If you’re renting an apartment, who has the responsibility to arrange insurance?
Did you know that the Insurance Bureau of Canada estimates that about half of renters do not have insurance? That’s a lot of families that will face an unpleasant surprise if they suffer a claim.
While you don’t own the building, you still need insurance if you want to protect yourself and your possessions. Your landlord’s insurance will not provide the coverage you need. Imagine there is a fire and all of your possessions burn. Imagine you have a guest in your unit and they’re injured from a fall. What if you unintentionally do something that damages the building? What if water leaks through your ceiling from the tenant above?
Let’s work together to make sure you have the protection you need. Advocate helps many clients find affordable tenant’s insurance solutions while still offering the protection they need.
Most insurance policies have a requirement that during the heating season, the dwelling has to be checked on a specified basis. Please call us to discuss, so we can tell you what your insurance company requires as part of their policy.
We want you to be confident that your valuable items are protected. We recommend that they be scheduled on your policy separately and insured to value. Current appraisals are generally required in order to add this coverage to your policy. Please contact us to discuss what options are available to you for scheduling your high value items. We will be happy to prepare a quote for you.
Many insurance companies use credit scoring to assist in determining the rates of insurance premiums for home insurance policy. When a credit score in ordered by the insurance company, this is a “soft-hit” against your credit score and will not have an impact on your overall credit rating. You are at choice as to whether you want to participate in credit scoring. The information generated from the credit scoring can only be used to help in reducing the premium for your policy. Credit scoring cannot be used to negatively impact your premium or penalize you. Please contact us to confirm if your current provider uses credit scoring when determining your personal property insurance premium and whether you might be eligible for reduced premiums.
Earthquake coverage is not standard coverage on your personal property insurance and must be purchased as separate coverage on your policy. Each insurance company’s rates vary. If you are interested in adding Earthquake coverage to your policy please contact our office to discuss the different rates and coverage limits offered.
A great place to start is determining the replacement value of your home. If you’re working with a licensed broker, they’ll have the tools and expertise needed to complete a new home evaluation. This can even be completed in about 10-15 minutes and will just require you to answer some questions about your home. You will also be asked about any updates that have been made such as – heating, roof, electrical and plumbing. It’s important that you share any information about prior claims you may have experienced and other details that could impact your insurance such as whether you operate a business out of your home.
We realize it is a lot to consider. Always work with a licensed broker who will take the time to discuss these important details with you and offer you solutions. At Advocate we not only want to know as many details as we can so we can build a custom insurance solution for you but we also work hard to apply as many discounts as we can to help manage your rates.
