Cheapest Broad Form Home Insurance Quotes

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What is broad form coverage for home insurance?

For many homeowners, broad form home insurance is a good compromise between the least amount of coverage and the most amount of coverage – especially for people with a tight budget.

It provides homeowners with protection from all risks to the structure of their home, including:
 

  • Fire
  • Theft
  • Vandalism
  • Burst pipes
  • Weather damage (like lightning, windstorm or hail)
  • Smoke
  • Falling objects
  • Impact by aircraft
  • Additional living expenses, should the homeowner be displaced by fire or damage caused by one of the perils listed in the policy

Personal belongings inside your home are protected from named perils only. That means they will not be covered if specific risks are not listed in your policy. For example, while the home itself may be protected from fire damage with your broad form home insurance, the contents within it may not be – unless fire is specifically listed in the policy.

What is the difference between named perils vs. broad form vs. comprehensive insurance?

Named perilsBroad formComprehensive
Only provides coverage to your home or business on losses incurred via named perils.Provides coverage for the structure of your home from all risks. Contents of your home are only protected via named perils in your policy.Provides coverage for all risks outside and inside the home. Additional endorsements can be added for more expensive items like jewelry or fine art.
Least expensive form of home insurance coverage.Moderately priced home insurance coverage.Most expensive home insurance coverage.
Burden of proof for claims is on the policy holder.Burden of proof for claims is on the insurance company for the all-risks portion of the policy. The named perils portion falls on the policy holder.Burden of proof is on the insurance company for all risks named in the policy.

What’s not covered by broad form coverage?

Broad form home insurance covers the most common perils that can damage the physical structure of your home. However, this coverage does not extend to your personal belongings or the contents of your home. Those are protected from the perils specifically listed in your policy. Anything outside of that list doesn’t count.

Talk to your insurance provider to make sure you understand which perils are covered and which are not.

How much does broad form home insurance coverage cost?

The average home insurance premium in Ontario is $1,427 per year, based on the 2022 RATESDOTCA Home Insuramap data.

That number may vary depending on your location, circumstances and the type of home insurance you need. For example, broad form home insurance costs less than comprehensive insurance, as it mainly covers the physical structure of your home, with the contents being sparsely covered. Furthermore, a newer home with more expensive finishings might cost more to insure than an older one with less expensive replacement costs. You may also want to add specific perils to your policy to enhance your coverage. This too can influence your premiums – usually by increasing them.

It’s best to assess your needs and start comparing broad form home insurance quotes on sites like InsuranceHotline.com to receive the most up-to-date and cheapest rates from the top providers in your area.

You can also try the following to reduce your costs:

  • Bundle your home and auto insurance policies under a single provider.
  • Increase your deductible – as long as you have enough cash on hand in the event of an insured loss.
  • Maintain your home.
  • Install a burglar alarm.
  • Avoid making unnecessary claims.
  • Reduce risks by implementing devices such as a CO2 monitor, smoke detector and/or sprinkler system.

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Frequently asked questions about broad form home insurance coverage

Find answers to all your questions about broad form home insurance coverage.

Is there a deductible for broad form home insurance coverage?

Yes. There is a deductible on broad form home insurance coverage. Often, the default amount is $1,000, but you can raise it to lower your rates. Doing so, however, means you will have to pay more upfront should you need to make a claim. Talk to your provider about their deductible rates and what amount would best suit your home insurance needs.

How do I know broad form home insurance is suitable for me?

Home insurance choices, like most financial decisions, is a personal one that reflects each person differently. If you are more concerned with the physical structure of your home and are okay paying out-of-pocket expenses for your home furnishings or contents (if they are not covered), then perhaps broad form home insurance is the way to go. It can also help you save money upfront by keeping the costs down.

If you have valuable furnishings or are concerned about the protection of your home’s contents, you may want to consider a more robust, or comprehensive form of insurance to fully protect your belongings. Assess your needs and make sure you ask the right questions of your provider before making any decisions. Sometimes, the extra savings from a middle-range policy may cost you more in the long run.