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.
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.
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.
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.
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.
