Does Home Insurance Cover Furniture?

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As much as we might like to, we can’t control everything that happens in life. The future is full of surprises, some good and some bad. And when it comes to the big things you own, you’d probably want to do everything you can to protect those expensive items.

Some of these significant expenses could include your furniture. Suppose you’ve purchased more expensive furniture, like La-Z-Boy furniture. In that case, you want it protected by some sort of warranty or insurance if something happens to it unexpectedly.

Home insurance is something that a lot of people have but may not know exactly what it covers. More specifically, does it cover the cost of your furniture?

If you’re uncertain about that answer, you've come to the right place. This article will cover everything you need to know about home insurance and what it does or doesn’t cover.

In This Article…

1. What is Home Insurance?
2. Types of Home Insurance
3. When is Home Insurance Effective? And When is it NOT?
4. What Does Home Insurance Cover?
5. Home Furniture Coverage

What is Home Insurance?

Before we answer what home insurance covers, some of you might not know what home insurance is. 

According to Merriam-Webster, homeowners insurance is defined as a type of insurance that covers damage to a person’s house or the things inside the house.

Unlike some insurances, like car insurance, home insurance is not law-mandated insurance that you need, which is why some people may not have it. However, if you apply for a mortgage through your bank, some lenders like TD Bank might require you to fill out a homeowners insurance policy.

You might not want home insurance initially, but it is extremely recommended by many insurance companies to purchase a home insurance policy so you don’t have to pay a large sum of money if your property gets damaged in any way.

Depending on the severity of the damage and the circumstances, your insurance company could help cover the cost. This is why it is always important to call your insurance company when damages happen to your house if something ever happens.

Types of Home Insurance

Firstly, what home insurance covers depends on your type of home insurance. The Financial Services Commission of Ontario says there are 4 main home insurance policies you can choose from:

• No-Frills Policy: Provides the least amount of coverage offered. This type of policy does not always get considered an option because it is only offered to those that don’t meet normal insurance standards (which most people do). 

• Standard Policy: Provides the most basic coverage for your property and belongings. This policy only covers your belongings from named events on the insurance. For example, your standard policy might cover flooding, but it may not cover content damages from an earthquake.

• Broad Policy: Provides an in-between mix of the regulations outlined in a standard and comprehensive policy. This policy covers all home risks except those listed as exclusions and all named content risks. The latter is similar to a standard policy.
• Comprehensive Policy: Provides the highest tier of coverage for your property and belongings. If something were to happen unexpectedly, it would most likely be covered under this insurance. Some events are still not covered under this insurance policy, which should be listed in the policy itself. Everything else that is not named is covered.

Further, the coverage you choose will also be determined by specific factors about you and your living situation. 

For example, if you live in a regular house, you would benefit from house insurance; if you own a condo, you would benefit more from condo insurance; and if you are a tenant renting the place you live in, you would benefit from tenant’s insurance. 

Other factors include:

• The value of your home
• The value of your belongings
• The location in which you live at
• The age of your home
• The risk you pose to your insurer

You may not know which insurance policy best suits you. For good measure, it is always important to fully read what an insurance policy covers so you know what to expect should an unpredictable or unexpected event occur.

When is Home Insurance Effective? And When is it NOT Effective?

When it comes to the unpredictable or unexpected events that insurance covers, most insurance policies typically cover the following events …. 

• Fire
• Lighting Strikes
• Snow or Freezing
• Smoke (caused by malfunctioning home appliances or heaters)
• Theft or Vandalism
• Certain Water Damages*
• Hail or Wind
• Aircraft or Vehicle Impact
• Explosion
• Falling Objects (like trees)
• Volcanic Eruptions
• Electrical Damage

It is important to note that each event listed covers varying degrees of property or content damage, so it is important to carefully read your insurance policy before purchasing.

Unfortunately, there are some damaging events or circumstances things that insurance policies do not cover, and that includes certain events that can happen to your furniture. 

These events can occur in the early stages of owning your property and personal belongings or much later on. Regardless, every personal possession and home has a varying degree of sentimental value, which might influence you to protect it at any cost.

Home insurance does not cover events that are fully in your control and certain events that are out of your control. These events are called Open Peril Events.

Rental Damage

A good example of something that is not covered under home insurance is house rental. Most people who rent their homes to others, like Airbnb, must apply for separate insurance. 

This is not covered because you are aware of the risks that your renters might cause to damage your home, whether intentional or accidental. 

To learn more about How to Furnish Your Airbnb Rental Home with La-Z-Boy, take a look at this article.

Criminal Damage

Criminal activities done in your own home are also not covered by home insurance. Yes, theft and vandalism are covered if a random act is committed. However, it is not covered if the homeowner did the criminal act.

Negligent Damage

This also includes moral risk to your home, meaning not taking the proper measures to ensure certain events do not occur in your house. These negligent events can include not replacing a water heater tank if it needs replacing, causing it to malfunction and cause a flood, or not installing smoke alarms to prevent fires.

Damage caused by a pet would also fall under the category of negligent damage. 

Lastly, some situations out of your control may not be covered under your insurance. This can include either big or small things like pet damage, which wasn’t your fault directly, but because you own them, they are associated with you.

Moreover, other situations such as mould or insect damage are not covered by insurance, given that this is also indirectly caused by you if you don’t clean your house or upkeep your furniture regularly.

Similarly, construction damage would be considered negligent since you hired them to do the work for you. 

Earthquake Damage

Yes, earthquakes are unfortunately not covered under most home insurance policies. The reason for this, according to the Government of Canada, is that earthquakes cause grave damage. The deductibles can get very high, meaning they may not be able to cover it with just home insurance.

However, there is still hope for those that want to invest in protecting their homes from earthquakes. You can request an earthquake protection add-on with your insurance broker to help protect against these damages.

What Home Insurance DOES Cover?

Now that you know what home insurance is and when it comes into effect let’s get into the nitty-gritty of what most home insurance policies cover.

Although there are different types of home insurance policies, as mentioned above, insurance plans typically cover different degrees of your property or your personal belongings. 

When it comes to your belongings, most insurance policies already cover all the items you own. Still, it is important to list your most important possessions to your agent or broker to ensure that your items are protected.

The list of items can vary to multiple things, like clothing, electronic devices, exercise equipment, bikes, boats, toys, and even furniture. 

Home Furniture Coverage

Yes, furniture is, in fact, included in most insurance policies!

Along with basic home insurance, furniture is also covered by condo insurance and tenant’s insurance. 

When it comes to your furniture, the events listed above still apply to your furniture and other personal belongings. However, there are certain things that you should watch out for when listing furniture as an important belonging that should be protected.

Documentation is very important! Some law firms highly recommend keeping up-to-date photos of your valuables. This includes taking pictures of your furniture to ensure no damage was done before the unforeseen circumstance.

Moreover, if you’re worried about your furniture adding an extra price to your home insurance premiums, there is no need to worry. These common valuable items are covered under the price of most home insurances.

With unforeseen circumstances like natural disasters and dreadful weather conditions increasing, the price of home insurance premiums has increased over time. 

If you’re still trying to keep your insurance at an affordable cost, a good idea is to bundle your home and car insurance together. That way, you can still afford both at a more affordable price.

However, there are some smaller things you can still protect with your furniture under your furniture company’s warranty.

At La-Z-Boy, for example, we have a Limited Lifetime Warranty that covers all the basic repairs, replacements and refunds within the year of purchasing your furniture. There is also the Extended 5-Year Protection Plan that you can purchase further to protect your furniture for an additional 5 years. 

To learn more about our basic warranty, take a look at the article, Are La-Z-Boy Recliner Chairs Guaranteed for Life?

What's Next?

When looking at home insurance policies, it is always best practice to look at many different companies and compare each of them to see what best suits you.

If you still have questions about home insurance and want to learn more, the Government of Canada has a webpage that discusses everything you need to know.

Now that you have more knowledge on protecting your favourite furniture items from multiple circumstances, you can now have peace of mind that even the most expensive furniture item will be covered.

Why not discover some of our furniture items today? La-Z-Boy has many different furniture products to choose from.

You can start shopping by visiting one of our local showrooms located in Ottawa or Kingston. You can also schedule a visit online before coming in.

While you’re online, take a look at some of our best-selling furniture articles:

• 5 Best-Selling La-Z-Boy Power Recliners
• 5 Best-Selling La-Z-Boy Reclining Loveseats
• 5 Best-Selling La-Z-Boy Sofas

Our design consultants are always eager to lend a helping hand. Take advantage of our interior design services to see how our furniture could fit in your home design. 

Related Articles:

Review of the Alani Sectional

Review of the La-Z-Boy Duo Collection

La-Z-Boy In-Home Design Appointment: What to Expect