For most people, homeowner insurance protects their biggest investment.
The loss of a home is always traumatic, but adequate insurance allows you to get on with life with minimum impact on your finances and way of life. Your home insurance will give you coverage for your personal belongings, your dwelling, and additional living expenses for a broad range of perils. It is also required by most mortgagees in order to provide collateral for the loan.
The premium for your home insurance will be based on the Replacement Cost of your home. We calculate this by using the square footage, type of flooring, number of washrooms, and many other features that your home may have. The premium also depends on the type of coverage you choose. We will then be able to provide quotes from the insurance companies we sell for.
All insurance policies have “special limits” on certain types of property and you should talk to us about high priced items that you may have, that are limited within your policy. As well, some of your belongings such as motor vehicles, boats, a.t.v.’s and seasonal homes will need to be added onto your policy, so be sure to ask us about insuring them. The basic deductible for most policies is $500 but a significant discount can be applied if you choose a higher deductible.
If you are interested in receiving a quote, visit our insurance quote form here.
When you rent a house, condo or apartment, you have special insurance needs. While your landlord may have an insurance policy on the dwelling or apartment building, you’ll need to purchase your own insurance to protect your personal belongings and your personal liability.
A Tenant Policy is often referred to as “Renter’s Insurance”. You will need to determine an approximate value of your belongings. This value should reflect the cost of replacing your belongings with”new” items. Don’t underestimate the value of your personal effects – what would it cost to replace everything from your toothbrush to the leather couch? To get started, you can develop an inventory of your possessions room by room.
All insurance policies have “special limits” on certain types of property and you should talk to us about items that you may have that are limited within your policy. As well, some of your belongings such as motor vehicles, boats, a.t.v.’s and seasonal homes will probably need to be insured separately, so be sure to ask us about insuring them. Insurance companies often have a minimum limit of $15,000 – $20,000 on belongings that the policy will insure. Most policies have a $500 deductible that would be applied in the event of a claim. For example, if you had a loss to your property, you would be responsible for the first $500 of that loss.
Your Tenant policy also includes “personal liability”. The liability section of the policy will protect you in case you are found legally responsible for bodily injury or property damage to someone else. For example, your landlord could sue you if a candle you left unattended caused a fire that damaged your apartment.
You may be able to reduce your premium with claims-free, age or security system discounts.
General Dwelling Insurance
Many individuals and businesses own rental properties and use them as a source of revenue as well as a real estate investment. A limited number of rental units can usually be added to your Home Insurance. Sometimes it is desirable to insure the rental units separately. Depending on the kind of rental, most companies would like supporting business, such as your home or tenant insurance, often providing a premium break. Regardless of the size of your rental property business, you need to protect your assets properly. Not all insurance policies are the same. Purchasing insurance based only on price may save you a few dollars up front, but cost much more at claim time.
There are two basic types of coverages that you must consider:
First, landlords who want minimal coverage to protect their property from major causes of loss such as fire, lightning, wind, hail, etc., should consider a named peril policy. For those landlords who want the broadest coverage available, a comprehensive policy is the answer. A comprehensive policy covers all types of accidental losses, except those that are specifically excluded in your policy.
Secondly, you must decide what optional coverages need to be included. These can include such things as liability, loss of rents, other structures, theft, contents, vandalism and vandalism by your tenants.
Thirdly, you will need to determine whether you want your losses settled on an “actual cash value” basis or on a “replacement cost” basis. Actual Cash Value pays only for the current sale value of your property (not counting the value of the land). All items will be depreciated based on its age. Replacement cost settlement pays you the amount needed to replace your property without deduction for depreciation.
At Prairie Insurance, we offer various rental property insurance policies ranging from the lower priced named perils policies to the most comprehensive policies on the market that offer replacement cost settlements and also cover tenant vandalism and sewer back-up. We offer a unique policy that is tailor-made for rental homes, duplexes and small apartment blocks – it offers replacement cost, comprehensive coverage and is competitively priced.
Condominium insurance is different than other insurances due to its unique legal structure. Your condominium insurance is based on the value of your belongings and covers your belongings, improvements and liability. The condo corporation has it’s own policy to cover the building and any common areas, however, you need to cover your own personal property and any improvements you make to your condo unit. You also need to protect yourself in case the condo corporation does not carry enough insurance.
Insure your belongings
It is important to have an accurate listing of your personal property and replacement value. We also would advise you to take photos or video of all the items that have serial numbers in case of theft or total loss. This will assist you and the adjuster in the event of a claim. By taking these steps, you will also be confident that you have adequate coverage on your property.
Unit Improvements & Betterments
Your condo insurance will cover any improvements you make to your unit. If you replace flooring or finish your basement, it will add considerable value to your condo compared to your neighbours.
While the condo corporation may have insurance on the structure of your condo unit, it may not be sufficient coverage in some instances. In the event that they do not have enough insurance, they would ask the condo unit owners to help with recovering the loss. The policy covers up to 250% of the belongings amount in contingent coverage protection.
Most condominium policies will also provide coverage when your condo assesses you your portion of their deductible (Deductible Assessment coverage), or your portion of a special loss assessment (Loss Assessment Coverage).
There are limits to the coverages that come with the policy for Contingent Coverage and Loss Assessment, so be aware of the coverage you have and add additional coverage if required.
We can guide you through the special coverages that you require as a condo owner regarding property, liability, and deductible assessments. In order to cover yourself properly you will need to know the deductible of your corporations’ master insurance policy.