March 1, 2019

Your home is likely your biggest asset and it’s a place that you hold dear. Whether you live in a condo, a detached house, or a rural estate, you want to know that your home is properly protected.

There are more options than ever when it comes to insuring your home and your property, and it’s important to understand what is available and what will be the best fit for your lifestyle.

This blog will explain some of the most common types of home insurance on the market. It will also highlight the insurance markets that The Ostic Group works with, in order to provide you with the best coverages and the best rates.

How Much Risk Are You Willing To Assume?

Determining the right type of home insurance coverage often comes down to a few key questions.

You need to ask yourself:

  1. How much risk are you willing to take?
  2. How much coverage do you need?
  3. How comfortable are you with covering repairs and/or replacements out-of-pocket?
  4. Are you concerned with protecting yourself from being held liable if someone is injured on your property?

Expert Recommendation: If you aren’t comfortable with risk or are concerned about having the funds available to pay for damage to your home or property, then we recommend comprehensive home insurance.

The Importance of Personal Liability Protection

Ultimately, the personal liability protection that comes with comprehensive home insurance is an added benefit.

Personal liability protection will protect a homeowner from being liable in the event that someone experiences a bodily injury or property damage while on your property.

Just think about it: if someone slips on the ice on your walkway and is injured, you may be held responsible for any damages and expenses. If this were to happen on your property, would you be financially able to manage the additional expenses associated with assisting the injured person?

You can also consider adding a Personal Liability Umbrella Policy for increased protection.

Comprehensive Home Insurance

Comprehensive Home Insurance is one of the most commonly selected insurance products because it is the most inclusive. A comprehensive policy provides insurance protection for the home, contents, and outbuildings that are located on the property, like a shed or detached garage.

Comprehensive insurance provides homeowners with a broad range of coverage against insured perils, except those specifically listed in the policy.

Peril: A peril is a chance event that is unexpected and accidental.

Typically, comprehensive policies will protect against vehicle or aircraft impact, fire, lighting, theft, and window breakage, but will not protect against earthquakes or sewer backup. Those kinds of perils would require additional coverage to be added to your policy.

Comprehensive coverage will include a wide range of protection and some plans will include protection against fraud, lock replacements, jewellery, additional family members’ contents, trees and outdoor plants, collections, and more.

In Ontario, comprehensive insurance provides the same amount of coverage for your contents as it does for your home itself. This ensures that you are adequately protected in the event of a total loss.

Basic Home Insurance

Basic Home Insurance is just that — it’s basic. A basic policy will only provide protection for the specific perils listed on your policy. This affordable plan is best suited for those people who are willing to carry the financial risk of particular losses themselves.

If you are not concerned about being able to pay out of pocket for repairs to your home or to replace contents, then basic home insurance may be right for you.

Broad Home Insurance

Broad Home Insurance provides elements of comprehensive and basic insurance — it’s a kind of meet-in-the-middle product. Broad will offer comprehensive coverage for the larger items, like the building itself, but will only cover named perils for the contents or outbuildings.

If you want protection for the structure of your home, but are less concerned about those items within the home or additional structures on your property, then broad home insurance may be right for you.

Home Insurance Partners

Ostic is proud to offer home insurance from a variety of trusted insurance partners. Here is a bit of background on a few of our providers:


Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, leisure/lifestyle, and business insurance to 2.8 million customers. A subsidiary of UK-based Aviva plc, Aviva Canada has more than 4,000 employees focused on creating a bright and sustainable future for their customers and communities.


Economical is another of Canada’s leading property and casualty insurance companies. Headquartered in Waterloo, Ontario, they are proud to serve more than one million Canadians across the country through a national independent broker force. As a multi-channel insurance company, they provide Canadians with great service regardless of how they choose to purchase their insurance.

Edge Mutual

Edge Mutual Insurance Company is located in Drayton, Ontario. An experienced staff of 24 employees provides complete insurance service to policyholders. Offering a complete range of insurance products that are provided through an independent broker network, they continue to develop leading products and innovative tools that are well-suited to brokers serving the rural marketplace.

Gore Mutual

Since 1839, Gore Mutual has been known for financial strength, genuine relationships, and an innovative pioneering spirit. Future-focused to help their network of insurance brokers and their customers go forward with confidence, they provide a range of personal and business insurance products.

Halwell Mutual

Halwell Mutual has been serving the community for over 150 years by offering home, farm, commercial, and auto insurance products. Rooted in the community, they are focused on working closely with partners to provide customized products to fit your unique needs.


Intact Insurance is Canada’s leading provider of home, auto, and business insurance, ranked “Highest in Customer Satisfaction with the Auto Insurance Claims Experience.” Working with more than 6,000 independent insurance broker offices across Canada, Intact knows the industry inside and out.


Travelers Canada is part of an industry-leading international team. Committed to continuously evolving to meet clients’ ever-changing needs, they have approximately 1,700 employees across Canada and are committed to providing outstanding service and comprehensive, insurance-based solutions.


Founded in 1955 and 100% Dependably Canadian®, Unica Insurance (Unica) is a subsidiary of La Capitale General Insurance, one of the largest property & casualty insurers in Canada. From their office in Mississauga, Ontario, Unica offers innovative niche Commercial and VIP Personal Insurance solutions to protect consumers’ homes, cars, and businesses through a network of professional insurance brokers across Ontario.


Wawanesa Insurance is a Canadian mutual company owned by its policyholders. It is one of the largest property and casualty insurers in Canada. Wawanesa Insurance operates in all areas of Canada, as well as California and Oregon in the United States. Wawanesa was awarded an A (Excellent) Rating for its financial strength from A.M. Best Co.

If you would like to discuss the best home insurance options for you and your family, contact the team at Ostic today.

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