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.
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.
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.
Depending on the type of business you are running out of your home, you may require additional coverage. We will need to know if you have clients coming to your home, what type of business equipment, supplies or product you may keep at your home, the annual income generated from your home based business and the percentage of your home in which the business occupies, or if you have any employees. Generally, you will need to complete a Home Based Business questionnaire to determine your limits of coverage required.
Water. Water. Water. We’re hearing a lot about that lately due to an increase in severe weather. If there is a silver lining here it is that the increase in water damage losses have caused the insurance industry to find new ways to protect clients. Many insurance companies have enhanced their policy wording so more coverage is available than in the past. For example, Overland Water is now available. This provides coverage for, “fresh water from rivers and lakes, or water suddenly accumulating from heavy rainfall or spring thaw.” Please recognize that this is not flood coverage.
Please be aware that you have to request this coverage and be eligible to have it added to your policy.
If you want to discuss water coverage options, please contact our office and will be pleased to speak about your needs.
There is a lot to consider when you’re purchasing property insurance. Assessing hazards, managing risks, selecting the right insurance company, appraising values, picking coverage and limits. The list goes on. Your home is likely your most expensive asset. Please don’t put it at risk by not having adequate coverage in place. Take the time to work with a licensed broker who will listen to your needs, shop the market and present options so you can make an informed decision. We would consider it a privilege to help you with your home insurance.
