Property insurance premiums tend to increase due to several factors, including but not limited
to:

• Inflation associated with increased reconstruction cost assessments of your home. This
  includes the rising cost of building materials, supply chain issues and disruptions, and
  labour shortages.
• Aging of your home (including an older roof and heating type.) Older properties tend to
  be more susceptible to damage.
• Industry and environmental trends, such as frequency of claims and their cost.
• Catastrophic claims (large scale weather events) have a significant impact on property
  insurance rates.

The answer to this question is dependent on what type of property risk(s) you are seeking insurance for and what coverage best suits your needs. Most property policies will consist of 2 main coverage areas – personal property and legal liability, each subject to specified limits. Additional coverage (Identity Theft, Scheduled Items, Water Damage, etc.) may be purchased as additional endorsements. Your Broker will guide you through the process and thoroughly go over your risks to discuss your needs, what coverage selections you are looking for, and what is available to you. We work with you to tailor your insurance requirements to meet the needs of your risk(s).

For example, home insurance, at a very basic and simplistic glance: the policy can protect your home and belongings in case of theft, loss or damage. It may also cover additional living expenses if you’re temporarily unable to live in your home. The liability portion protects you against legal liability for losses caused by injury to other people and/or damage to the property of others.

One of the most important things to consider when buying home insurance is guaranteed replacement cost. This is an evaluation that considers how much it would cost to rebuild your home from top to bottom in the event of an insured loss.

Water damage has drastically increased as a source for property loss in recent years. It is imperative to know what is and is not covered in your property policy, in terms of water damage and what endorsements are available to you.

Flood Coverage: For damage resulting from overflow of an inland body of water, as well as ground water that enters your dwelling through basement walls or floors, when there is flood water on the insured premises

Overland Water: Coverage against the overflow of a lake, river, heavy rains, or rapid snowmelt that flows over the ground and into your home.

Water Damage Coverage: Protects against sudden or accidental discharge of water in your home (burst pipe, supply line), or a backup or overflow of household appliances.

Surface Water: Coverage for damage caused by water pooling and entering your home through windows or doors from ground level.

Ground Water: Coverage for damage resulting from water beneath the surface of the ground that enters your dwelling through basement walls or floors.

Sewer Backup: Coverage for backing up or escape of water or sewage through a sewer, septic system, sump pump, or drain.

Buried Utility Lines: Coverage that protects against the expense of costly evacuation and repair of many types of underground utility wiring and piping.

You are the expert when it comes to your property and belongings. Your contents limit should be in alignment with the overall price to replace your belongings. The most effective way to figure out your needs is to go through each room to determine the total value of your things. We encourage you to make a list of your possessions with the following information:

•  Cost to replace the item (replacement value)
• Make, model, and serial numbers, if applicable
• Pictures of your belongings
• Receipts for major items

This list may be useful for future reference, should you need to make an insurance claim. As there are item specific limitations for high-value items (jewellery, furs, fine art, coin collections, memorabilia, etc.) you may want to consider scheduling said items.

• Bicycles
• Boats or other watercraft (including marine engines and equipment)
• Cameras and camera equipment
• Computers
• Fine art
• Firearms
• Furs
• Golf carts
• Hearing aids
• Jewellery and watches
• Lawnmowers and garden tractors
• Medical aids
• Musical instruments (non-professional and professional)
• Property for business use
• Snow blowers
• Sports equipment
• Stamp, coin, card, and other collections of a common theme
• Software
• Tools

It depends on the nature of your home-based business and is an important discussion to have with your Customer Service Representative to ensure you’re adequately covered. There are 2 main coverage options available to you.

1. A home-based business extension can be added to your current property policy to offer protection for home-based business that have low risks where customers do not visit the premises.
2. For higher risk and/or larger scale operations (thus at a higher risk of a liability claim) a commercial insurance policy is required.

Home insurance is not business insurance. If you are using your home for purposes that your insurer isn’t aware of, claims may not be covered, and your policy may be cancelled.

Insurers offer various discounts according to eligibility and any available credits are often built into the company rating for an insured dwelling. Discounts include alarm system(s), claim free, long-term policyholder, loss prevention devices, credit score, age of insured, mortgage free, multi-line, new home, superior shuttle tanker, etc. Ask your Customer Service Representative about any available discounts that could apply to you and reduce your premium.

To qualify for the Alarm Discount, a 24/7 active central station monitored burglar and fire alarm system is required. A certificate from the monitoring company is a requisite to have on file.

Many insurance companies utilize credit ratings as part of their discount structure after examining a correlation between credit history and claims. Consenting to a credit check may result in the reduction of your overall premium, providing that your credit is in good standing. This is not a mandatory component of a policy and will not affect your eligibility to obtain insurance. It is a soft check and will not impact your credit score; however, it will show that the company has made an inquiry. Our office will not have access to the report results.

Depending on the risk information provided, it may be covered under your homeowners’ insurance policy. Companies will require additional information, such as: year of installation, style, size, lining type, location (in-ground or above-ground, indoor or outdoor), and whether it is fenced or not.* Insurers may also require a minimum liability limit and/or provide an extension in the policy.

*In Ontario, it is required to have a fence of at least 48 inches high that encloses an in-ground or above-ground pool. Not only is it a by-law, but it is also an important step to ensure everyone’s safety.

Outbuilding coverage is typically included in most standard homeowners' insurance policies. This provides protection for structures on your property that are not attached to your main dwelling.

It is important to note that individual policies may vary. The limit for outbuildings is derived from a percentage of the dwelling building limit. As with all limits on your policy, it is important to review that it is adequate for your property risk.

A deductible is the amount of money that the insured is responsible for paying upon settlement of a claim. The deductible is “deducted” from the total claim settlement. They are set increment options from the insurer and often the higher the deductible, the lower the premium.

Yes, this would be covered under the Liability portion of your policy. This portion covers you for incidents in and around your property, subject to bylaws of your city. It is always best to be proactive and properly remove any tripping hazards, snow, and/or ice on your property.

No, your policy does not automatically cover work being done to your home. Please speak with your Insurance Broker before starting any renovations to your property.

It is also important to note that renovations and updates can impact your policy premium. Let us know if you have updated any components to the insured property (including, but not limited to, the roof; plumbing; wiring; hot water tank; security system; furnace).

In today’s technologically connected world, these are very important endorsements to consider. Subject to policy limits, some insurers automatically include them in a comprehensive package, while others require them to be endorsed onto the policy.

• Identity Theft: covers types of crime in which someone steals or misuses personal or financial identifiers of someone else by using their credit card, driver’s licence, social insurance number, or other personal identification numbers to commit fraud or other criminal activity.
• Cyber Attack: an attempt by an unauthorized third party to damage, destroy, or deny access or to infiltrate a personal computer system, mobile computing device, and/or home connected device.
• Credit/Bank Card or Crime Protection: depending on the type, provide or exclude coverage related to expenses incurred as a result of the crime/insured peril they reference.

An endorsement that, subject to eligibility, can protect your claims free status with your insurance provider, following the first covered claim on the insured location.