Whether you live in a one-bedroom condo or a four-bedroom house your home is most certainly your castle. So it’s important to make sure that you have the right protection in place should something go wrong. If there was a fire a flood or the roof was damaged in a storm would you be able to pay for the repairs? Where would you live if your home was uninhabitable? And what about your belongings? Your home contains some of your most valuable possessions. Could you afford to replace your flat screen TV or your jewellery if you were the target of burglars?
Chances are you consider your home and all the belongings inside your most valuable possessions—investments that took a lifetime to acquire. To protect those investments you needhomeowner’s insurance. Typically sold as a packaged policy homeowner’s insurance covers both your property structure and your personal possessions (while providing essential liability coverage). But did you know that you could customize your coverage?
The Aviva Home Insurance policy allows you to add and modify coverage to create a customized policy that suits you and your lifestyle best. Tailored to meet your needs the customized Aviva Home Insurance gives you the flexibility to choose what you need and how much you need from a range of independent covers. It allows you to create the homeowner’s insurance policy to best protect what you’ve invested in.
For instance did you hear about the couple who had to fork out more than $10 000 in order to comply with updated municipal bylaws after their home was destroyed by a malfunctioning semi-truck? Their home was demolished when the truck ran off the road and smashed through their house and while they were completely covered for the cleanup and replacement of their home their insurance policy didn’t cover the cost of complying with the new bylaws. But for pennies a month the couple could’ve added Aviva’s By-law coverage. This coverage protects homeowners from the cost of complying with changing bylaws and can cost as little as $12 per year.
Then there’s Claim Protector. Like the no-fault accident forgiveness some drivers add to their personal car insurance policy Aviva’s Claim Protector will protect your claims-free discount even after you make a claim on your home insurance policy. At a cost of $40 per year for homeowners ($25 per year for condo-owners and tenants) this additional coverage will give you peace of mind: Saving the 5% or more claims-free discount you get on your annual home insurance premiums but giving you the flexibility to file a claim if necessary.
You could also opt for the Disappearing Deductible add-on coverage that reduces your deductible by 20% for every consecutive claim-free year until the deductible is $0 or within five years. Keep in mind though that once you make a claim the deductible returns to the original amount and the disappearing deductible clock is reset to year one with a 20% reduction for each full year you are claims free.
Add earthquake coverage to cover all damage caused by the an earthquake just keep in mind that this coverage comes with its own deductible that’s the equivalent of 5% of the total coverage limit.
Glass Breakage Coverage
With Aviva’s Glass Breakage coverage homeowner’s pay at little as $25 per year to cover the cost of replacing glass but when making a claim you’re also responsible for the $15 Glass Breakage deductible.
Aviva’sGreen Weather Assurecoverage is available to homeowners as well as condo-owners and helps pay the costs associated with replacing lost or damaged household items with more environmentally friendly products. Premiums start at $25 per year for $25 000 worth of coverage.
Green Home Power
Aviva’s Green Home Power is available to homeowners with solar panels or wind turbines that are on the property and used to generate power for your own personal consumption (or attached to the local power grid). This extra coverage will cover damage breakdown and business interruption and liability due to the panels or turbines and costs as little as $100 per year.
Yet the number one cost that homeowners end up having to pay are repair and replacement costs for their home’s various components. From the A/C unit breaking down in the middle of the hottest day this year to a broken furnace as soon as the snow hits the ground to internal plumbing pipe damage and electrical system failures and upgrades.Aviva’s Home Repaircoverage offers protection against expensive repairs and replacements for each of these housing components.
For as little as $50 per year homeowners can add the coverage which includes pest removal and security assistance. Even better is that any claim made against Aviva’s Home Repair coverage won’t count against your homeowner policy and won’t impact your claims-free discount your disappearing deductible or your claims free protector endorsements.
If you’ve got your property listed on a home-sharing website like Airbnb this add-on will ensure you’re covered if something happens with your guests. It offers the following coverage:
- Fair rental value (compensation for loss of rental income)
- Loss or damage to personal belongings or the buildings
- Up to $1500 of a guest’s lost or damaged property
- Liability arising with a short-term rental
- Intentional acts criminal acts or failure to act by a guest
Customers are also given flexibility in price based on their currenthome insurance policy premium the number of days they are planning to host and individual risk characteristics. If your home insurance premium was $1200 here are examples of your home-sharing premium options:
- Option 1: Renting your entire home for up to 90 days in a year. – $240
- Option 2: Renting your entire home for up to 180 days in a year. – $480
- Option 3: Rent a portion of your home to multiple guests for short terms year-round. Usually this is a bedroom or a basement suite. – $240
- Option 4: Rent an income property (a place you do not live in) to multiple guests for short terms year-round. In Alberta and Ontario $480 in all other provinces $240.
Option 4 is only for rental income property owners and home-sharing insurance is not intended for long-term rentals to one individual. The renting must be managed through a network such as Airbnb.
Protection from water damage
Aviva was the first insurance company to launch theOverland Water protection.As an add-on to yourhomeowner policy the Overland Water protection is combined with Sewer Backup coverage to provide full damage coverage caused by sudden and accidental backup or escape of water or sewage from a sewer sump pump or septic system resulting from overland water. Keep in mind however this coverage doesn’t protect against loss or damage caused by flood or storm surge. There is no coverage for water that’s escaped from intentional breaches of dams dikes levees or any other similar man made structure.
Overland protection comes with its own premium based on your overland water zone and its own deductible.
In addition to these customizable coverages you can also add Choice Enhancements—extra coverage that adds peace of mind regardless of what life throws at you.
For instance if you’re a collector you could add the Collector Enhancement which provides additional protection for one-of-a-kind stamps coins LPs or other collectibles starting at just $75 per year which offers up to $50 000 in coverage or $75 000 for sports cards and memorabilia as well as lower deductible.
Property in Storage
If you find yourself storing precious belongings in an off-site secured storage facility the Property in Storage add-on can help. For pennies a day this coverage will protect your belongings from damage and loss resulting from named perils such as fire and theft.
Then there’s the Security Enhancement which protects your family and your assets from loss due to any type of theft including identity theft loss prevention lock replacement and life assistance programs.
For the homeowner who has invested in electronic devices and data there’s the Tech Enthusiast Enhancement which gives you additional coverage for your electronic devices and data. You’ll get a lower deductible enhanced coverage for data recovery and restoration and bolstered coverage if your electronics are lost stolen or damaged.
Then there’s the Family Enhancement add-on. For $65 per year you get extra coverage and features you need for your household. This includes higher limits for pet expenses and family members living away from home including unlimited access to life assistance programs for diet health pet services and more. For instance kids attending college will have $15 000 of coverage for personal property located in a university dorm while property owned by elder-parents in a home is doubled to $10 000 of coverage.
Finally you can opt to add Aviva’s Rental Income coverage that covers loss or damage to a rental unit. The rental income endorsement will cover the missing rent that would be paid by the tenant until the unit is repaired or replaced and once-again inhabitable. Rates start at $2 and there is no additional deductible.