Homeowner’s Insurance

There’s truth to the old saying “A man’s (or woman’s) home is their castle.” And in days of old, castles were always well fortified. Below are some modern ways you can think of fortifying your home against loss.

• Building
  • Are you insured to the correct coverage limits?
    • For the purpose of insuring a house, this limit must be calculated using an evaluator tool which the Insurer has agreed is acceptable
    • This value has little correlation to either real estate or property tax valuations
    • Will you have enough funds available to rebuild or repair your house in the event of a catastrophic loss? What if all the houses in your neighbourhood were damaged at the same time?
  • Does your home have special or unique features?
    • Swimming pool, hot tub, etc.
    • High end finishes (marble, hardwood, leaded glass, special appliances…)
  • Does your current insurance policy have Guaranteed Replacement Cost?
    • This GRC provides you with Peace of Mind. As long as we use the approved evaluator tools and review these values regularly (usually every three years) to ensure they are in keeping with local construction costs, your Personal Lines insurer will pay the cost to rebuild, EVEN IF IT IS HIGHER THAN THE POLICY COVERAGE LIMIT
  • Outbuildings (sheds, etc)
    • This limit is generally a pre-determined percentage of the building limit (10%)
  • Additional Living Expenses
    • This limit is generally a pre-determined percentage of the building limit (20%-30%)
    • If your house is unlivable, you probably still have to pay your mortgage, can you afford to also pay rent?
• Contents
  • The limit on the value of insurance for contents is generally a pre-determined percentage of the building limit (60%-70%)
  • Do you have dependent children attending a university or college? If so, their possessions will be covered by your personal insurance policy even if they are not living at home.
  • Do you have special contents which require specific insurance?
  • Bicycles
  • Most policies limit coverage to $500, and the coverage is subject to the policy deductible
  • For an additional premium (based on the value) you can increase this limit, and lower or eliminate your deductible
  • Jewelry
  • Most policies limit coverage to a specific dollar amount (generally between $3,000 and $6,000), and the coverage is subject to the policy deductible
  • For an additional premium (based on the value – which must be supported by an appraisal) you can increase this limit, and lower or eliminate your deductible
• Furs
  • Coverage limits vary by policy
• Collectibles
  • Coverage limits apply, other restrictions may apply
  • Do you know what your policy covers?
• Business Contents
  • Do you have any property related to a business?
  • Did you know that the coverage for this property is generally quite restrictive?
• Boats/Yachts
  • Most Personal Lines policies have some provisions for the ownership of watercraft
  • However, there are limitations as to size, usage, horsepower, area of operation
• Single Limit Policies available
  • These help protect you when one of your coverage limits automatically provided is a bit too low, or extraneous (ie: you have no outbuildings, but it would be very expensive to rent in your area)
• Optional Earthquake coverage, which we ALWAYS recommend because:
  • February 27, 2010: 8.8 Earthquake in Chile – estimated loss $8-$12 BILLION
  • September 4, 2010: 7.0 Earthquake in New Zealand – estimated loss $2-$4.5 BILLION
• Use/Liability coverage – your home liability policy covers you on and off your premises for your personal negligence; however, it assumes you are simply acting as a homeowner. If you use your home in other capacities, such as the ones below, you may benefit from additional coverage.
  • Do you have a home based business?
  • Does your Insurer know?
  • Do you have clients on the premises?
    • You may need a business policy to cover this liability exposure.
  • Do you do consulting or internet work?
    • You may need a Professional Liability policy in place.
• Course of Construction
  • This insurance protects you during the process of building a house for your personal use
• Permission to Renovate
  • Are you undertaking a substantial renovation?
  • Policies may limit or exclude coverage resulting from ongoing renovations.
• Vacancy permits
  • Is your house sitting empty?
  • What are the policy requirements for having it checked on?
  • Is there coverage while you are not there?

• Protect your way of life; insure your future.

  We’re here to serve you with GOOD ADVICE, WELL GIVEN.