
Let’s take a detailed look at the Industrial Alliance and its home insurance policy offerings.
What Kind Of Home Insurance Does Industrial Alliance Offer?
Industrial Alliance has you covered for all your homeowner needs, whether for your home, condo, or a rental property that you own.
Civil Liability Coverage
As a homeowner, you’re responsible for ensuring that your home and the surrounding property are safe for you, your family, and others who visit. But sometimes, accidents happen, whether or not they’re within your control. Someone who visits your home could get hurt or have their belongings damaged somehow, in which case you could be liable.
For instance, someone could slip and fall on your icy driveway, or your dog may bite another dog passing by. In these instances, you could be deemed responsible.
If the individual chooses to take you to court to sue you for damages, you could be faced with a hefty legal bill. With civil liability insurance, you’ll be covered for these expenses.
Specified Perils Coverage
This type of policy provides coverage on specific insurable perils that you’ve detailed on your home insurance policy. The most common specified perils include fire, vandalism, and theft. So, if your home or its contents are the subject of damage from a fire or vandalism, or if any of your belongings are stolen, a specified perils policy would cover you for your losses.
All-Risk Coverage
An all-risk policy will protect you against all perils, with the exception of those that are specifically excluded from your home insurance policy. Not only does all-risk coverage protect your home, but it also protects all your contents, such as your furniture, electronics, tools, and so forth.
Even contents that are not inside your home at the time of damage or theft are covered. For example, you may have them with you in your car or you took them with you on a holiday. No matter where your contents are at the time of theft or damage, they will be covered with all-perils coverage.
Wondering if you need insurance on your vacation home? You might be surprised by the answer.
Home Insurance For Condominium Owners
If you own a condo, you won’t require an all-encompassing policy that comes with a traditional home insurance policy, as the building and all common areas are the responsibility of the condo corporation to cover. That said, you will be responsible for your unit and all contents within it.
A condo insurance policy will not only protect the inside of the unit itself, but also against any financial repercussions faced for civil liability if someone is injured or their personal belongings are damaged in your condo. You’ll need $1 million in civil liability insurance if the building you live in has fewer than 13 units, and $2 million if the building has 13 units or more.
You can also purchase additional coverage for sewer backup and water seepage through Industrial Alliance.
Home Insurance For Rental Property Owners
If you own a rental property, you’ll need an appropriate insurance policy to cover the risks. Industrial Alliance offers insurance policies that are designed specifically for rental property owners that cover against damage to the home or building and civil liability. This type of insurance coverage is available for buildings with no more than 6 units.
You’ll have the same types of coverage available with a traditional home insurance policy, including civil liability coverage, specified perils coverage, and all-risk coverage. Plus, you can add additional riders to customize a comprehensive policy.
Home Insurance For Renters
If you don’t own your home and are renting it instead, you’ll still want to consider having a renters insurance policy in place. While the actual home itself and its surrounding property should be insured by the property owner, your belongings will need to be covered by a separate policy.
Your landlord’s insurance policy will not cover your personal belongings. You’ll need to have a policy that covers fire, theft, and vandalism if you want to be compensated for damage or theft of the contents in your home. A renter’s policy will also protect you against financial consequences as a result of damage that you cause to the building or to other tenants’ belongings.
What Kind Of Additional Coverage Can You Get?
Industrial Alliance also offers additional forms of coverage to help you customize your policy according to your needs:
Water Damage
If your home is damaged by water that originates from within your home — such as a burst pipe — you’ll be covered under a standard policy. But any damage that occurs from water that comes into your home from an outside source — such as overland flooding — will not be covered without additional coverage. A flood or water damage rider will provide you with the additional coverage needed to reimburse you for such damage.
Sewer Backup
Like water damage that originates from outside your home, sewer backup will only be covered with additional coverage. If water comes into your home through a pipe from the sewer, it can cause major damage, which can be covered with the additional sewer backup rider.
Fuel Oil Leaks
If your home is heated with oil, it could be susceptible to damage in the event of an accidental overflow or leakage of fuel oil. The cost to clean and decontaminate your home will be covered with a fuel oil leak rider.
Pool Or Spa
If your home is equipped with a pool or hot tub, you should make sure they’re covered in your home insurance policy, which Industrial Alliance offers.
How Do You Get A Quote From Industrial Alliance?
A home insurance policy from Industrial Alliance is currently only available in Quebec.
Depending on what type of policy you are looking to buy, you may be able to obtain a quote either online or by telephone. At his time, you can only get an online quote for a renter’s insurance policy.
To obtain an online quote for your rental property, simply provide a few pieces of information, including the following:
- Address of the property
- Number of units in the building
- Whether or not you live at the address
- How long you’ve lived there
- Coverage amount required
- Your name and contact information
For all other policy quotes, you’ll need to call 1-866-650-4689 to speak with a live agent.
Looking to switch to Industrial Alliance? Find out how you can cancel your current home insurance policy.
Pros And Cons Of Home Insurance With Industrial Alliance
Pros:
- Quick and simple quote. If you’re looking for a renter’s insurance policy, all you need to do is answer a few questions online, and you’ll be provided with a quick quote.
- Many available coverage options. With all the additional options offered by Industrial Alliance, you can personalize your home insurance policy as needed.
- Bundle discount. Save as much as $510 when you bundle your home and auto insurance policies (available only in Quebec).
- 24/7 service. You’ll always have a support representative to get in touch with around the clock when you need to file a claim or require immediate assistance.
- Direct deposit into your account. When you successfully file a claim, your reimbursement will be deposited directly into your bank account.
Cons:
- Only available in Quebec. Right now, Industrial Alliance only offers home insurance coverage to residents of Quebec. If you live in another province or territory, a home insurance policy will not be available.
How Do You Make A Claim With Industrial Alliance?
If your home and contents have been damaged or were subject to theft, you’ll need to contact a representative with Industrial Alliance right away to begin the claims process.
You can either call Industrial Alliance’s claims department at 1-877-700-7778 to walk you through the claims process, or you may file online.
To file a claim online, you’ll need to provide a few pieces of information, including the following:
- Full name
- Date of birth
- Contact information
- Date and time of the incident
After your claim has been submitted online, a claims agent will contact you.
Final Thoughts
A home insurance policy will protect you against significant financial responsibilities that you may find yourself stuck with if your home or its contents have been damaged. It will also cover you if someone who visits is injured or their belongings are damaged on your property.
While your mortgage lender may require this type of policy, you’d be well-advised to have one in place anyway. Every homeowner’s needs may differ, and Industrial Alliance can accommodate your unique needs thanks to the variety of options available for you to choose from.
