Property – FAQ
What is “Comprehensive Coverage”?
What is “Coverage A – Dwelling Building”?
What is “Coverage B – Detached Private Structures”?
Detached Private Structures are buildings that are located on your property, but are separated from your primary dwelling by a clear space.
What is “Coverage C – Personal Property”?
Personal Property is used to describe all your movable assets *. Examples include furniture, clothing, bikes, electronics, kitchenware, etc. While personal property coverage under “Coverage C” can seem like a large amount there are limits of coverage set for individual items, like bikes, collectibles, artwork and jewellery. If you have an item or items of high value you should discuss with your broker to see if that item is fully covered. These high value items can be insured separately by scheduling them on your policy.
*The exception to a movable asset is “motor vehicle”. Motor Vehicles are not insured with a property policy.
What is “Coverage D – Additional Living Expenses”?
If, as a result of damage by an insured peril, your unit is unfit for occupancy or you have to move out while repairs of insured damage are being made, insurance covers any necessary increase in living expenses so that your household can maintain its normal standard of living.
Additional living expense insurance can cover things like moving and storage charges or the increase in a monthly food bill due to having to eat-out at restaurants. The insurance is intended to cover you for the extra expenses you may incur while temporarily displaced from your home, such as in the case of a fire or flood.
What is “Coverage E – Legal Liability”?
Legal Liability means responsibility which courts recognize and enforce between persons who sue one another.
This is the part of the policy you look to for protection if you are sued. Liability coverage can protect your assets against certain lawsuits, and cover your legal expenses and loss of income while preparing your legal defense. This protection covers you for:
- Your personal actions anywhere in the world.
- Your ownership, use or occupancy of the property you are living in.
What is “Coverage F – Voluntary Medical Payments”?
This coverage is for reasonable medical expenses, if you unintentionally injure another person or if they are accidentally injured on your premises. This coverage is available even though you are not legally liable. Medical expenses usually include surgical, dental, hospital, nursing, ambulance service and funeral expenses.
What is “Coverage G – Voluntary Payments for Damage to Property”?
This coverage is for unintentional direct damage you cause to property even though you are not legally liable.
What does “Scheduled Property” on your policy mean?
Scheduled personal property is for additional coverage over and above the typical coverage in a homeowners insurance policy. This protects valuable items that are out of the ordinary and need to carry separate coverage to ensure that their full value is covered in the event of a claim. Each item that the insured wishes to schedule needs to be added separately to the insurance policy and generally an additional premium is charged.
Examples of items that you may choose to schedule are jewelry, artwork, musical instruments, furs, coin collections and other costly items that are out of the ordinary. Scheduling valuable items is different for each insurance company but most require either a receipt or recent appraisal stating the value of each specific item.
What does “Guaranteed Replacement Cost” on Dwelling Building mean?
Guaranteed replacement cost: If you have a claim and the damage exceeds the limits on your home policy, the insurance company is obligated to fully replace or rebuild your property without any deduction for depreciation, as long as your house is insured to 100 percent of its value (this does not include the value of the land). You must be proactive and review your current homeowner’s coverage annually to make sure that your insurance is sufficient to rebuild or repair your home after a disaster for this endorsement to be valid.
What options are available for “Payments for your Insurance Policy”?
Insurance companies have various ways for policy premiums to be paid. (Listed below) Call us to see if there is an option available that fits your lifestyle.
Debit, Cheque, Cash, Credit Card, Monthly Payment, Online Banking.
What is “Overland Water” or “Ground Water” Protection”?
Overland Water coverage protects you if you are located in an eligible Overland Water zone against:
- Sewer Back Up caused by flood or concurrent with the entrance of surface water
- Flood exposures such as overflow of a river or lake
Ground water coverage includes:
- Sudden and accidental infiltration of water through foundations from underground water sources
Note: Overland Water and Ground Water endorsements are subject to your home being located in an eligible Overland Water zone and the inclusion of Sewer Backup coverage on your policy.
What is “Sewer Back Up coverage”?
“Sewer Back Up” refers to a back-up of a sewer system, drainage system or sump-pump. A back-up means that there is an accumulation caused by a stoppage in the flow; something that prevents water from continuing down its path, so it is forced to reverse direction and go back the other way. When this happens, it can create a flow of dirty water into your home through a drain, toilet or sump pump, which in turn can damage your structure & personal belongings depending on how severe the back-up is.
What is “Building Bylaw Endorsement”?
If you have an insured loss this endorsement adds coverage for additional costs incurred if you have to repair or rebuild your damaged property to comply with current by-laws or zoning laws.
What is “Identity Theft Endorsement?
Identity theft is the crime of obtaining the personal or financial information of another person for the purpose of assuming that person’s name or identity in order to make transactions or purchases.
The Identity Theft Endorsement provides funds to help restore your identity, credit rating etc. should this happen to you.
Why a “Wood stove questionnaire”?
This questionnaire is to assure the insurance company that your wood stove has been professionally installed to minimize the risk of fire. Modern wood-burning stoves can be prone to sparking and spitting. These natural phenomena represent serious fire hazards that can’t easily be anticipated or controlled. In addition, wood-burning stoves tend to be accident-prone.
What is a “Home Based Business” endorsement?
It covers your home policy for the things you need to run your business, including furniture, equipment, desktop and laptop computer, software, cell phone and fax machine. It also includes items you stock, or goods you hold for sale.
What is “Umbrella Coverage”?
Umbrella coverage is additional protection to the liability on your policy, the part of the policy you look to for protection if you are sued.
An umbrella policy helps protect your way of life by providing additional insurance to cover a situation in which you are sued and the judgment against you exceeds the liability limits of your existing auto, boat and homeowner’s policy. Other areas of coverage for an umbrella policy:
- Volunteer or a director of a non-profit organization (including condo corporations)
- Volunteer for school field trips or outing with your children’s’ friends
- A frequent traveler
- Active in your Community
Available in amounts ranging from one to five million dollars, umbrella coverage increases your personal liability limits by adding protection to your current auto, boat, recreation or homeowners policies.
What does “Unit Additional Protection” cover?
This coverage insures your unit for an insured peril, if your Condominium Corporation has no insurance, its insurance is inadequate, or it is not effective.
This coverage is for the portion of any insured loss to your unit that is excluded under the deductible clause in the Condominium Corporation insurance policy and for which you are responsible.
What is “Common Elements Loss Assessment”?
This covers any special assessment if the assessment is valid under the Condominium Corporation’s governing rules and it is made necessary by a direct loss to common elements.
This can apply to an assessment due to a deductible in the Condominium Corporation’s Insurance policy.
Did you know that rental income protection (for an insured loss) is an option available for your rental properties?