Commonly asked questions (FAQs)
- What is the difference between Broad and Comprehensive coverage?
A Broad form policy traditionally covers thirteen perils, including fire, smoke, windstorm, hail, theft, vandalism, glass breakage and water damage. A Comprehensive policy offers two coverages in addition to those provided under a Broad form policy, namely mysterious disappearance (ex. Lost luggage) and accidental spillage or breakage (ex. Spilled paint). - How do you determine how much coverage I need?
We use a number of details regarding the home to calculate the rebuilding cost of the dwelling. The insurance company uses the rebuilding cost value as the primary factor in determining the premium. - What is Loss Assessment coverage?
This coverage pays your portion of an assessment against you by the Condominium Corporation, made necessary by an insured peril, proportional to your contents limit. - What is Unit Additional Protection?
This coverage insures your unit (note: coverage is proportional to your contents limit), less any improvements or betterments, in the event that the Condominium Corporation has no insurance or if it is not effective. In light of this possibility, we also recommend that condo owners obtain a copy of the Condominium Corporation’s master policy each year to ensure it is in force. - What is Improvements and Betterments coverage?
This coverage insures any improvements and betterments to the unit made or acquired by you or any previous owner. We recommend condo owners verify what is covered under the Condominium Corporation’s master policy, so that they can be sure that all upgrades are insured. This coverage is also proportional to the amount of contents coverage purchased - What are Special Limits?
Special Limits are categories of property to which standard limits of coverage are in place. Examples of property with special limits are jewelry, furs, bicycles and business property. Limits of insurance on such items vary by company and in some cases by policy.
Coverage can be extended for an additional premium. Each company’s wording booklet details the items and limits that apply, or contact our office for more information. - Am I covered for sewer back-up?
Sewer back-up is only covered if you purchase additional coverage for these specific losses. Such insurance normally costs $50-80 per $5,000 of coverage, and may be available in higher limits if the home has a backwater valve and/or a sump pump. It may not available in all areas, so please call one of our offices for details.
- Is a home business covered under Homeowners Insurance policies?
If there is a business or office in your home, the insurance company must be made aware of it. Coverage usually needs to be added separately and is subject to different guidelines than homeowners insurance. - Why has my premium increased?
Inflation applies to the insurance industry as it does to all others. As a result, the insurance company automatically increases coverage to keep you properly insured, and they evaluate rates each year to keep up with any changes. - What do I need to do when traveling during the heating season?
If you are away during the heating season, have a competent person check the home daily. Water damage from frozen pipes is not covered if the home is left unsupervised. As well, if the home will be vacant or unoccupied for more than 30 days we must be notified. Without proper notification, your policy will be invalidated in the event of a claim. - I have paid off my mortgage. How do I have the mortgagee removed from my policy?
We require a written Release of Interest from the mortgagee in order to remove them from your policy. This document can be obtained from the bank or your lawyer. - How do I have someone removed from my policy?
If you previously shared the policy with another person and they no longer require it, you must have them sign a Release of Interest form (see below) in order to have them removed. - I have a roommate/renter/boarder. Are they covered under my policy?
No. Coverage is only provided for the named insured, their spouse and any dependants. Tenants and other individuals should obtain their own contents policy. While coverage may be extended to include other persons, it is usually at an additional cost and is not recommended. - I am doing or planning to do renovations to my home. What do you need to know?
Insurance companies rely on current and correct information to provide you with the proper coverage. When doing renovations or upgrades, they may need to be notified so that the changes can be made. Contact our office so that we can ensure there are no gaps in coverage as a result.
