How much does broad form home insurance cost?
Broad form insurance falls somewhere in the middle between basic and comprehensive policies. As a mid-level policy, you can expect to pay average home insurance premiums. You can expect to pay in the $1250 range - this is the mid-range rate for Ontario home insurance.
Broad form coverage is a good option if you are looking for a policy with lower premiums, but it still offers a good range of coverage.
A broad form insurance example
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You purchase your first home. As part of the process you shop around for insurance and after consultation with your broker, you decide that a broad form insurance policy makes sense for you. You are willing to take on some risk in exchange for more affordable premiums.
A few years pass. One summer evening, there is a torrential rain storm. Your sump pump malfunctions and your basement floods. Your floors, drywall, and stairs are all damaged and require replacement. This is covered by the comprehensive portion of your policy for structure.
Some of your furniture and personal items are also waterlogged. For the content portion of your policy, flooding was not an included peril. So, you do not have coverage for your damaged personal belongings.
So, you can see, that while you still have strong coverage for your dwelling, your personal belongings are not covered in all situations. This is one of the trade-offs when you choose a policy with less protection to get lower premiums.
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