What’s An Umbrella Policy?

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In addition to worker’s compensation, general liability, auto insurance and property/casualty coverage, many brokers recommend an additional layer of protection called an umbrella policy. This protects you for payments in excess of your existing coverage.

What Is Replacement Cost?

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Replacement cost is the total cost that your insurance company would pay to fully reconstruct your home if it were destroyed. Replacement costs include things that may not be included in the resale value, for example: the cost of skilled labour, debris removal, extra expense due to stringent building codes, and more. If you made […]

What’s The Difference Between All-Risk, All-Perils, Designated-Risk, And Named-Perils Coverage?

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All-risk coverage (also known as all-perils coverage) insures your building and/or belongings against common risks (like loss, theft, and damage due to fire) and clearly lists what’s excluded. Designated-risk (or named-perils) coverage only insures your building and/or belongings or what is clearly listed in your policy. Anything not listed in the policy is not covered, […]

What Parts Make Up A Homeowners Policy?

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Although homeowners policies differ in their actual structure, most contain the same basic components: Declarations Page — usually the first page of your homeowners insurance policy, it typically contains the following summary information: – Name and address of the insured. – Dollar amount of coverage in the policy. – Description of the insured property. – […]

What Is Home Inventory?

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When you purchase a homeowners policy you should create an up-to-date home inventory to expedite a claim settlement if you ever need to make one. With a complete home inventory, your insurance company can verify property easier, which makes settling your claim faster. This also allows you to easily verify losses for your income tax […]

What Are The Factors Affecting My Home Insurance Premium?

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– Type of residence (single or multiple-family, rental property, condominium, mobile home). – Construction material used (brick, wood, cement). – The age, size and location of the home. – Heating, plumbing, electrical, roofing and land grading. – Fire protection (distance from a fire hydrant, nearest fire station). – Loss experience (rate of crime, flooding, fire […]

Is There A Type Of Coverage That I’m Overlooking?

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Most homeowners comprehensive policies cover damage from fire, rain and wind; however a basic policy won’t cover you for flood or sewer backup damage. If you live in an area prone to flooding, sewage backups it may be very important for you to have this extra coverage. Flood, sewer back up or earthquake coverage can […]

How Long Will It Take To Resolve My Claim?

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The amount of time required to handle each claim will vary based on the severity, extent and type of the property loss or damage. Some claims can be resolved in a single phone call, but others are more complex and require in-person inspections to make sure that all damages are properly identified. Your claims adjuster […]

What Is A Scheduled Loss and Proof of Loss?

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A schedule of loss is a document submitted to the insurance company that lists all the lost or damaged items in a claim. It includes information about the item itself like the model number, when and where it was purchased, the cost of the purchase and the replacement amount. A proof of loss form is […]

What Is Personal Liability?

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Whether you own or rent your home, you can be held liable for bodily injury or property damage unintentionally caused to others. Your home insurance’s personal liability portion provides coverage if such an event occurs on your property or anywhere in the world. For example, if a visitor slips on a snow-covered walkway on your […]