Property insurance covers the building and/or its contents. For homeowners it covers your home, outbuildings and your personal belongings against most unexpected situations. For condominium owners it protects your condominium unit, your personal belongings and upgrades to your unit that you’ve paid for against most unexpected situations. For tenants it protects your personal belongings and upgrades to your rental unit that you have paid for against most unexpected situations.

However, protecting your home and/or its contents isn’t the only reason to choose property insurance.

Personal liability protection is included on all property policies, i.e., home, condominium and tenant packages.  For example, if someone is injured while visiting your home, they could sue you for damages. If they win and a court awards them a substantial amount of money, your entire future could be in jeopardy. Your wages or salary could be garnished for your lifetime and you may find it extremely difficult to recover your financial standing. Your property insurance will also protect you against liability for accidental damage to someone else's property. For example, if you live in an apartment building and your sink overflows, resulting in damage to a neighbors ceiling and carpet, your property insurance will pay for repairs or replacement.  This coverage also applies anywhere in the world to bodily injury you may unintentionally inflict on others or damage you may accidentally cause to their property.

You can also purchase coverage to protect a second home, seasonal property, a cabin you only use occasionally, a property you rent out in order to generate income or valuable personal items, such as jewelry, artwork, furniture and computers.

Personal Articles Coverage (Optional all risk coverage including theft):

• Money or cash cards
• Business property, while on your premises
• Securities
• Silverware
• Watercraft, its furnishings, equipment and motors
• Garden tractors
• Jewelry, watches, gems and furs
• Coin or banknote collections
• Stamp collections
• Each bicycle, its equipment and accessories
• Collectible cards and books (such as sport and comic books)

¹ News Release – Calgary Real Estate Board @ www.creb.com

² News Release – Edmonton Real Estate Board @ www.ereb.com