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Contents Insurance Coverage Ontario

Ensure your personal belongings are properly covered by the right insurance.
  • Protect your personal belongings in the event of a loss
  • Inventory your possessions to help you recover from a loss
  • Insure your laptops, TVs, furniture, jewellery and much more
Complete the form or call 1-800-463-8074 to speak with a licensed broker about Contents Insurance today.

Contents Insurance In Ontario

Your home is precious to you, and part of what makes a house, condo or apartment home is your personal belongings. It's your vintage comic collection. The paintings that you collected on your travels. Your mother's jewellery. These items are special because they are a part of your identity and sense of belonging. Losing these possessions can be absolutely devastating, especially when you have no recourse.

That's where contents insurance in Ontario comes in. With a contents insurance policy, you can have peace of mind knowing that your possessions are properly protected. While not all items are replaceable, those that are can be repurchased with the financial support offered by a contents insurance policy. And while there is no replacement for your mother's engagement ring, receiving the value of the ring can help soothe the sting of its loss.

Understandably, you may have some questions about contents insurance in Ontario. The good news is that our team of qualified insurance brokers is always more than happy to chat about your insurance needs. We're here to help you find the best possible coverage at a competitive rate, which is why we have nurtured relationships with all of Ontario's top insurers. We know who to talk to and where to look to find you the most comprehensive coverage possible. That way, you can have peace of mind knowing your home and possessions are properly protected.

What Is Contents Insurance?

Contents insurance is a component of a home insurance, condo insurance, landlord insurance, or tenant insurance policy and will protect your belongings from common perils such as fires, natural disasters, theft and vandalism up to a specified limit outlined on your policy. While there are other components, such as third-party liability insurance or personal liability insurance, that protect you from other threats, it is also important to have contents insurance to protect your possessions. Whether you own a home or rent, having the proper contents insurance policy in place will protect your possessions. These possessions can include furniture, appliances, clothing, electronics, bicycles, art, jewellery, furnishings, toys and much more.

Need more protection for your belongings? Additional coverage is available and can be easily added to your policy with the help of a qualified broker. For instance, you may want additional coverage for high-value items that are not easily replaced.

Why Do I Need Contents Insurance Coverage In Ontario?

You need contents insurance to protect your possessions in your home in the event of an insured loss, such as damage, theft or vandalism. In the event you do not have enough contents coverage, you will have to pay out-of-pocket to replace these items. While you might enjoy the opportunity to redecorate, the reality is that the cost of outfitting your home can cause immense stress—especially when you have other things to worry about following a fire, theft or natural disaster. This is why it is essential to insure your home contents with the right amount of contents insurance coverage, relieving the financial stress in such a situation.

Who Needs Contents Coverage?

If you have personal belongings in your home that you have purchased, whether you own or rent, you should have contents insurance. Furniture, clothing, large and small appliances, linens, electronics, collectables, bicycles. All of these belongings and more can be included in your policy. In the event of a loss, with the proper amount of contents insurance coverage, you can avoid having to pay out-of-pocket to replace these items. Doing so would likely cause many people large financial hardship and plenty of stress, and that's even if you can afford to replace them in the first place. It is essential to insure your personal belongings to give yourself the peace of mind that even if a disaster does occur, your most valuable items are protected.

How Does Contents Insurance Coverage Work? 

Contents insurance works by protecting your belongings if you have a loss specified in a home, condo or tenant insurance policy. In most instances, it will cover the replacement cost of the value of the items you have lost. It is usually included in a renters or standard home insurance policy. For this reason, it's very important to estimate as accurately as possible how much your valuable possessions are worth when applying for an Ontario contents insurance policy. 

For instance, suppose you leave your home one day and return to find it empty. Yes, nothing but bare walls. You are the victim of theft. What do you do? If you’ve made the smart move of investing in contents insurance coverage, you can contact your insurance broker and explain what's happened. Your broker will contact the insurance company and start a claim for you. If you didn't properly insure your contents, you would have to pay out-of-pocket to replace your belongings. This includes your most expensive items, such as furniture, clothing and appliances. It is recommended to have enough contents insurance to replace your possessions. If you would like to know more about contents insurance or get a contents insurance quote, please speak with your Morison Insurance broker.

What Types of Contents Insurance Are There? 

Contents insurance coverage is available for homeowners, tenants and landlords. The basics of contents insurance remain the same for everyone: it protects your belongings. However, depending on which type of property insurance your policy is part of, what counts as being 'yours' and what's in your living space might not be identical lists. This might create some confusion as to who is responsible for which items for those unfamiliar with the intricacies of the situation. However, when all factors are weighed in, things are laid out in a consistent way, making things a lot easier when it comes to what the uninitiated might refer to as a grey area. If you have any questions about who's responsible for certain aspects of contents insurance or would like a contents insurance quote, please speak with your Morison Insurance broker.

Home Contents Insurance 

Regardless of whether you live in a condo, traditional family dwelling, townhouse, or other similar property, as long as your policy is part of your homeowners insurance policy, things work in a straightforward manner. Since you live in the place you own, all items within the property are your responsibility and fall under your policy. Everything from the fridge to your favourite painting to the television falls under your contents insurance plan, and it is your responsibility to insure.

Content Insurance For Renters 

Content insurance for renters has much more grey area than it does for those who own their homes. This creates many misconceptions. There is even a common myth about tenant insurance where people believe that the landlord is responsible for everything and that a tenant doesn't need any type of insurance. While the landlord is responsible for anything they legally own, such as any appliances and furnishings they provide, they are not responsible for everything. The tenant is responsible for their own property. This is covered by the contents insurance aspect of their tenant insurance.

Landlord Contents Insurance 

On the opposite side of the coin, landlords insurance can get a little bit mucky when it comes to contents insurance. The owner of each piece of content is the one responsible for it and whose contents insurance policy covers it. While anything that belongs to the tenant is of no worry to the landlord, any furnishings and appliances that the landlord includes in the rented property are the landlord's responsibility. 

What Does Content Insurance Cover?

Contents insurance covers items in your home that you have purchased. These items can include electronics, furniture, appliances, jewellery, wall art and much more. With the right amount of coverage for your possessions, these items will be covered in the event of a loss. If you don't have enough coverage, you will have to pay out-of-pocket to replace these items.

It is highly recommended that you do an inventory of your home, room by room, to determine the amount of coverage you need. It is important to note that if you are renting appliances or furniture that come with the unit, these items are not included in your contents coverage. Rather, it would be your landlord's responsibility to replace in the event of a loss.

If you own your home, your contents insurance coverage amount is commonly a percentage of the insured dwelling amount. If you rent, contents coverage, as well as third party coverage, are included as part of your tenants insurance.

If you rent or own a condo, you must determine the amount of contents insurance coverage you require. Typically, we recommend a minimum of $30,000 in contents coverage. If your owned possessions exceed this amount, additional coverage is available to ensure you are properly protected in the event of a loss.

How Much Contents Insurance Do I Need?

You should have enough insurance to replace your owned possessions with ones of similar type and quality in the event of a loss such as damage, theft or vandalism. If the contents limit that is outlined on your home, condo or tenant policy is not enough to cover your possessions, you can purchase additional insurance. Without the proper amount of coverage, you could be forced to pay out-of-pocket to replace those items in the event of a loss. Insuring your contents is extremely important. The best way to find out if you have the right amount of contents coverage is by completing a home inventory list and then speaking to your Morison Insurance broker for guidance or a contents insurance quote.

How Much Does Contents Insurance Cost?

Contents insurance is included in most home insurance and tenant insurance policies, which can cost anywhere between $350 and $3,500 annually. Your insurance premium will vary depending on several factors, including the following:

  • Whether you own or rent
  • The size of your dwelling
  • Construction details
  • Personal contents
  • The age of your electrical services
  • Pipes and roof
  • The total price of the contents covered
  • Your claims history
  • Your deductible
  • Your insurance provider

Please note that these are not the only factors involved in determining the price of your coverage. Speak with an insurance broker who will help provide you with a contents insurance quote.

What Does "Contents Limit" Mean?

The contents limit is the maximum amount an insurance company will pay for personal possessions in your home if you have an insured loss. The contents limit is detailed in your home insurance policy or tenant insurance policy. If the limit is not sufficient, you can purchase additional coverage. You may want to schedule and buy extra insurance for particular possessions, such as jewellery and art, to ensure these items are appropriately insured.

What Is Excluded In A Contents Insurance Policy?

As extensive as a contents insurance policy in Ontario can be, there are a few exclusions that homeowners and renters should be aware of. For instance, some exclusions include:

  • Property damage caused by bed bugs and other vermin such as raccoons, birds and rats.
  • Certain natural disasters, such as an earthquake, if you live in an earthquake zone.
  • Typical wear and tear and accidental damage cannot be insured.
  • Intentional property damage by you, the owner of the damaged possessions.
  • Certain types of flooding damage include water damage due to sewer back-ups and overland flooding. However, you can protect your belongings against those types of damage by purchasing an additional endorsement.

Please note that this is also not a complete list. If you would like to know more about what is and isn't included, please speak with your Morison Insurance broker.

How Do I Make A Contents Insurance Claim?

For example, say your camera equipment and laptop were stolen while you were out. As soon as you notice the loss, it's important to contact your insurance company right away. At Morison Insurance, we offer a 24/7 claims advantage. While our brokers work office hours, you can reach your insurance company through a direct line available on our website's make a claim section if you notice the loss after-hours. You can create and submit your claim once you have connected with your insurance agent. It helps to be prepared by taking photos of any damaged property, including pertinent receipts, and having an itemized list of the sustained losses.

You will need to fill out some paperwork, and then the insurance agent will give you a claim number to track its progress. It's possible that your insurance agent will send out a claims adjuster to your property to assess the damage and provide an estimate or recommend the next steps to help you replace the lost items.

Preparing A Home Contents Insurance Checklist

If you had to list all of your belongings in your home, could you do it? Most of us would probably miss more than a few things. Could you remember the age of these items and how much it would cost to replace them? That's even tougher.

If you are like most of us, completing a detailed inventory of your belongings will be super helpful when determining how much contents coverage you need and, in the event of a loss, replacing your belongings. It is recommended that you create a home inventory checklist to help make your stuff easier to track. Think window coverings, sporting equipment, cutlery, toiletries, BBQs, luggage, bedding, art, cabinets, sofas, lighting fixtures, and so much more. It's enough to make your head spin! A property checklist can make this daunting task manageable.

These checklists help you to divide and conquer. Go through your home room by room and record every valuable item—use a pen and paper, spreadsheet, video, photos or whatever works best for you—to get a detailed listing of your belongings.

Where Can I Get A Contents Insurance Quote? 

You can get contents insurance from Morison Insurance. We are more than pleased to help you get a contents insurance policy to cover your personal belongings. Our team of highly experienced brokers works hard daily to help protect homeowners and renters with the necessary insurance. Our goal is to find you the absolute best coverage possible so you never have to worry should the worst-case scenario happen. We can’t foresee the future, but we can prepare for what may happen down the road.

Furthermore, at Morison Insurance, we are a family-owned and operated company. This means that we treat all our clients like members of our extended family. It truly matters to us that you are satisfied with our services and that you feel properly protected. In fact, our brokers relish getting to know our clients and adjusting their insurance needs as their lives change.

If you're ready to insure your valuable items with help from a trusted insurance broker, get started today by filling out the form on our website or calling 1-800-463-8074. We look forward to finding you the absolute best coverage possible at a competitive quote!

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