What is overland water coverage and how does it work?
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.
Do I need additional coverage for high value items such as jewellery or artwork?
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.
Do I need additional coverage if I’m running a business out of my home?
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.
Do I really need an umbrella policy?
Consider for a moment whether it is possible that you could ever be sued. Do you drive a car? Do you have children? Do you have a dog? Do you ever entertain at your home? Do you or your kids use social media? If you answered ‘yes’ to any of these questions you are personally at risk. Despite best intentions, injuries and property damage can occur. That’s why home and auto insurance policies have liability coverage.
But what happens when that limit is used up? When was the last time you increased your liability coverage? It likely won’t be a surprise to you that court award judgments are on the rise. An umbrella liability policy is an excellent way to bring an additional layer of protection for you and your family. Ask us to provide a quote for your consideration because we want you and your assets to be protected.
What information do I need to apply for home insurance?
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.