Home construction insurance for about $75/month

Personal property coverages

• Personal property on premises: In most cases, you won't have a lot of personal or specialty property on premises when building a new home or undertaking a major renovation to an existing home. That said; you can insure any "moveable" property you own that will be kept on premises during the period of construction or renovation. This typically includes appliances and household goods.

  Please note that this does not protect any specialty property, which includes: bicycles, sporting equipment and watercraft; business property; fine arts and collectibles; jewellery and watches; and landlord's property. Once the home is ready for occupancy, you'll have a wider range of personal and specialty property options.

Other coverages

There are a few other coverages that are available on home construction insurance policies, including:

• Construction or renovation delay expense: This optional coverage protects against reasonable and necessary increases in living expenses, interest expenses and legal costs if your home experiences construction or renovation delays from an insured loss.
• Personal and premises liability: Protects against amounts you are legally responsible to pay because you unintentionally injure someone or damage their property. Also protects against amounts you are legally responsible to pay for unintentional injury to someone or damage to their property arising from the ownership or use of your home.

Policy deductibles

A policy deductible is the amount you must pay before your policy will respond. The higher the deductible you select, the lower the premium you pay on your insurance. Listed below are the various deductibles that may apply. It’s important to note that only one deductible applies per claim even if payments are made under multiple policy coverages. The type of loss will determine the deductible that applies.

• Crime: This deductible applies to each insured loss resulting from vandalism, theft, burglary and mysterious disappearance. If this deductible applies, then you are often presented with a couple options.
• Earthquake: This deductible applies to each insured loss resulting from an earthquake. While earthquakes don't happen often, they cause significant damage when they do. As such, earthquake deductibles tend to be higher than those for other types of loss. Depending on where you live, you may be presented with a couple options.
• Inland flood: This deductible applies to each insured loss resulting from an inland flood. If this deductible applies, you may be presented with a couple options. Please note that not all areas are eligible for inland flood protection.
• Water backup: This deductible applies to each insured loss resulting from the backup or escape of freshwater or wastewater from a sewer, storm drain, drain, sump, or septic tank. If this deductible applies, you may be presented with a couple options.
• Wind and hail: This deductible applies to each insured loss resulting from a windstorm or hailstorm. If this deductible applies, you may be presented with a couple options.
• Standard: This deductible applies to each insured loss not specifically mentioned earlier. For example, the earthquake deductible, not the standard deductible, applies to each insured loss resulting from an earthquake.

Comprehensive protection

At Square One, you get a comprehensive (or all-risk) policy. That means you're protected against all types of losses except for those types of loss specifically excluded in the policy. The most common policy exclusions include loss or damage due to coastal flood, terrorism and war. In the case of flood, some providers have started offering protection against inland flood. If your policy does not protect against flood, then you'll need to rely on disaster financial assistance programs offered by the government.

• Broad water damage insurance
• Earthquake insurance
• Inland flood
• Water backup insurance
• Wind and hail insurance

For complete details on what is and isn’t covered under your policy, please refer to your policy wordings or speak with one of our licensed agents by calling 1.855.331.6933. You can also download sample policy wordings by visiting the next tab.

Policy wordings

If you need a law degree to understand your insurance policy, something's wrong. At Square One, we're changing that with our modern, common sense approach.

To start, we've worked hard to write all policy documents in plain language. According to our customers, our policy documents are the easiest to read in the industry. Next, we personalize your policy documents to what you've bought. That means you'll know exactly what you've insured, the limits and deductibles you've selected, and the premiums you've paid. Finally, you'll understand what specific terms, conditions and exclusions apply.

If you'd like to review the policy wordings before you buy, please feel free to download the sample policy wordings. Please note that every effort is made to keep the sample wordings up-to-date, but your actual policy documents (and wordings) may differ. In cases where differences exist, your actual policy documents will prevail.

Download sample policy wordings

Making a claim

You buy insurance for peace-of-mind, so if you do need to make a claim we believe it should be simple and stress-free. That's why all Square One customers are protected by our commitment to handling claims fairly:

• 24/7 emergency claim line so we're there whenever you need us
• For emergency claims you're guaranteed a response within 2 hours
• For all claims, you'll work with a single claims adjuster
• Quickly track each stage of your claim online
• We guarantee that all claims are dealt with fairly, transparently and quickly
• You're treated with respect and kept informed at every stage of your claim