FAQ

Question 1

What is Contents Insurance?

Accepted Answer

Ontario contents insurance is a component of a home insurance, condo insurance, or tenant insurance policy and will financially protect your belongings from common perils such as fires, natural disasters, theft, and vandalism up to a specified limit outlined in your policy. Whether you own a home or rent, having the proper insurance policy will protect your possessions. These possessions can include furniture, appliances, clothing, electronics, bicycles, art, jewellery, furnishings, toys and much more. 

Having homeowner’s insurance is not always enough to protect your belongings. You need to have contents insurance as part of your broader insurance coverage to ensure that your belongings are protected. Without it, you will be covered for damage caused to the physical building, but you won’t be reimbursed for the loss of any of the furniture, electronics, clothing, and other belongings that were inside. While just about every home or renter’s insurance policy comes with contents insurance coverage, it is important to speak with your licensed broker to ensure that the coverage is enough for your home.

Question 2

Why Do I Need Contents Insurance?

Accepted Answer

You need Ontario contents insurance coverage to protect your possessions in your home in the event of an insured loss such as damage, theft or vandalism. Tenants or home insurance alone won’t cover this cost, and 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 be immensely stressful—especially when you have other things to worry about following a fire, theft or natural disaster—not to mention extremely expensive. This is why it is essential to insure your home contents with the right amount of coverage for your contents insurance. 

If you are unsure if you have enough Ontario contents insurance coverage, contact the insurance experts at Morison Insurance and we will help you get the best contents insurance quote that properly protects your belongings.

Question 3

Who Needs Contents Insurance?

Accepted Answer

Everyone should have some form of content insurance. Whether you own or rent, if you have personal belongings in your home that you have purchased, you should have contents insurance.  

Furniture, clothing, large and small appliances, linens, electronics, collectibles, bicycles. All these belongings and more can be included in your Ontario contents insurance policy. In the event of a loss, with the proper amount of contents coverage, you can avoid having to pay out-of-pocket to replace these items.  

It can cost more than $60,000 to furnish an average home in Ontario, depending on the size, quality of furnishings, and number of bedrooms. Can you imagine, on top of trying to repair your home or find new housing, needing to pay to replace all those items because you weren’t properly covered with contents insurance? So it is essential to insure your personal belongings with the right Ontario contents insurance.

Question 4

How Does Contents Insurance Work?

Accepted Answer

Ontario contents insurance works by protecting your belongings if you have a loss specified in a home, condo or tenant insurance policy. Essentially, it covers 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 getting a quote for contents insurance. 

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, you can contact your insurance broker right away 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 belongings, you would have to pay out-of-pocket to replace your belongings, such as your furniture, clothing, and appliances. It is recommended to have enough Ontario contents insurance coverage to replace your possessions.

Question 5

What is Covered By Contents Insurance?

Accepted Answer

Ontario contents insurance covers items in your home that you have purchased. These items can include electronics, furniture, appliances, jewelry, 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, a process which you will be quick to discover can get very expensive very quickly. It is highly recommended that you do an inventory of your home, room by room, to determine the amount of coverage you need on your contents insurance quote.  

If you own your home, your Ontario contents insurance coverage amount is commonly a percentage of the insured dwelling amount. However, it can also depend on the value of your belongings. Keep in mind that some rooms, such as the kitchen, will have more high-value items than others, such as your bedroom. It’s important to do a room-by-room inventory to determine how much coverage you will need and if you need additional contents insurance coverage to ensure you have the most comprehensive home insurance possible. 

If you are renting or own a condo, you will need to determine the amount of Ontario 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. It is important to note that if you are renting and there are appliances or furniture that come with the unit, these items are not included in your Ontario contents insurance coverage. Rather, it would be your landlord’s responsibility to replace them in the event of a loss. Your Ontario contents insurance will only cover your personal possessions.  

Some specific contents, such as jewelry or collectibles, may have a limit as to how much your insurance company will pay if you experience a loss. You can purchase additional coverage as part of your Ontario contents insurance for your most valuable belongings. 

To determine the amount of contents insurance coverage you need, seek guidance from an insurance broker such as the expert team at Morison Insurance. Your broker can help make getting a quote for contents insurance easy and ensure you have the right coverage for your possessions.

Question 6

How Much Contents Insurance Do I Need?

Accepted Answer

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 insurance limit that is outlined on your home, condo or tenant insurance policy is not enough to cover your possessions, you can purchase additional contents insurance. Ontario residents may want additional coverage to protect high-value items that are not easily replaced, such as watches, golf equipment, or engagement ring insurance, as part of your overall content 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.  

Typically, Ontario contents insurance limits range from $20,000 to $100,000, depending on your policy and insurance provider. A general rule of thumb is to get $7,000 in contents coverage per room in your home, but depending on your belongings, you may need additional coverage. 

Insuring your contents is extremely important. An insurance broker will discuss what belongings you have and help you determine how much contents insurance you need to insure your valuable items.

Question 7

Does Ontario Contents Insurance Coverage Still Apply if My Belongings Aren’t in My Home?

Accepted Answer

Your personal belongings will still be covered under your Ontario contents insurance policy even if temporarily removed from your home. Let’s say, for example, you took your laptop to a coffee shop, turned around, looked back, and it was gone. Or maybe you left it in a locker at your gym, only to come back after your workout to find it gone. In these cases, your Ontario contents insurance coverage would apply. 

However, the extent of this coverage may vary depending on the terms listed in your contents insurance document, so it’s important to review your policy carefully so that you understand any limitations. You can, however, also purchase extended coverage options for personal belongings away from home, such as when you are travelling out of province. Speak to a Morison Insurance broker who will help you get a quote for contents insurance.

Question 8

How Much Does Contents Insurance Cost?

Accepted Answer

Ontario 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 whether you own or rent, the size of your dwelling, construction details, the dollar value of your personal contents, the age of your electrical services, pipes and roof, and much more. 

The reason why these policies can have wildly different costs is that your insurance needs are going to be different from those of another person. Even if you and a neighbour live in similar homes, you lead wildly different lifestyles. For example, you may be a minimalist who splurges on a good scotch and whiskey collection, while they are a maximalist with an impressive jewellery collection. Your two homes can’t be insured the same way, so why would you pay the same for your Ontario contents insurance quote? 

Because your contents insurance needs can differ so much, it’s important to speak with an insurance broker who will help determine the cost to cover all your contents in your insurance plan.

Question 9

What Does “Contents Limit” Mean?

Accepted Answer

The contents limit is the maximum amount an insurance company will pay for personal possessions in your home if you have an insured loss. While you may be tempted to go with the minimal or default limit, should you find yourself in a situation where you have to replace all the belongings in your home, you can quickly encounter issues with not having enough contents insurance compensation to replace everything. So it’s best to discuss with your Morison Insurance broker in order to determine what the proper limit for your Ontario contents insurance coverage would be. 

The contents limit is detailed in your home insurance policy or tenant insurance policy and can go up to $100,000 depending on your insurance policy and provider. If the limit is not sufficient for your needs, you can purchase additional coverage. You may want to schedule and buy extra insurance for valuable possessions, such as fine art and jewelry insurance, to ensure these items are appropriately protected under your homeowners insurance.

Question 10

What is Excluded in a Contents Insurance Policy?

Accepted Answer

As extensive as an Ontario contents insurance quote can be, there are a few exclusions that homeowners and renters should be aware of. For instance, some contents insurance coverage exclusions include: 

Property damage due to 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, such as 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 water damage insurance endorsement for your home insurance. 
Vehicles are covered under their own separate auto insurance policies. 
Any cash and valuable papers in your home. 
Property damage that occurs as a result of the policyholder committing illegal activities. 
Any high-value items beyond coverage limits listed in your policy for renters or home insurance in Ontario. 
It’s also important to note that some Ontario contents insurance policies provide very limited coverage for damage caused by pets or livestock or provide none at all. If you are unsure about what exclusions are in your policy or have questions about any limits for your contents insurance quote, speak to your Morison Insurance broker.

Question 11

How Do I File a Contents Insurance Claim?

Accepted Answer

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 home insurance provider right away. At Morison Insurance, we offer a 24/7 claims advantage. While our brokers work office hours, you can reach your home insurance company through a direct line available on our website’s make a claim section if you notice the loss after hours. Once you have connected with your insurance agent, you can create and submit your claim. It helps to be prepared by taking photos of any damaged property, including pertinent receipts, and having an itemized list of the sustained losses to make the home insurance claims process easier.  

You will need to fill out some paperwork, and then the insurance professional 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.

Question 12

Where Can I Get Contents Insurance in Ontario?

Accepted Answer

You can get the best quote for contents insurance from the expert team at Morison Insurance. We are more than pleased to help you get an insurance policy that will provide coverage for your personal belongings. Our team of highly experienced brokers works hard every day to help protect homeowners and renters with the insurance that they need. Our goal is to find you the absolute best coverage possible for your home or tenant insurance in Ontario 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 with the right coverage for your home.  

Furthermore, at Morison Insurance, we are a family-owned and operated Canadian 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 feel properly protected. In fact, our brokers relish getting to know our clients and adjusting their auto and property insurance needs as their lives change.  

If you’re ready to insure your valuable items with help from a trusted insurance broker, get started by filling out the form on our website to get a contents insurance quote today or give us a call at 1-800-463-8074 to learn more about different types of coverage options for Ontario contents insurance. We look forward to finding you the best coverage possible at a competitive quote!

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Contents Insurance FAQs

Why Do I Need Contents Insurance?

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Who Needs Contents Insurance?

Does Ontario Contents Insurance Coverage Still Apply if My Belongings Aren't in My Home?

What Does "Contents Limit" Mean?

What is Excluded in a Contents Insurance Policy?

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