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Home Insurance

  • Last Updated:
  • Aug 18th, 2021 2:48 pm
[OP]
Deal Addict
Aug 26, 2004
3312 posts
584 upvotes
Toronto

Home Insurance

Completed some research on this but could not find a trust worthy source on recommended coverage.

For a $1.9 million dollar home with a small finished basement (1 washroom, entertainment space and unfinished furnace room) what coverage should I get for the following?

1. Sewer back up - currently $25k. Considering more but not sure what is reasonable.
2. Liability. Considering going to 2 million from 1 million is this worth considering or is it rarely claimed?
3. Earthquake. Toronto has a fault line in Lake Ontario may be worth it.

Any sources to help inform my decision would be appreciated.
2 replies
Jr. Member
Apr 8, 2013
180 posts
82 upvotes
Toronto
Some good questions:


1. 25K for sewer back-up seems a bit low although it would depend upon the square footage of your basement.

2. Liability - ask for the cost associated with the extra $1M of coverage. I have $2M in liability for my auto and it costs an extra $50 per year - money well spent if you ask me. If you have a pool or a dog, I would consider purchasing the extra coverage due to the increase in the liability.

3. Always ensure that you have earthquake coverage.

Your best bet is to contact a broker - they deal with these matters on a daily basis.
Deal Addict
User avatar
Jul 4, 2009
1597 posts
968 upvotes
Windsor, ON area
Ask about flood coverage.
Our last insurance didn't cover overland water so we switched insurance companies. It was $50 more a month with overland water coverage. Overland is different from sewer backup.

I didn't get earthquake coverage, I didn't think it was needed...but now you're making me rethink it...

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