FAQ

What is an independent broker?

A person who represents a variety of insurance companies and will access your needs and develop an insurance plan tailored to meet your needs.

Why are insurance rates increasing?

The main principle of insurance is that the premiums of the many pay for the losses of the few. This allows the typical customer to protect their assets and safeguard against potential liabilities (lawsuits, fires) for a relatively low cost. When the industry loses money, all consumers contribute to the cost through increased insurance premiums.

What is deductible?

The amount you agree to pay per claim or accident toward the total cost of your insured loss.

What is a rider?

You may have valuables which require extra coverage (jewelry, furs, computers, bikes, etc.) You can amend your policy to suit your individual needs by adding on a rider.

What is a peril?

The cause of a possible loss. Your policy will list what you are covered for – such as fire, theft or windstorm.

What is exclusion?

Certain causes and conditions listed in the policy, which are not covered. We can explain situations which would not be covered in your policy.

What’s the difference between Broad and Comprehensive policies?

Broad – is All Risk on Buildings subject to policy exclusions, limitations and conditions and Fire and Lightning, Explosion, Smoke, Falling Object, Impact by Aircraft or Land Vehicle, Riot, Vandalism, Limited Water Damage, Windstorm or HAil, Transportation, Theft, Escape of Fuel oil and Damage from artificially generated electrical current.

Comprehensive – is All Risks on both Buildings and Contents subject to policy exclusions, limitations and conditions. It gives you more coverage on your content: Mysterious Disappearance, Breaking and Spillage.

What if my sewer backs up – would my basement be covered?

Your home policy may not cover damage due to sewer back-up, unless you purchase the sewer back up rider. Premiums are determined on the area you live in, contact us for your home.

If I have several claims on my homeowner’s policy, can I be penalized by the insurance company?

Yes, you will be penalized. Your premiums may rise considerable, and , if you had several claims, the insurance company may well choose not to renew your coverage when it comes due.

What if I run a business out of my home – does my house insurance cover me?

Your Business Property may be covered by your home insurance subject to policy limits, but only while the property is on your premises. Your homeowner’s Liability will not cover your business operations.

What if my house was destroyed by fire & the cost of re-building was more than I’m insured for?

You should be sure that the limit of your insurance coverage is sufficient to cover the amount to re-build your home. Some insurance companies even offer Guaranteed Replacement Cost Coverage. The cost to Re-Build (including the ever increasing price of materials and labour) will no doubt exceed the actual market value of your home.