Do you know your Insurance Policy?

Here are 5 things you should know about your Insurance Policy. If you don’t know, contact your Broker or Property Insurance Representative.

  1. What is my deductible? Over the past several years, Home Policy deductibles have been on the rise. This was meant to help lower your insurance premium and the frequency of smaller claims. Keep in mind different sections of your policy may hold different deductible amounts.
  2. What am I covered for? Most home owner policies today are an all-risk type coverage subject to exclusions. For example, just because your home has coverage for water damage, does not mean all types of water damage are included. Ask about your exclusions and optional coverages available.
  3. Am I covered for sewer back up, or overland flooding? Once again, sewer back up and overland flooding is different than water damage under your home policy. These types of coverages are normally purchased separately and may also carry different deductible amounts.
  4.  Are there limits on my policy? Yes, your policy carries overall limits for your structures, out buildings, personal effects. Within those limits there may be further limits to specific items such as jewellery, musical Instruments, amount of coverage for sewer back up etc. Find out about your limits, additional riders may be available to increase your limits if required.
  5. What is my liability coverage? Liability will cover you against actions brought against you for your personal liability to others. Example: if someone slips and falls and is injured your property. How much coverage is in place, is it enough? Is there higher exposure on your property with a swimming pool? Is your coverage adequate?

These are just a few questions that you should be aware of in regards to your Home Insurance Policy. Know your Broker and your Agent, ask the questions. They are your best resource with the answers to your concerns