Not all property policies are created equal. Which one is best for you?
Did you know?
Some Policy Exclusions You Should Know.
Why buy Tenants Insurance?
What’s Covered in a Property Policy?
What Can I do Before a Claim?
What’s a deductible?
Some tips on how to save money on your property insurance, here are some suggestions.
Protect Yourself from Debit Card Fraud.
In general, there are two basic policy types. Firstly, there is the ‘Broad form’ policy that provides good solid coverage. This form provides open perils (‘all risk’ with some exclusions) coverage on the building and named perils on the contents. Secondly, the ‘Comprehensive form’ or gold policy will provide even broader coverage for your home and contents. This form also has higher limits for certain items within the policy.
We suggest that our clients carry the ‘Comprehensive’ or ‘gold’ form of property policy. The annual additional premium is minimal and the coverage is broader. We feel this is money well spent.
Did you know?
Most people believe everything in the car is covered through automobile insurance. Comprehensive coverage on automobile policies is one of the most frequently carried optional coverage’s, but it is limited and coverage only applies to such items specific to that vehicle such as the radio, stereo, CD, cassette player and one tape/CD. Items commonly stolen and not covered include briefcases, purses, coats, sunglasses, presents, laptop computers, tools, cell phones, sports equipment (e.g. golf clubs or skates)
How do I get coverage for these?
Home, tenant, condo, business insurance can provide theft coverage but this may be very limited also and if not insured through the same insurance company, a separate deductible will apply.
Some Policy Exclusions You Should Know.
- FREEZING of plumbing, heating or air conditioning system when you have been away from dwelling four or more consecutive days is not covered. However, if you arrange for a competent person to check dwelling daily or shut off water and drain pipes, you would still have coverage.
- VACANT AND UNOCCUPIED dwellings are not covered for vandalism, glass breakage, freezing and water damage losses. After 30 days of vacancy, no coverage exists for ALL other losses unless you inform broker and coverage is extended by insurance company.
- EARTHQUAKE is excluded under most standard policy wordings. Coverage can be added by endorsement.
- BUSINESS PROPERTY and BUSINESS PURSUITS are generally excluded on your personal property policy. The situation should be reviewed with your insurance broker if you conduct business from your home.
- MATERIAL CHANGE to the risk requires immediate notification to avoid discontinuance of coverage or denial of a claim. An example of a situation would be renting out your cottage and not informing your broker or insurance company of the change in occupancy.
- DAMAGE CAUSED BY BIRDS, VERMIN, RODENTS OR INSECTS is not covered.
- Did you know that you are liable for anything that happens in your apartment? If you have unsafe conditions in your own living area, you are responsible if someone hurts themselves and you could be sued.
- The owner of the building you live in does not insure your contents. Are you prepared to lose all of your belongings if there is a fire?
- Did you also know that your Automobile Insurance does not insure against stolen property left in your car? CDs, golf clubs etc…, all of it is considered ‘contents’ in the eyes of an insurance company, and would only be replaced if you had a property insurance policy.
Property policies separate losses into various types, each with its own conditions and limitations.
- Personal Property – most of the normal contents of your home, from linens to electronics, are considered Personal Property.
- Real Property – buildings and land are considered Real Property. A fire in your home can damage both the structure (Real Property) and the contents of your home (Personal Property)
- Liability – your responsibility to other people when they suffer loss or injury due to your negligence. Liability coverage extends to most everyday life situations but does not include, for example, liability resulting from the use of an automobile.
Check that you have safety equipment installed and in working order. Fire and carbon monoxide detectors, fire extinguishers, escape plans, deadbolts on doors and locked windows help to protect both your family and your property.
It also helps to know what you have in your home. Make a list of personal belongings in each room. Consider taking photographs or a video tape to keep with the list. If you’d like to assure yourself you have enough insurance coverage, consider totaling the values of all listed items and comparing the result to your “Contents” coverage limit. Feel free to contact us if you have any questions or wish to revise your coverages.
All property policies incorporate a deductible of some description. Insurance is designed to protect people from losses they cannot afford. Adjusting many very small losses would be very expensive and would unnecessarily increase premiums. Therefore, when you buy a policy, you agree to pay the first portion of any loss. This deductible applies only once per occurrence, regardless of how many items are claimed. For example, if our deductible is $500 and your total covered claim is $2,000, your insurance company would pay you $1,500.
- Deductibles: Did you know that higher deductibles will reduce your premiums?
- Dual Policy: Save if you insure both your home & auto with the same company.
- New Home Discount: If your home is less than 10 years old you could be eligible for a discount.
- Security Alarm: A centrally monitored burglar and fire alarm system will not only improve security but also provide a discount.
- Age Discount: If you’re over 45 years old you could be eligible for savings.
- Claims Free Discount: If you have not had a property insurance claim for three or more years a discount is available.
- Mortgage Free Discount: Receive another discount if you have no mortgage.
You too can take some simple steps to help fight debit card fraud:
- Select less obvious numbers for your PIN. Memorize it. Never share it, and change it every few months.
- Monitor your accounts for any activity that appears unusual and report it to your bank immediately.
- Never let your debit card out of sight when making a purchase.
- Shield the keypad when entering your PIN at terminals or ABMs.
- Only conduct transactions where you feel secure.
If you do suspect debit card fraud, you need to contact your bank immediately so they can take appropriate action. Typically your back will cancel the debit card and issue a new one with a new PIN.
Depending on the circumstances you may be asked to fill out an affidavit stating you had no knowledge of the questionable transaction. The Canadian Code of Practice for Consumer Debit Card Services guarantees that proven victims of debit card fraud, when circumstances were beyond their control, will have their money returned.
Here are some suggestions:
- Dual Policy Discount: Save money if you insure both home & auto with the same company.
- Multi Vehicle Discount: Did you know that if all your vehicles are insured with the same company it will allow you to receive a multi-vehicle discount?
- Deductibles: Did you know that higher deductibles for collision and comprehensive coverages will lower your premiums?
- Waiver of Depreciation: If you have purchased a new car recently, do you know if you have the waiver of depreciation endorsement on that vehicle?
- Loss of Use: Do you know if your policy has this optional endorsement which guarantees a rental car in the case of an accident?
- Collision Coverage: If you have an older vehicle have you considered deleting collision coverage?
- University Discount: Is your son or daughter away at university and only home on holidays?
- Alarm Discount: If your vehicle has an ignition disabling alarm you could be eligible for a discount.
- Driver Training: A driver training certificate from a certified driving school will save new drivers money.
- Age Discount: If you are over 45 years of age you could be eligible for savings.
- Claims Free Discount: Drivers with six or more years of accident free driving will be entitled to a reduced premium.
- Insurance Record: Always remain listed on an insurance policy to maintain your insurance record.
You may repair your vehicle anywhere you choose. However, your insurance broker has a list of preferred shops for auto repairs. When work is completed with them you benefit from the following advantages:
- The work is warranted for as long as you own the car
- Faster and more convenient – no multiple estimates required
- Work can begin immediately – communication channel is already established on repair rates and authorization is pre-arranged between insurance company and repair facility
- Priority service as volume of work is recognized between insurer and body shop
Find out what you should know when entering a car rental agreement. Download this pdf that explains the ins and outs of car rental insurance.
Are you aware of the various requirements contained within your corporate lease? Ideally, before you sign a lease you should consider:
- Is there a “hold harmless” agreement in favour of the landlord?
- Are you required to protect the landlord?
- Are you required to insure fixtures and improvements which you did not pay for?
- What limits of liability insurance are you required to purchase?
Some leases have requirements of $5,000,000. Smith Petrie Carr & Scott will review your lease to point out any unusual transfers of risk.
Credit insurance is a useful risk-management tool that protects accounts-receivable assets in the event of the buyer’s bankruptcy or protracted refusal to pay. It protects against unforeseen credit losses and against political events such as unavailability of hard currency, changes in import/export regulations, non-payment by foreign governments, and “contract frustration” arising from acts of war.
Credit insurance is not a substitute for good credit practices and it doesn’t protect against routine bad debts. Nor is it a collection or factoring service.
Give us a call to discuss
- The majority of insurance companies recognize the advantages of Boomerang so much that in most cases they offer additional premium discounts, and in many cases are now requiring the installation in high risk vehicles & heavy equipment.
- The Boomerang recovery rate is approximately 95%
- The technology employed is not restrictive; stolen assets equipped with a Boomerang can be found even if they are located underground, in a metal container, or in an enclosed area such as a garage.
- The Boomerang does not use GPS (Global Positioning System), a satellite-based recovery system, but does use the cellular network, a system that provides a broader geographical scope in terms of locating a stolen asset equipped with the Boomerang.
- Over 1,230 vehicles and heavy equipment have been recovered by Boomerang
- With its use of the cellular network, stolen property can be located in over 900 cities in North America
- Recoveries are quick; on average 1.5 hours. In most cases, the speed of the recovery assures minimal damage to the stolen asset, if any.
- For the owner’s protection, the Boomerang is hidden in the vehicle and its location is unknown even to the owner
- 48% of mortgage foreclosures are caused by disability…3.9% from death
- Did you know that you’re 8 times more likely to be disabled than to die during your working life?
- Deciding between RRSP’s and D.I. is like deciding between your house insurance or your car insurance…why jeopardize your retirement and the time in between?
- If you don’t come to work, who pays you?
- Will your business remain profitable if you’re not there for 6 months? 3 years? 20 years? Will this affect the income you can take out of the business?
- Could your spouse work tomorrow and run your business well enough to keep it profitable?
- Did you take 6 months vacation this year? Why not?
- Is there anyone who could replace you? If no, can your business afford to pay you AND someone to take your place at work?
- Would your business stay healthy if you got sick?
- Would you consider yourself an independent person? Could you be dependant on someone else for the rest of your life?
Doing business in today’s world demands that employers invest in their employees for businesses with 5 to 35 employees.
Group insurance can help you attract and retain employees, and minimize the costs associated with high employee turnover.
A good employee benefits program can also:
- Improve morale and contribute to increased productivity by providing added financial security to employees and their dependents.
- Provide all employees a guaranteed level of coverage without medical evidence (for groups with five or more employees).
- Allow you to deduct employer-paid premium from your taxes as a business expense.
- Give you the flexibility to reward key groups of employees with specialized benefits
- Allow you to show your commitment to employees by providing aid when they need it most.
- Provide you and your employees with coverage at a reduced cost compared to most individual policies .
- Give you and your employees peace of mind knowing the cost of coverage is minimal compared to a potentially large pay off.