WATER DAMAGE: If your primary, secondary, seasonal or rented dwelling is unoccupied for more than 4 days, you must arrange for its daily inspection to ensure that heating is being maintained or you must shut off the water supply and drain all pipes and appliances in order for water damage (particularly frozen pipes) coverage to apply.
VACANT PREMISES / RESIDENCES: If your home becomes vacant or unoccupied, you must advise us immediately. Properties are usually covered only subject to very specific restrictions which must be agreed to on your policy.
LIABILITY LIMITS: We highly recommend a liability limit in excess of 1 Million as Canada is becoming a more litigious society each day. The cost to increase from 1M to 2M is less than $25.00 a year per location. For limits and coverage beyond this policy, you should consider a Personal Excess/Umbrella Liability policy. Please see the attached page for further details on this essential coverage.
HOME BASED BUSINESS: Coverage can be severely limited by the operation of a part time or full time business from your home. Please call us to make sure your home and business coverage is appropriate.
HIGHER DEDUCTIBLES: Increasing your property deductible will result in a premium saving. Please contact us if you would like a quotation.
SEWER BACKUP: When this coverage extension is added it provides coverage for loss or damage caused by water entering the dwelling as a result of back up or escape of water from a sewer or storm drain, sump, septic tank, eaves trough or downspout. Limits apply. Please call us to discuss.
GUARANTEED REPLACEMENT COST: This endorsement provides replacement cost coverage for buildings even if the cost exceeds the limit shown on the policy declarations. For this coverage to apply, you agree to maintain coverage on the Dwelling Building to 100% of the calculated rebuilding cost. You must also notify us within 30 days of any renovations or improvements that may increase the value. Please call us to discuss.
COULD YOU REBUILD OR REPLACE YOUR BUILDING AT TODAY’S COSTS? Have you made any alterations or improvements to your home, or have construction costs increased, which may affect the insured value or rating approach? We can help you re-calculate the replacement cost of your home to determine if you are adequately insured.
BY-LAWS INCREASING REPLACEMENT COST: Government ordinances may substantially increase costs to rebuild. Coverage limitations apply. Please discuss with us.
ADEQUACY OF UNSCHEDULED CONTENTS LIMIT: Any significant changes in the past year? Completing an inventory and/or video record of your household goods and personal possessions, and keeping it up-to-date is a good way to record your possessions. In a major loss, remembering what you have is a critical aspect. You should be insured for full replacement value.
BICYCLES: Your policy may limit the amount payable for the loss of bicycles. Please call if you wish to insure your bicycle to its current value.
PLANNING NEW CONSTRUCTION, RENOVATIONS OR ADDITIONS? Your policy will restrict coverages. Please contact us in the planning stage to ensure that your policy will respond in the event of a loss.
IDENTITY THEFT: Identity theft is a rapidly growing problem in Canada. Identity theft can be devastating, and the process of restoring your name can be costly. Call us to discuss coverage for Identity theft recovery expenses.
WATERCRAFT: Your Homeowners policy has very limited coverage for damage to, or liability arising from, the ownership or operation of watercraft. Particular attention should be given to jet skis and rented boats. Various forms of coverage may be purchased for watercraft. Eg: Named Perils, All Risks-Actual Cash Value and All Risks-Valued. Please discuss coverage with your broker.
RECREATIONAL AND MOTORIZED VEHICLES: You may not be aware that you should insure your recreational and motorized vehicles, e.g. snowmobiles, ATV’s, motorcycles, tractors, golf carts, trailers and related equipment for liability and damage to the vehicle. Please contact us to discuss in further detail.
ALARM SYSTEM: Insurers offer discounts if your home is protected by a monitored burglary and/or fire alarm system.
RETIREMENT/NURSING HOME: If you or a family member enters a retirement or nursing home, please call us to discuss coverage.
TERRORISM: Most Insurers are limiting coverage.
SECONDARY / SEASONAL RESIDENCES: Coverage for your other residences may or may not have the same coverage, loss settlement or deductibles as your main property. Please review whether you have replacement cost on these buildings & contents and whether vandalism, theft, snow load & bylaws are covered. Severe limitations or no coverage may exist for losses arising out of ice damage, water-borne objects, weight of ice or snow, water damage and broken pipes.
FARMS/ANIMALS: For properties used or rented out for farming purposes, your existing policy may not provide coverage. You may require Farmers Liability and Animal Mortality policies. Please call us for more information.
SATELLITE DISHES: Many Insurers exclude coverage for damage caused by windstorm, hail and weight of ice, snow or sleet.
FUEL TANKS: Many country or older properties may have underground or older fuel tanks currently in use or not in use. You may have pollution liability insurance restrictions under your policy. Please contact us to review this exposure.
RENTING OR SHARING A PORTION OF OR ALL OF YOUR PROPERTY: To avoid claims problems, you must disclose rental or sharing agreements.
RENTAL INCOME: Please advise if Rental Income is received for any of your properties. If so, you may wish to add Rental Income coverage.
GOODS IN STORAGE: Contents that are in storage off premises are not covered by your Homeowners policy. Please contact us to arrange coverage.
WEAR & TEAR, STUFF GETS OLD: Generally speaking, your policy responds to accidental loss and is not a substitute for a sensible maintenance plan.
PETS: Some companies limit or exclude damage caused by pets.
MOULD: No coverage exists for damage caused by mould.
RESIDENCE EMPLOYEES /NANNIES / GROUNDSKEEPERS: If you employ domestic help, your policy should be endorsed to cover these people in the event of an accident. Your policy does not cover your employees’ belongings while they are away from your residence. Your policy may be endorsed to include this coverage.
FLOOD OR EARTHQUAKE COVERAGE: Coverage for damage caused by earthquake or flood is excluded from your policy, but earthquake may often be purchased for an additional premium. If an earthquake results in fire or explosion, you have coverage for the resulting loss or damage.
ARE YOUR VALUABLES & COLLECTIBLES FULLY PROTECTED?: All insurers limit the amount of coverage for the following items: collectible stamps, coins, medals, guns, personal data stored in a computer in your home, money, bank notes, bullion, gold, silver or platinum, securities, accounts, deeds, evidences of debt, letters of credit, passports, manuscripts or tickets, trailers, watercraft including their furnishings, equipment and outboard motors. It is to your advantage to maintain current appraisals for optimum protection. Please call us to discuss.
“ALL RISK” COVERAGE IS BEST: Property coverage can either be “All Risk” or “Named Perils”. The preferred approach is “All Risk”. Although this policy format still has some exclusion, in the event of a loss the onus is on the Insurer to prove that the loss is excluded as opposed to you proving that the loss was caused by a stated peril.
COMPUTERS: The cost for re-creation of personal information may not be covered. If your computer is used for business or employment please contact us as coverage may not be provided.
Personal Excess/Umbrella Liability
A Personal Excess/Umbrella Liability policy provides coverage beyond the personal liability insurance covered in your Homeowner/Tenant/Condominium, Yacht and personal Automobile policies.
For instance, if you have a $1,000,000 primary cover on your Property policy, a $5,000,000 Personal Excess policy would bring your liability coverage to a total of $6,000,000 per occurrence. In a few coverage areas it broadens your coverage beyond your primary policies. E.G. Damage to a rented boat.
Depending upon your policy, coverage is world-wide and protects you, your spouse, relatives and dependants (up to age 21 or 25) living in the same household. However, in some cases, world-wide coverage does not apply to automobiles.
For coverage to apply, primary policies must be specifically declared on the excess policy. It can be excess of foreign properties or exposure, if primary cover is declared.
Any active person should seriously consider this coverage. Social inflation has driven court awards up relentlessly. Hosts’ liquor liability is an example of the widening of personal liability.
Limits up to $5,000,000 and more are available. Costs are very reasonable and depend upon the number of your exposures.
Please consider the importance of this coverage in the following cases:
Injuries resulting from boating/personal watercraft accidents.
Major automobile accident – you are at fault.
Accidents involving your snowmobiles.
Libel and slander.
Coaching/managing a sports team.
Activity at your seasonal property starts large forest fire.
Increasing time spent in USA.
Director of Officer on a Board of Directors for a NOT-FOR-PROFIT organization.