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Is Your Insurance Policy Right For You?

Published on August 2, 2018   Insurance Tips

There’s no “one size fits all” insurance policy, so it’s important that you understand your policy. Whether it’s the limit of coverage on your home or property or if you have broad or comprehensive coverage, these are all items you should know and understand.

What’s Your Coverage?

Do you have comprehensive or broad coverage? It’s important for you to know the difference between the two.

Comprehensive - All risk coverage on your home and the contents. This is recommended

Broad - All risk coverage on your home but your contents are covered for Named Perils. For example: Fire, lightning, windstorm to name a couple. Some coverages not included are: mysterious disappearance, accidental damage, rip & stains.

Optional Coverage

Home, tenant or condo policies are generally sold as “package” policies, however there are additional coverages that can enhance your policy. A few important coverages you may be able to add to your insurance policy are:

Personal Cyber Coverage goes beyond any insurance currently available by combining coverage for Cyber Attacks, Cyber Extortion, Online Fraud, and Data Breach.

Sewer Backup / Water Damage is coverage for if the city or municipal drainage system overflows and sends water back through the pipes and into your home and/or damage caused by sump pump failure.

Service Line Coverage helps you avoid the high costs associated with repairing or replacing failed service lines located on your property.

Home Equipment Breakdown covers all of your important home systems and property due to loss by mechanical or electrical breakdown.

Overland Water or Flood Coverage for water damage caused by overflow of a lake or river, heavy rain or rapid snowmelt that enters your home from a point at or above ground level.

Special Limits Of Insurance

Some of your personal property may be subject to special limits of insurance. This means that there is a maximum that could be paid out in the event of a loss. These items include:

  • Jewellery
  • Furs
  • Watches
  • Fine arts
  • Silverware
  • Business property
  • Cameras
  • Golf carts
  • Dogs, horses
  • Garden tractors
  • Stamps
  • Sports cards
  • Coin collections
  • Watercraft
  • Sailboats
  • Sports equipment
  • Firearms
  • Mobile devices
  • Tools
  • Bicycles
  • Musical instruments
  • Eye glasses
  • Contact lenses
  • Hearing aids
  • Wheelchairs
  • Food spoilage

If you have any of these items or a collection of one or two of them, contact our office to ensure you have adequate coverage.

Did You Know?

Discounts may be available for smoke or burglary alarms, non-smokers, mortgage free, claims free, mature/senior citizens or if you have a higher deductible.

Do you have a wood stove?

If you have installed a wood burning stove in your home you must advise us of this change. Photographs and a questionnaire are required to be submitted for approval.

If you have a wood stove a WETT inspection may be  required. A WETT inspection,  short for Wood Energy Technology Transfer, is a thorough inspection of all types of wood burning appliances.  This includes fireplaces, fireplace inserts, wood stoves, pellet stoves and outside boilers.

Fire is always a threat to a home and a WETT Inspection can provide “Peace of Mind” for the homeowner and their family.  Also many insurance companies now require a WETT inspection prior to issuing a Home Policy.

Traveling for more than three days?

If you’ll be away for more than three days during the regular heating season, you need to take some steps to ensure your insurance policy remains in force.  Ideally, you need to have someone come in and check the heating of the home on a daily basis, or, alternatively, you need to drain your hot water tank and toilets as well as draining all of your pipes.

A great option is to have a low-temp sensor included with your monitored alarm system. This will trigger an alarm if the temperture in your home drops below a certain level. For most insurance companies, this option will satisfy them.

Notify us if your home is vacant

Insurance companies limit the type of coverage they will provide for vacant homes. Some of these limitations are:

  • Water Damage
  • Vandalism or malicious act
  • Glass Breakage
  • Theft or burglary
  • Sewer backup and/or Overland water

Insurance companies limit the duration that they will insure the property while it is vacant. 

Do You Periodically Rent Your Home or Cottage?

If so, most insurance policies will not protect you in the event of a loss. We can help you get the additional, proper coverages required.

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