There are two main forms of Homeowners Insurance policies: Comprehensive and Broad. Both the Broad and the Comprehensive forms of homeowner's coverage provide “All Perils” coverage on your home and detached structures (see our recent blog about coverage on detached structures). 

“All Perils” basically means that you are covered for all types of losses, with the exception of the standard policy exclusions.  Some of the standard exclusions on all policies are (but are not limited to) overland flooding, water seepage, terrorism etc.

The major difference falls on the coverage for your personal belongings or “contents”. A Comprehensive policy covers your belongings on the same “All Perils” basis and a Broad policy covers your contents on a “Named Perils” basis. “Named Perils” is exactly what it sounds like.  You’re only covered for the types of losses that are listed in your policy wordings.  The Broad policy will still cover losses like fire, smoke damage, and theft for your contents.  Some of the types of losses that are not covered are mysterious disappearance (losing something), accidental damage, rip, stains and power surge.

Yes, a Comprehensive policy will have a slightly higher annual premium (your annual insurance cost) than a Broad form policy, but often we can offset the additional cost by increasing your policy deductible (the amount of any claim that you would pay).

Keep an eye out for our upcoming YouTube video for some more great examples of losses that may be able to be covered on your policy. 

One quick call to our TEAM can make sure that you have all the coverage you need.

Decoding Broad vs Comprehensive Form Insurance policies.

There are two main forms of Homeowners Insurance policies: Comprehensive and Broad.

Both the Broad and the Comprehensive forms of homeowner's coverage provide “All Perils” coverage on your home and detached structures (see our recent blog about coverage on detached structures) insert link.  “All Perils” basically means that you are covered for all types of losses, with the exception of the standard policy exclusions.  Some of the standard exclusions on all policies are (but are not limited to) overland flooding, water seepage, terrorism etc.

The major difference falls on the coverage for your personal belongings or “contents”.

A Comprehensive policy covers your belongings on the same “All Perils” basis and a Broad policy covers your contents on a “Named Perils” basis.

“Named Perils” is exactly what it sounds like.  You’re only covered for the types of losses that are listed in your policy wordings.  The Broad policy will still cover losses like fire, smoke damage, and theft for your contents.  Some of the types of losses that are not covered are mysterious disappearance (losing something), accidental damage, rip, stains and power surge.

Yes, a Comprehensive policy will have a slightly higher annual premium (your annual insurance cost) than a Broad form policy, but often we can offset the additional cost by increasing your policy deductible (the amount of any claim that you would pay).

Keep an eye out for our upcoming YouTube video for some more great examples of losses that may be able to be covered on your policy.  One quick call to our Team can make sure that you have all the coverage you need.