Cheapest Named Perils Home Insurance Quotes

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What is named perils coverage for home insurance?

Named perils goes by many names, including ‘basic’ or ‘standard.’ However, they all mean the same thing. A named perils home insurance policy covers only the perils specifically listed or named in your policy.

There are other types of home insurance policies, such as broad or comprehensive, that cover your home’s structure, or the structure and its contents, respectively.

Named perils coverage is less expensive, as it offers less coverage than the other two policies. That said, while you may save money in the short term, you could face higher financial losses if damage occurs from an unnamed peril.

What does named perils home insurance cover?

A named perils home insurance policy provides coverage on losses incurred on your property and possessions – but only if they are caused by events listed in your policy.

A peril is an unexpected event that can cause damage or loss to your property or possessions. Not every named-perils policy covers the same list of perils, but here are some common ones that many policies will cover:
 

  • Fire, smoke, lightning and explosion
  • Windstorm and hail
  • Theft
  • Vandalism or malicious acts
  • Civil disturbances and riots
  • Impact by vehicles, watercraft or aircraft
  • Falling objects
  • Weight of ice, snow and sleet
  • Collapse of a building or any part of a building
  • Sudden and accidental damage from an electrical current
  • Bursting or overflow of a fixed domestic fuel tank, including its apparatus or pipes
  • Accidental damage such as a leaking toilet causing water damage

What does named perils home insurance not cover?

Named perils policies cover a lot for homeowners, but still are restricted by what is specifically labelled within the policy. Items that named perils home insurance policies do not cover typically are:
 

  • Absence from home: If the policyholder has been away from their home for a longer period than allowed in the policy, damage, loss or theft may not be covered.
  • Earthquake: Earthquakes are generally not part of named perils but can be added on, as endorsements.
  • Existing damage: Homeowner’s insurance policies don’t usually cover property damage that existed before the policy was taken out.
  • Flooding: Many policies don’t cover damage caused by flooding of any type. When water damage is named on a policy, it doesn’t usually apply to water damage from flooding, overland water or sewer back-ups. Check out our must-know information on flooding here.
  • Renters: Most home insurance policies don’t cover damage or loss caused by renters staying at your property.

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

Named perilsBroad formComprehensive
Coverage for losses named in your policyCoverage for losses related to the structure of your homeCoverage for both the structure of your home and the contents within
Least expensive form of home insuranceModerately priced home insuranceMost expensive home insurance
Homeowner assumes the greatest amount of risk or financial lossSome risk is assumedCovers most perils, and as a result, the homeowner assumes the least amount of risk
Onus is on the homeowner to prove loss was due to an insured perilStructural damage is covered but contents are protected only from specific named perils in your policyMust prove only that the loss or damage occurred to an insured property at an insured location

How much does named perils home insurance coverage cost?

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

Each of the three types of homeowners insurance (named perils, broad and comprehensive) have different degrees of coverage and options for adding on coverage.

Because named perils insurance protects homeowners with the least amount of coverage, the average premium may be slightly less than the Ontario average of $1,427 per year. Talk to your insurance provider about the coverage you need and how much each type will cost in your area. You can start by comparing prices on InsuranceHotline.com to see who has the cheapest rates.

We recommend that if you choose a named perils policy, you carefully review your policy to understand what’s covered and what’s not. It’s easy to customize your policy by other means. So, if you’re considering a named perils vs. all-risk policy, know that you can also reduce your insurance costs with a customized all-risk policy.

You can reduce your overall insurance costs with the following tactics:
 

  • Bundling your home and car insurance policies, so both are held by a single provider.
  • Increasing your deductible – assuming you’re likely to have enough cash on hand in the event of an insured loss.
  • Keeping your home in good repair.
  • Installing a burglar alarm.
  • Limiting the volume of insurance claims.
  • Mitigating potential risks within a home by installing a CO2 monitor, smoke detector and/or sprinkler system.
  • Updating the home so it’s as resistant to as many disasters as possible.

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Frequently asked questions about named perils home insurance coverage

Find answers to all your questions about named perils home insurance coverage.

Is there a deductible for named perils home insurance coverage?

Yes. Named perils home insurance have deductibles. Having a higher deductible can help you save on insurance costs, although it will affect the amount of protection you receive if you make a claim down the road. Consider the value of your property and assets and talk to your insurance provider about the right deductible for your circumstances.

How do I know named perils home insurance is suitable for me?

To get the most coverage for both your home and the contents within it, many experts would recommend a full or comprehensive home insurance policy. However, depending on your budget, and the value of the contents within your home, you may want to consider a named perils policy, as ot will keep your costs down and still offer some important protection to your home. Talk to your provider about the best options for your situation.