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Comprehensive home insurance is one of the three main types of homeowner’s insurance, alongside broad form coverage and standard (named perils) coverage. Of these three types, comprehensive insurance offers the greatest level of protection.
A comprehensive home insurance policy covers your home from all hazards, except those specifically identified as exceptions. It also provides coverage for the contents of your home, as well as the secondary structures on your property.
As the most thorough form of protection, comprehensive house insurance is typically more expensive than other options. So while it grants homeowner’s peace of mind, it may not be the best option for everyone. There are several factors to weigh when choosing the right kind of home insurance.
A comprehensive home insurance policy will protect your home from all risks (with the exception of named exclusions). Your comprehensive cover the cost to:
See how comprehensive coverage compares with other home insurance coverage options.
A standard home insurance policy provides coverage for your dwelling but does not include extended dwelling coverage, additional living expenses coverage or contents protection.
A broad home insurance policy provides mid-tier home insurance coverage, which is more than a standard policy but less than a comprehensive policy. Most often, a broad home insurance policy includes coverage for the home itself, some contents, and other structures on your property.
Comprehensive policies typically include greater coverage from liability and contents. They also offer additional forms of medical and living expenses coverage.
| Protection | Standard | Broad form | Comprehensive |
|---|---|---|---|
| Main dwelling | Covered | Covered | Covered |
|
Additional buildings |
Dwelling itself | Covered | Covered |
| Contents | Only named perils | Only named perils | Covered |
| Additional living expenses | Not covered | Covered | Covered |
| Personal liability | Optional | Covered | Covered |
|
Voluntary medical payments |
Optional | Covered | Covered |
There are two areas of risk that are usually excluded from comprehensive home insurance policies.
1. Uninsurable risks
Any damage that is preventable with proper home maintenance is not covered by a comprehensive home insurance policy, and is known as an uninsurable risk or exclusion.
For example, if your roof is already damaged and isn’t maintained properly, further damage won’t be covered under your policy. Here are the most common examples of uninsurable risks:
2. Additional coverage
Add-ons or endorsements allow you to add coverages to your policy. The most common home insurance add-ons, which aren’t usually included as part of a comprehensive policy, include:
Trying to decide which type of home insurance coverage is right for you? When contemplating between a standard, broad or comprehensive home insurance policy, you’ll first need to see ask yourself a few questions.
The right type of home insurance depends on your needs, and these example scenarios may serve to give you a sense of whether or not comprehensive coverage is necessary. Of course, these scenarios tell only a partial story, and discussing your needs with your insurance provider is the best way to ensure you have enough – but not too much – house insurance.
The replacement cost of your home can change over time. Here are the five factors that help determine the replacement cost of your home.
1. New building codes that were set up after your home was built: In the event your home is damaged by a natural disaster or accident, your new building will have to meet the update-to-date building codes to ensure the safety of the dwelling. Insurance companies may offer building code coverage, which means they’ll cover the cost of codes requirement—so ask your insurance agent if that’s something available to you.
2. Remodeled kitchens: Kitchen upgrades can increase the replacement cost of your home. If you have expensive additions, such as quartz or granite countertops, double tub stainless steel sinks or resilient flooring, you’ll have to adjust your insurance policy to match the increased value of your home.
3. Additional rooms and structures: Any additional rooms add to the overall value and replacement cost of your home. You should always update your home insurance policy to reflect these additions.
4. Rising cost of building materials, construction: The cost of bricks, cement, timber and stone, increase with time. For example, prices may increase if a natural disaster has wrecked your area and affected the overall supply and demand. Construction is also a costly affair that involves the cost of workers’ wages, permits and designs. These factors come into play when setting a replacement value for your home.
5. Hard-to-replace features: If your home has rare and hard-to-replace features, such as bronze faucets, intricate celling designs, chandeliers, etc., you may need to pay extra to have them replaced. Unique features always add to the overall value of a home, so make sure that your insurer is aware of these features.
You’ve figured out the replacement cost of your home, but what about your contents? Your contents entail everything inside your home, such as furniture, appliances, clothes, sports equipment, electronics and even the food in your refrigerator. Contents coverage protects belongings from destruction, theft or vandalism.
If your stuff is not particularly valuable, having lots of content coverage is overkill that will increase your insurance premium. Make sure the content coverage you have doesn’t vastly exceed the value of the items being protected.
It is easy to underestimate the cost of our stuff. Over time, we accumulate belongings, losing sight of how much they may cost to replace.
Make an inventory of everything you own and write down the value. Remember to separate your most expensive items when making your inventory list and ask your insurer about the best coverage options for particularly value things.
Alexandra Bosanac has been a content manager for RATESDOTCA since 2021, specializing in auto insurance. She began covering auto insurance in 2017. Alexandra has a bachelor's degree in journalism from Toronto Metropolitan University. Before joining the RATESDOTCA editorial team, she reported for the Canadian Business, the Toronto Star, the National Post, and the CBC.
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