Personalized to your needs
Instead of purchasing insurance that you don’t need, you have the ability to insure only what you want to, saving you money. Square One helps personalize your policy to fit your needs.
You decide what to insure
Traditional home insurance policies were designed in the 1970s for people living in the 1970s—think tube tvs and record players. So much has changed since then, but most home insurance policies have not.
These insurance policies include special limits on certain types of specialty property, many of which you may not own. For example, many of these policies provide too much protection for china and silverware and not enough for computers, cameras and cell phones. When was the last time you heard of someone’s silverware being stolen?
Try asking your current insurance provider to remove the automatic coverage for china or silverware. You’ll probably be told it’s included for “free”. In reality, most insurance providers just aren’t set up to adjust to your individual needs.
With Square One, you decide what to insure. We offer blanket protection for your most common personal property, including clothing, electronics and other household goods. And, if you need it, we also offer specific protection for the following specialty property:
- Bicycles, sporting equipment and watercraft
- Business property
- Fine arts and collectibles
- Jewellery and watches
With Square One, you’re not paying for protection you don’t need.
You decide how much to insure
Traditional policies still use the value of your home to determine the coverage you get. For example, if your home would cost $500,000 to rebuild in the event of a total loss, then most traditional policies automatically provide:
- $50,000 for a detached garage
- $350,000 for personal property
- $100,000 for additional living expenses
What if you don’t have a detached garage and only need $150,000 in personal property? Then, you’re paying for $250,000 of protection that you just don’t need.
Square One provides coverage that makes sense. You select the limits of insurance that meet your needs and fit your budget. Customers love choosing what to insure and for how much. In fact, here are the percentages of Square One customers that add each class of specialty property to their policies:
- 18% insure jewellery + watches
- 9% insure bicycles, sporting equipment + watercraft
- 9% insure fine arts + collectibles
- 5% insure business property
Special limits that aren’t so special
The types of, and associated limits for, specialty property automatically included in most traditional home insurance policies are captured in the table to the right.
Thing you’ll notice is how out-dated this list is. Do you own gold bullion? Even if you do, is it something you keep at home? If you answered no to either question, the fact that traditional policies automatically include $5,000 for securities and bullion is going to be irrelevant to you.
On the other hand, you might be surprised to find that some common types of property, like electronics, are subject to limits. The $500 included for cell phones doesn’t even cover the cost to replace one smart phone.
At Square One, you personalize your policy to your individual needs. You automatically receive blanket coverage for electronics, among other things. You aren’t forced to buy protection on specialty property you don’t own.
At Square One, you choose which of your specialty property to insure. Ultimately, that saves you money.
| Types of specialty property | $limit |
| Audio and video media | 2,000 |
| Bicycles* | 1,000 |
| Business property | 2,000 |
| Cameras | 3,000 |
| Cellular phones and other mobile devices | 500 |
| Collectible cards* | 1,000 |
| Coin collections* | 200 |
| Computers | 5,000 |
| Jewellery, watches, and gems | 6,000 |
| Manuscripts and stamp collections* | 1,000 |
| Money including cash cards | 500 |
| Silverware* | 6,000 |
| Securities and bullion | 5,000 |
| Sporting equipment* | 3,000 |
| Watercraft | 1,000 |
* Applies to theft, burglary, robbery or disappearance related losses.