Depending on where you live, if you work from home, and what you own, you may want to consider topping up your coverage for an extra level of protection. Here are some ways to tailor your policy:

Water damage

Basic home insurance does a good job of covering water damage, but you may need more. Depending on your province or territory, you may be eligible to buy additional coverage:

  • Sewer back-up coverage. Offers protection against back up, discharge or overflow from a sewer, septic tank, storm drain or sump pump.
  • Aboveground water damage coverage. Provides roof water damage protection caused by ice damming, weight of ice, snow or sleet on the roof, and back up, overflow or discharge of water from eaves, downspouts, gutters or roof drains.

Learn more: What you need to know about water damage

Oil damage

The primary source of oil damage to your home and property is a leaking oil tank. If you have one on your property, you can avoid the potential cost of an expensive indoor or outdoor cleanup with additional protection. Generally, this includes:

  • Loss or damage to your property
  • Cleaning or decontamination of your premises

Learn more: Oil damage: avoiding costly cleanup inside and outside your home

Damage from earthquakes

Buying additional earthquake coverage will offer protection from direct losses or damage caused by an earthquake (but not if caused by tidal waves, floods or waterborne objects resulting from an earthquake). If you’re eligible, this coverage includes living expenses (accommodation and food) and transportation while your home is being repaired.

Learn more: Is your property at risk of damage from earthquakes?

Home-based businesses

If you’re a freelancer or run a business from your primary residence, you may be eligible for added coverage for:

  • Business property (on premises and while away from the office)
  • Expenses to keep your business running following loss or damage
  • Clients or colleagues who injure themselves on your property

Learn more: In-home office advantage

Identity theft protection

Identity theft is a real and growing problem. Added coverage includes up to $30,000 per incident to reimburse expenses and $5,000 for loss of income. If you have a current home insurance policy, you can add this protection at any time.

Learn more: Identity theft protection

Extra coverage for your belongings

Your policy spells out coverage limits for your valuables including your jewellery, furs and bike. If you need more coverage you have options:

  • Expensive bike. Your policy probably limits the coverage for your bike and includes a deductible. If you have an expensive bike, you can “schedule” it by adding a special clause to your policy to get the full replacement value.
  • Jewellery and furs. Most insurance companies limit basic coverage to about $3,000 each. But you can buy extra coverage for a piece that is worth more or use it to itemize your more expensive pieces and rely on the basic amount to cover the rest. When you buy extra coverage for valuables, there is usually no deductible.
  • Fine art. Buying extra coverage will depend on a number of factors, including the type of art, if it was bought or is on loan, and where it will be displayed or stored.

Learn more: Contact your insurance provider.

Watch and learn

Visit the TD Insurance YouTube channel for quick tips and advice, including: