The COVID19 pandemic has forced most Canadians to stay indoors in order to avoid chances of spreading the virus further. Government and public health authorities have imposed lockdowns restricting movement of people across cities and provinces.
Does home insurance Alberta cover COVID19?
Within Alberta people who are staying at home, are wondering whether their home insurance Alberta policy covers a pandemic like COVID19, or not and whether they would be covered for risks associated with it.
The reason is that in common insurance parlance prevalent across various states in Canada; a pandemic is considered as a peril and referred to as an “Act of God”. The insurance bureau of Canada considers a peril as an accidental event that occurs unexpectedly.
Further, experts clarify that a standard home insurance policy protects your home and belongings from financial loss, in case they are lost, stolen, or damaged. You will be covered for expenses in case you are required to live elsewhere due to an insured loss that has occurred to your home. A typical policy also has a financial liability clause that provides you coverage in the event that someone gets injured on your property, or in case you cause damage to the property of others.
Typical coverage provided by home insurance Alberta
A standard home insurance Alberta policy typically provides coverage against risks associated with property, belongings and personal liability that comprise:
Named perils
These are expressly stated perils and cover damages caused by fire, wind, water and smoke.
A broad policy
This policy provides more coverage than a standard policy, but less than a comprehensive one.
No frills policy
This is a stripped-down version of a standard home insurance policy, does not include coverage for perils, and applies to properties that are not covered by normal insurance standards.
Comprehensive policy
As the name implies, this policy is comprehensive and covers your home and your belongings and protects you from all risks and perils, except perils that are explicitly excluded such as an earthquake or a sewer backup.
Personal liability
This provides you coverage in case of accidental loss or damage in case you are visiting someone, or accidental injuries caused to someone visiting your home.
Exclusions of a home insurance policy
Certain activities are not covered in home insurance Alberta and if you indulge in them, then your claim will not be accepted. Known as exclusions these comprise:
Home-sharing
Participating in home sharing, or letting it out your home on co-sharing platforms will render your home insurance claims void.
Criminal activities
If your home is a place for criminal activities, then home insurance will not be covered and your policy will be cancelled. Also, if you are found to have deliberately damaged your property to file false claims for damages, then your claim will be rejected, and you will be booked for fraud.
Caring for your property
You have to adopt means to protect your property. If you are found negligent in the upkeep and security of your home, then your cover may not be there. For example, keeping your doors and closed securely closed, or for instance ensuring that fire protection alarms are in working order.
Using home for business
You should not be using your home for business purposes. In case you are, then you need a separate insurance policy for that. It is known as commercial insurance or small business insurance and treats your home as your office.
By avoiding the above activities, you can continue with your home insurance Alberta.
Conclusion
COVID19 has surely added to the risk element associated with home insurance Alberta, but is not expected to inflict any damage to your home and property. Nevertheless, it is a good idea to talk to your insurance broker to understand the risks against which you are covered and which risks are still uncovered, for which you might need to buy insurance.
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