Whether a Harley® rider owns a house or a condo or if they are a renter, Harley-Davidson Insurance Provided by My Insurance Broker has you covered! Comprehensive homeowners’ policies, condo packages and tenant insurance are all designed to protect your two most valuable assets – their family and their home. Customers get to combine discounts they would ordinarily qualify for by being responsible homeowners with the already discounted pricing to create the most attractive policy with maximum savings*.
Home Insurance Benefits Available Through Harley-Davidson Insurance Provided by My Insurance Broker*
• Multi-Line Discount of up to 25% on your home premium plus up to 15% on your auto insurance if you insure a vehicle (bike and/or auto) and your property (home, condo or tenant policy) through Harley-Davidson Insurance Provided by My Insurance Broker
• Save up to an additional 20% on your home insurance with our Claims Free Discount if you have no recent claims
• Take advantage of Enhanced Water Coverage options available through Harley-Davidson Insurance Provided by My Insurance Broker
• Cyber and Identity Theft coverage are important in today’s day and age and we have you covered with a variety of available options.
• Additional discounts for monitored fire and burglar alarms as well as sprinklers and water damage mitigation devices such as a sump pump or backwater flow valve
• Protect all your valuables with blanket coverage on jewellery and other items or scheduled them separately for added protection
*Coverage, discounts and benefits will vary in each province and with each different carrier underwriting policies through Harley-Davidson Insurance Provided By My Insurance Broker
The Standard Homeowners Policy Includes:
Section I – Property Coverage
Section II – Liability Coverage
If one was to look at a home insurance declarations page, which is usually the first page in a policy, they would see Sections I: Property and II: Liability. This protection is usually broken down into additional sections:
Section I: Property Coverages
• Coverage A – Dwelling Building
• Coverage B – Other Structures
• Coverage C – Personal Property
• Coverage D – Loss of Use
• Section II: Liability Coverages
• Coverage E – Voluntary Personal Liability
• Coverage F – Voluntary Medical Payments
Section I – Property Coverages
Coverage A – Dwelling Building
In addition to the “building itself”, your home insurance policy covers its attached structures such as an attached garage, greenhouse or sundeck; an outdoor swimming pool and attached equipment on the premises; and outdoor equipment that is permanently installed on the premises.
Coverage B – Detached Private Structures
A detached private structure is considered as any structure on your premises that is “separated from the building by a clear space” which is not included under Coverage A. Examples include a detached garage or shed.
Coverage C – Personal Property
Your personal property includes “all dwelling contents, clothing and other personal items, that you own, wear or use while on the premises”, subject to special limits of insurance.
Coverage D – Additional Living Expense
Your home insurance policy would cover additional living expenses if your home is damaged by an insured peril, which makes it uninhabitable while repairs are being made. If you are also a homeowner who rents a section of your home or detached private structure, which is made unfit for occupancy due to damage from an insured peril, you would be compensated for the reasonable time required to repair or replace that part of the dwelling.
Section II – Liability Coverages
Coverage E – Voluntary Personal Liability
The personal liability section of your home insurance policy covers unintentional bodily injury and property damage to a third party while on your premises, or while partaking in personal activities anywhere in the world. Your liability coverages will protect you if you are sued and will pay compensatory damages if you are held legally liable. This section of your home insurance policy also covers:
Coverage F – Voluntary Medical Payments
Voluntary Medical Payments to a third party who has suffered unintentional bodily injury and property damage while on your premises. These payments will be made whether or not you are held legally liable and will be subject to a specified limit. Typical medical expenses that are usually covered include surgical, dental, hospital, nursing ambulance and funeral expenses.
Voluntary Payment for Damage to Property is made for unintentional property damage caused by the insured to the third party even though they may not be at fault.
Standard Tenant Insurance Coverages
If you rent your home, apartment or residence, you need to obtain tenant insurance coverage. Tenant Insurance protects your personal property after a loss due to an insured damage and provides you with liability coverage in the event of a lawsuit. As a tenant you may be held liable for any damage incurred, to the part of the dwelling that you occupy. Imagine if there were a fire in your apartment unit that spread to the rest of the building? In addition to losing all your personal items, you could be held accountable for additional damages, which could result in liability charges. Tenant Insurance also protects you against unintentional bodily injury and property damage to a third party while on your property. What if one of your guests were to slip and fall while at your home? Your tenant insurance would provide legal protection in the event your guest/visitor to the property, decided to take legal action and cover defence costs.
Tenant Insurance is also available to help you replace your personal belongings after an insurable loss such as fire, theft or water damage. It is a good idea to keep an inventory of your contents away from your residence, in a safe place (such as a safety deposit box), in the event of a claim. Contents Insurance Coverage would be provided for your clothes and most household items (subject to limits of insurance) on an “all risks” or “named perils” basis. An “all risks” policy generally provides coverage for all of your content, except those specifically outlined, and a “named perils” policy provides protection for your personal content from perils specifically named in your policy.
Additional Tenant Insurance Coverages
Tenant Insurance would also provide additional living expense coverage, (subject to a specified amount), if your dwelling building were deemed uninhabitable due to an insured loss. It would compensate you for any necessary expenses incurred, while your apartment/dwelling is being repaired.
Tenant Insurance is a necessity and will protect you against unexpected occurrences. If you cannot afford to replace all of your personal items in the event of a loss, then you need to obtain tenant insurance. Insurance will provide you with the peace of mind you deserve, when faced with unforeseeable circumstances. The cost of tenant insurance depends on a myriad of factors. A My Insurance Broker Adviser will assist you to obtain the coverage you need at the most competitive price.
To protect your investment as a condo owner, you must purchase condo insurance that works in conjunction with a condo association or corporation’s master policy. Condo owners often assume they don’t need coverage because their condo corporation already has a policy.
Failing to purchase a condo insurance policy can leave you exposed to gaps in coverage—gaps that could be incredibly costly in the event of a claim. To better understand the need for coverage, it’s important to learn what master and condo policies commonly cover.
Typically, your condo corporation has a master policy that insures all of the property and common areas that are collectively owned by unit owners. Generally, condo corporation insurance covers the following:
• The buildings shown on the condo plan
• Common property such as hallways, stairs, roofs, pools, garages and driveways
• Fixtures built or installed as part of the original or standard construction, including floor and wall coverings as well as electrical and plumbing fixtures
• Condo assets like furniture and equipment
• Liability of the condo corporation for claims of property damage and bodily injury suffered by others
While having a separate insurance policy for your condo unit may not be mandatory, it is highly recommended.
As noted above, a condo corporation’s master policy typically covers common areas. Not only does this limited protection put your personal belongings at risk, but any improvements you make, damage you do to another unit, or injuries that occur in your unit will also not be covered.
What’s more, in the event of a major disaster (like a pipe bursting in your unit), you could be held liable for the cost of any repairs. Master policies often include language that identifies the owner of the unit where a specific loss began as the individual responsible for the entire deductible. With this cost sometimes exceeding tens of thousands of dollars, condo insurance is a must in order to protect your finances.
Condo insurance will often cover the following:
• Contents or personal property. Condo policies will often protect personal property such as clothing, appliances and furniture.
• Additional living expenses. In the event of an insured loss that leaves your condo unit uninhabitable, condo policies may provide policyholders with funds over and above the normal cost of living. This coverage is essential, as condo owners will need a place to live if their unit is ever uninhabitable.
• Third-party liability. Condo policies can provide coverage for your personal liability for any bodily injury or property damage unintentionally caused to others.
• Improvements and betterments. Condo polices provide coverage for any upgrades to your unit (e.g., adding in custom hardwood flooring or custom counters). This coverage is available whether the improvements were made by you or previous owners of your unit.
• Loss assessments. In the event that that your condo corporation’s insurance fails to provide adequate coverage, loss assessment protection kicks in. This protection helps insure common property and liability.
• Contingent coverage. Similar to loss assessment protection, contingent coverage insures your condo unit itself in the event that the master policy fails to protect you or is insufficient.