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What is the Difference Between Home and Property Insurance?

Owning a home or any type of property comes with numerous responsibilities. Home and property insurance in Edmonton can help you protect your investment, your belongings, and everyone who lives on and visits your property. The terms "home insurance" and "property insurance" are often used interchangeably, though they can mean something different in different situations. The experienced Edmonton insurance brokers at Klondike Insurance Agencies Ltd. are here to help clear up any confusion you may have about these two important insurance terms.


The Basics of Property Insurance in Edmonton

Property insurance is a broad category of insurance that protects against a variety of risks to your property. The types of property protected under a property insurance policy in Edmonton can include a home, seasonal property, mobile home, trailer, rental property or a commercial building. When a property sustains damage, the owner can make a claim under the property section of their insurance policy. Property insurance typically protects against risks such as weather damage, fire, theft, and vandalism.

At Klondike Insurance Agencies Ltd., we offer both all-risk protection and broad-named perils protection so that you can customize your policy. Personal liability coverage provides you with financial protection if an event or accident on your property results in personal injury or property damage that you are held responsible for. It also covers you for any damage that you may be liable for on someone else's property.


The Basics of Home Insurance in Edmonton

Home insurance is, essentially, a type of property insurance intended to cover a private residence. It is a multi-line policy that combines many different types of personal coverage into one. Home insurance will typically cover damages from specific perils such as fire, hail, theft, lightning, and wind.

A basic home insurance policy will cover the structure of the home itself, but not necessarily the contents inside or additional perils such as earthquakes and flooding. A broad form policy provides protection for your belongings as well as additional perils, while a special form policy will also come with personal liability coverage and coverage for attached structures. Comprehensive coverage will provide you with the fullest range of protections. A home insurance policy can be specialized for different types of home, such as tenant insurance for renters and condo insurance for condo owners.


Home and Property Insurance in Edmonton Tailored to Your Needs

Reduce the risk involved in being a property owner by making sure all of your important assets are protected in case of severe weather, theft, or accident. Whether you need home insurance or another type of property insurance in Edmonton, Klondike Insurance Agencies Ltd. can provide you with a customized policy tailored to your unique needs. Our plan options include, but are not limited to, increased liability coverage, business in the home coverage, all risk fine arts, and secondary and seasonal residences.

To learn more about our property and home insurance options in Edmonton, don't hesitate to contact Klondike Insurance Agencies Ltd. today.

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