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Homeowners Insurance
If you own your
own home, then you'll want to protect not only your physical building,
but all the things that are in your home too. A standard homeowners
insurance policy will ensure that if something like fire, vandalism or
theft occurs, then you will be properly looked after and your valuables
will be replaced.
You also need
to think about protecting any other structures that exist on your
property, like a detached garage. And, in the event that your home is
damaged, and you need to move out for a while, you may want to consider
investing in insurance that will help pay for out-of-pocket expenses
like hotel rooms and food.
As a
homeowner, it is possible that you may be held liable for accidents that
people have while on your property. What's more, you may accidentally
damage other people's belongings either in your own home, or somewhere
else. A well-structured home insurance plan will make sure that you're
covered for any of these unforeseeable events.
We have found that most
people don't take the time to read their policies until such time as
they have a claim or some type of problem. Especially when you are
away on winter holidays for more than 4 consecutive days, for you to be
insured against freezing of a plumbing, heating, sprinkler or air
conditioning system or domestic appliance, you must arrange for a
competent person to enter your home "daily" to ensure that heating is
being maintained. Alternatively, you may shut off your water
supply and have all pipes/appliances drained.
Homeowners insurance
policies exclude coverage on property related to a business which is
actually conducted on the residence premises. Assuming your
business is not conducted from your home, most do include coverage on
books, tools and instruments pertain to your profession or occupation
but only to a limited amount and only while on your premises.
Other business property, including samples and goods held for sale, is
not insured.
Types of Packages available
are:
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Standard:
provides
Named Perils coverage on both your dwelling and
personal property, subject to
policy exclusions, limitations and conditions.
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Broad:
provides
All Risk coverage on your dwelling and
Named Perils coverage on your
personal property, subject to
policy exclusions, limitations and conditions.
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Comprehensive: provides All
Risk coverage on both your dwelling and personal
property, subject to policy
exclusions, limitations and conditions.
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Condominium Unit Owners
Insurance
If you own a condominium
unit, you can choose from a range of condo insurance policies that will
enhance the enjoyment of your home. Condominium dwellers experience some
of the best aspects of home ownership and renting. As a condominium
owner, you have title to your own "unit" as well as a share in common
areas such as the lobby, swimming pool, parking garage, or garden. In
fact, virtually the whole structure is "common" except, perhaps, for the
interior paint, wallpaper and floor covering of your unit! You are a
shareholder in the corporation from which you "rent" access to the
common areas. However, you and your fellow condo owners can be held
personally liable if things go wrong. A condominium insurance policy is
a low-cost way to remove some of the financial worries of condominium
ownership.
Contents coverage is as
important for condominium owners as it is for all home owners and
tenants.
Owner's improvements
coverage is an important consideration as most policies have standard
limits which may not be high enough to cover upgrades, for example, or
built-in cabinets or sound systems.
Loss assessment coverage is
an important feature of condominium insurance because you share
responsibility with others for common property. The insurer will pay, up
to a stipulated limit, your portion of any special assessment that is
valid under your condominium corporation's governing rules:
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if it is due to a direct
loss that affects a shared part of the premises and if it has been
caused by an insured peril
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if it is due to legal
liability arising out of shared ownership of common areas of the
condominium premises (for example -- to compensate a visitor for
injuries incurred by tripping over a frayed carpet in a corridor)
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providing that the
assessment has not been made necessary because of a deductible in the
corporation's own insurance policy.
Normally, the condominium
corporation's own insurance coverage will be adequate. Insurance-related
special loss assessments seldom occur.
Types of Packages available
are:
-
Standard/Broad:
provides
Named Perils coverage on your
personal property, subject to
policy exclusions, limitations and conditions.
-
Comprehensive: provides All
Risk coverage on your personal
property, subject to policy
exclusions, limitations and conditions.
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Mortgage Insurance
Why insure your mortgage?
Most everyone carries fire insurance to protect their investment,
however, did you know that statistics show that at age 35, one person
out of seven will die before their mortgage is paid off?
You should own your own
private mortgage insurance coverage instead of purchasing coverage from
the bank or mortgage company. Know all the facts...
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Stability
- Because of the fact that premiums increase as you get older, you will
face increased costs every time you renew your mortgage. Instead
of having to purchase new coverage every time you renew your mortgage or
change mortgage companies, your own private policy can simply carry on
at its original guaranteed cost.
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Flexibility
- You control the type of plan you purchase: term or permanent
insurance. Also, your policy is fully transferable if you decide
to sell your home and purchase another.
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Control
- Insurance proceeds are not automatically paid directly to the bank of
mortgage company. Life insurance proceeds are paid out according
to your wishes. After all, you are the one that paid the premiums
and owns the policy! Circumstances often change and having this option
allows your family and survivors to decide whether to pay off the
mortgage or to use the money for other purposes. Your family is in
control, not the mortgage company.
-
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Costs
- The banks may lead you to believe otherwise but in almost all cases,
you will save money by purchasing your own private plan of insurance.
Ensure your family will be
able to stay in their home, call John today at 489-1555.
Tenant/Renters Insurance
If you're moving into your
first apartment, you might think you don't have anything of real value.
A CD player, computer and some clothes may not look as if it's worth
much, but when you have to replace it with something new, it could break
your budget. Say you've bought a computer on credit and it's destroyed
by fire or stolen. You're still responsible for paying the balance to
your creditor, even though you no longer have the item.
As a tenant or renter in
someone else's building, it's a wise decision to take out a tenant
insurance policy. It protects both your contents and your liability
exposure. You see, as a tenant, you're responsible for harm you might
cause to any part of the building you live in, or to others who live or
visit there. If you forgot to turn off the water in the bathtub while
you're talking to your friend, you could flood out your neighbours. You
would be responsible to repair any resulting damages.
Types of Packages available
are:
-
Standard/Broad:
provides
Named Perils coverage on your
personal property, subject to
policy exclusions, limitations and conditions.
-
Comprehensive: provides All
Risk coverage on your personal
property, subject to policy
exclusions, limitations and conditions.
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Travel Health Insurance
Travel Insurance is very
important. As we all know, benefits under our government plan
continue to be cut back and the financial loss caused by an unexpected
accident or illness while on holiday can be crippling. Many of the
credit card companies provide limited coverage and as well, it seems
that there are "new, better than ever" plans introduced each fall.
Be careful. Policy definitions differ from company to company.
Some plans will only pay if you attend certain health care providers.
Most plans contain "Pre-Existing Condition Clauses". The old adage
that you only get what you pay for usually rings true and besides,
travel should be worry free so deal with a professional who is familiar
with the various travel plans and can select the most suitable on for
your trip. Contact our office to find out which package is best
for you.
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