Types of contracts
Whether you own a home, condominium or you rent, there are several types of contracts to meet your needs.
Some home insurance policies offer minimal coverage while others propose more extensive warranties. In general, all types of contracts also include an amount to cover your personal civil liability.
Let’s examine in detail the different types of contracts.
Comprehensive or “all risks” insurance coverage (except exclusions)
This type of contract, often called general or global, allows coverage for all risks to the building and contents, except for the exclusions mentioned in the contract. This contract offers the best protection on the market and it is the type of contract we will offer you whenever possible.
The benefits of comprehensive or “all risks” insurance are great. Indeed, the coverage is very often extended to damages you cause to your own property. For example, your child spills poster paint on your beautiful white wool carpet.
Comprehensive or “all risks” insurance policies are often issued with a single amount. More flexible, this feature allows including the house, properties, outbuildings, and additional living expenses on a single amount. Thus, in case of insufficiency in a section of the contract, surpluses in another section may be used.
Extensive insurance coverage
This type of contract includes two types of protection. The first applies to the building and covers all risks except those specifically excluded in the contract. The second covers the content against a limited number of risks.
It is understood that this type of contract is more economical.
“Basic” insurance coverage
Often called “Standard”, this type of contract covers risks specifically mentioned in the policy, such as fire, vandalism and theft, falling objects, the shock of land vehicles, hail or wind storms.
The importance of reading your contract
We recommend that you take the time to read your insurance policy. Contact us if you have any questions and we will be glad to provide answers.
We are the best advisors to help you choose the type of contract you need.