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Is Josh’s house covered?

Nope.

Sadly for Josh, rodent and other pest damage is often excluded from coverage. Goes to show that not all neighbours are welcome. And it’s another good reason to check with your broker or agent about your home coverage before you need it. Are you in the know about your home insurance details? With the right Commonwell policy and independent broker, you’ll always know where you stand. If you think your coverage is something less than ideal, we can hook you up with a really smart broker today, right here.

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Or take the rest of the Commonwell Commercial Insurance IQ Quiz here and see how you score.

TEST YOUR residential insurance iq

How much do you know about the unique aspects of insurance coverage for your home? Now’s the time to find out. Take our Quiz.

1. Is it the law that I must have home insurance?

Yes. That's the only reason most people have it.

Home insurance is not a legal requirement. That said, your mortgage company may demand it of you as part of your loan agreement. And hey - what if someone slips and falls on your sidewalk? Say goodbye to a happy retirement.

It became an offence in 2018 under the new U.S./Mexico/Canada Free-Trade Agreement.

Home Insurance is not a legal requirement. It is a municipal zoning requirement that is enforced by the Warden of that jurisdiction.

2. Why is the insurance limit on my building more than I paid for my building?

Because Market Values (what you paid for the entire property) are different than Rebuild Values (what it will cost to replace your home or put you in a position similar to what you had prior to a claim). You may have gotten a great deal on the property!

Because you got a steal of a deal.

Because market values fluctuate and building values stay the same.

Because what you paid for your home initially did not include its heritage value in the future which will eventually exceed the original cost.

3. Most older homes cost less than new homes and should be cheaper to insure, right?

Older homes are not worth rebuilding so the insurance will be way lower.

Just like older people, older homes may require more care, upkeep and repairs. So - the straight-up answer is it depends on the individual home, not just the age.

You need specialized construction crews to rebuild older homes (like could you find a plaster guy in your town right now?). This means insurance costs go up.

The insurance costs are identical for all homes which is why all you need to determine costs is an automatic insurance calculator.

4. Rats from the pasture next door ate through the drywall in my home. Will my insurance cover it?

That's what you get for living next door to a pasture. Your insurance doesn't cover the homes of pasture people.

It will go up for the person who owns the pasture and doesn't herd his rats indoors at night.

Not typically - vermin and other pest damage is often excluded from most coverage. Another good reason to check with your broker or agent before you need it.

Your insurance will cover the problem if the rats are native to this country. If they are Norwegian rats, the problem is not covered. It's more than a language barrier.

5. I added an original Van Gogh (he's a famous Dutch artist in case you're wondering) to my art collection. Do I have to tell my insurance broker or agent? It's covered automatically, right?

Impressionist artists were shunned in the beginning. That negativity has continued in the insurance industry to this day.

If you can afford a Van Gogh, you can afford extra to insure it right off the bat.

Never tell your insurance broker or agent anything. Every conversation ends up costing you money.

Fine art and jewellery are almost always covered in a typical home policy. But here's the catch: there are limits and it's doubtful Herr Van Gogh's original work would fall inside those limits.

6. I'm a renter and just starting out so I don't have much. Do I really need home insurance?

Yes you do because it's not all about you. Any damage that happens to a neighbour as a result of your negligence can result in a claim. Without tenant insurance, you could end up in a world of trouble.

As long as you have a back door out of the apartment if something goes wrong, you don't need tenant insurance.

The Rent Review Board determines whether you need apartment insurance or not depending on your education attainment and other, more esoteric factors.

Only if your room-mate agrees to pay their share. If you don't have a room-mate, you have to find one who is insurable.

7. I'm going on a dream vacation. Like, I mean, it will be amazing. My home is covered while I'm gone, right?

Sure - your insurance broker/agent will drop by every day to check on it too.

If your dream lasts more than a month and no one visits your place, your insurance may not hold up. But yes - you're covered for the usual holiday durations and you should ask your broker/agent exactly what the parameters are.

Nope - in fact, the minute you leave the neighbourhood, your insurance folds like a Kawartha deck chair.

Your home is covered while you're away unless you post selfie photos on Facebook that show you dancing Mambo #5 on a beach, in which case, your policy will be cancelled.

8. I'm starting a small business in my basement. My home insurance covers it, right?

If you're making a few wicker baskets on weekends, probably. Otherwise, you need a Commercial General Liability policy to insure an actual small business. If you are making and selling items though it is good to check with your broker or agent.

There are a lot of things that happen in basements that are best left uninsured. What happens in the basement should stay in the basement.

It depends on how much wood paneling you have in the basement in which you are doing some business.

If your home insurance covers business liability, includes cyber-theft protection and includes key man insurance, then of course you home policy cover your business.

9. What type of insurance are you looking for today? (Select all that apply)

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