Homeowner’s Insurance - ICPEI

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Homeowner's Insurance

Policy booklet

icpei.ca

Table of Contents

Insurance for Homeowners ...................................................... 3

Part 1 ? Insurance on Your Property.................................... 4

Definitions .............................................................................................. 4

Coverage ................................................................................................ 5

Coverage Forms ................................................................................... 6 Homeowners Comprehensive Coverage Form H100............................. 6 Homeowners Broad Coverage Form H101 ............................................ 6

Part 1 ? Your Dwelling, Detached Private Structures and Personal Property ? What We Cover.......................... 7

Your Premises ....................................................................................... 7

Your Dwelling ? Coverage A ............................................................... 7

Your Detached Private Structures ? Coverage B ........................... 7

Your Personal Property ? Coverage C.............................................. 7

Perils Insured ? Named Perils............................................................ 8

Perils Insured ? Comprehensive ..................................................... 10

Additional Living Expenses and Lost Rental Income ? Coverage D ........................................................................................11

Added Features Of Your Part 1 Coverage.......................................12 Arson Conviction Reward ......................................................................12 Automatic Acquisitions...........................................................................12 Automatic Residence Coverage ............................................................12 Credit, Debit, or Electronic Funds Transfer Cards, Cheques, and Counterfeit Money Coverage.................................................. 12 Debris Removal .................................................................................... 13 Declaration of Emergency Endorsement .............................................. 13 Emergency Entry Property Damage ......................................................14 Fire Department Charges ......................................................................14 Fraud Conviction Reward ......................................................................14 Freezer Foods .......................................................................................14 Identity Theft Coverage .........................................................................14 Inflation Protection ................................................................................ 15 Lock Replacement................................................................................ 15 Mass Evacuation .................................................................................. 15 Outdoor Trees, Shrubs, Plants and Lawns ........................................... 16 Personal Property of Guests and Employees ....................................... 16 Property Protection Coverage .............................................................. 16 Tear out................................................................................................. 16 Temperature Change ............................................................................ 16

Dwelling Under Construction (Comprehensive Coverage)........ 16 Property Covered ................................................................................. 16 Property and Causes of Loss We Do Not Cover .................................. 16

Optional Coverages ........................................................................... 18 Water Extension Endorsement (sewer back up and water extension combined)............................................................ 18 *Overland Water Endorsement..............................................................18 Guaranteed Replacement Cost (GRC) Dwelling .................................. 19 Features of Guaranteed Replacement Cost .......................................... 20 a) Building Code/By-Law Extra Expense........................................ 20 b) Mortgage Protection Clause ....................................................... 20 c) Combined Amount of Protection ................................................. 20 Earthquake Damage Extension............................................................. 22

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Personal Articles Coverage.............................................................. 22 Boats, their Equipment, Accessories, Outboard Motors, and Jet Propulsion Personal Watercraft, including Unlicensed Boat Trailers.....................................................................22 Home Computers ................................................................................. 22 Collectibles ............................................................................................23 Automatic Acquisitions (not applicable to boats, their equipment and accessories, outboard motors, jet propulsion personal watercraft and unlicensed boat trailers)..........................................23

Settling a Claim....................................................................................23 Deductible .............................................................................................23 Franchise Clause ..................................................................................23 Replacement Cost and Actual Cash Value...............................................24 Matching Property ? Dwelling............................................................... 24 Obsolescence....................................................................................... 24 Roof and Roof Covering Limitation....................................................... 24 Dwelling and Detached Private Structures ........................................... 24 Personal Property and Personal Articles .............................................. 25 Pairs and Sets (Applies to Personal Property and Personal Articles) .. 25

Property with Specific Amounts of Protection............................. 25 Property and Causes of Loss We Do Not Cover ...........................26 General Conditions for Part 1 .......................................................... 28

Part 2 ? Personal Liability ? Coverage E ? What We Cover.......................................................................... 30

Definitions Applicable to Part 2 ....................................................... 30 Personal Liability................................................................................ 30 Amount of Protection ........................................................................ 31 Bodily Injury and Property Damage................................................ 31 Tenants and Renters .......................................................................... 32 Added Features of Your Part 2 Coverage ...................................... 32

Voluntary Medical Payments ? Coverage F ......................................... 32 Voluntary Property Damage Payments ? Coverage G ......................... 32 Optional Extensions .......................................................................... 32 Jet Propulsion Personal Watercraft Liability Coverage ......................... 32 Passenger Hazard Option (applies only if shown on your

Declaration Page)...........................................................................33 Claims We Will Not Cover .....................................................................33 Claims We Will Not Cover This applies to all coverages in Part 2 ? Personal Liability ........33 If You Have a Loss What You Must Do ........................................... 36 If You Have a Loss What We Will Do............................................... 36 Defense Settlement ? Supplementary Payments......................... 36 How We Settle a Part 2 Claim........................................................... 36 General Conditions for Part 2 .......................................................... 37

Statutory Conditions .................................................................. 38

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Insurance for Homeowners

Your Homeowner's insurance policy is made up of a Declaration Page and this booklet. This booklet explains a number of coverages. Your Declaration Page shows the coverages you have chosen and identifies the Form # for easy reference. Your Declaration Page shows what we agree to insure, the coverage we provide and the amount of protection. It also shows the premium you have agreed to pay. All amounts of protection are shown and all losses are payable in Canadian dollars. All Homeowner's policies cover dwellings, detached private structures, personal property and personal liability. Other property may be insured if you choose. There are two forms of coverages available:

Homeowners Comprehensive Coverage Form H100: -- provides comprehensive coverage on your dwelling, detached private

structures and personal property.

Homeowners Broad Coverage Form H101 -- provides comprehensive coverage on your dwelling and detached

private structures and named perils coverage on your personal property. Your Declaration Page shows which Coverage and Form you have. This policy booklet is in three parts: Part 1 ? Dwelling, Detached Private Structures and Personal Property ? explains coverage for property you own or use. Personal Articles Coverage ? explains coverage for property you wish to insure separately due to its nature or value or because it is excluded under blanket coverages. This includes items such as high valued jewelry, furs, boats and motors. Part 2 ? Personal Liability ? explains coverage for your liability due to your personal actions that involve bodily injury or property damage to someone else. Part 3 ? Statutory Conditions ? these are conditions we must tell you about by law.

All claims will be settled directly with the person(s) named on your Declaration Page. Only the person(s) named on your Declaration Page may make a claim against this policy and may take legal action against us. Claims presented for loss or damage by any person(s) as defined above shall be considered to be made by all named or unnamed insured person(s) jointly. Action(s) of any person either individually or jointly shall be considered action(s) by all for the purpose of investigation and settlement of losses. The key to your policy is its Declaration Page. It shows the type and amount of your coverage. It gives the location of property you are insuring and it describes certain types of property you are insuring. Your coverage starts at 12:01 a.m. standard time on the Effective Date. It ends at 12:01 a.m. standard time on the Expiry Date. The Declaration Page shows both of these dates. This is your policy term. This policy contains various exclusions and limitations that eliminate or restrict coverage. Please read it carefully. Insurance cannot be a source of profit. It is designed to indemnify you against actual losses or expenses incurred by you or for which you are liable.

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Part 1 ? Insurance on Your Property

Definitions

Amount of Protection means the maximum amount we will pay for any one occurrence or incident no matter how many people covered by this policy are involved. Different amounts apply to different coverages and these amounts are shown on the Declaration Page.

Business means any continuous or regular pursuit undertaken for financial gain including a trade, profession, occupation or agricultural operation.

Business Premises means premises on which a business is conducted, premises rented in whole or in part to others, or held for rental.

Business Property means property pertaining to a business, trade, profession or occupation.

Civil Authority means any person acting under the authority of the Governor General in Council of Canada or the Lieutenant Governor in Council of a province, and/or any person acting with authority under a Federal, Provincial or Territorial legislation with respect to the protection of persons and property in the event of an emergency.

Data means information, including programs, recorded on electronic media usable in data processing operations.

Domestic Appliance means a device or apparatus for personal use on the premises for containing, heating, chilling or dispensing water.

Dwelling means the building described on the Declaration Page, wholly or partially occupied by you as a private residence.

Dwelling Evaluation means a residential dwelling evaluation worksheet that determines what it would cost to replace your home, excluding the value of the land. Evaluations are completed using approved new construction valuation tools that are acceptable to us.

Ground Water means water in the soil beneath the surface of the ground, including but not limited to water in wells, underground streams and percolating water.

Insured means the person(s) named on your Declaration Page and the following unnamed person(s) living in the same household:

? the spouse of the person(s) named on the Declaration Page.

Spouse shall also mean either of two persons who are living together in a conjugal relationship and have so lived together for a period of two years or, if they are the natural or adoptive parents of a child, for a period of one year.

? the relatives of any of the above. We also mean any spouse, mother, father, grandmother, grandfather or child of the person(s) named on the Declaration Page, while residing away from your dwelling in an approved nursing or care home.

? anyone in the care of any of the above.

? unmarried student(s) while attending school and while residing away from your dwelling.

Insured Peril means a cause of loss or damage insured under the type of coverage shown on your Declaration Page for that specific property.

Occurrence means loss or damage to insured property by one or more of the insured perils.

Plumbing System means water supply, distribution and disposal piping on the premises, including appliances and equipment attached thereto, between their connection points to a public or private system. A plumbing system does not include sumps, septic tanks, retention tanks, sewers, drains, eavestroughs or downspouts.

Pollutant(s) means any solid, liquid, gaseous or thermal irritant or contaminants, including smoke, odour, vapour, soot, fumes, acids, alkalis, chemicals and waste. Waste includes materials to be recycled, reconditioned or reclaimed.

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