FAQ Category: Home Insurance

Do I need to report any auxiliary heat used in my home?

It is important that your insurance broker is aware of all heat sources used in your home as there are different requirements with each insurance provider when it relates to heating. When it comes to wood heat, many insurance companies will require a solid fuel questionnaire or a WETT inspection… Read more

Are items like jewelery, hearing aids and bicycles covered?

Insurance policies are unique, and coverage will vary between insurance providers. While your items, like hearing aids jewelery and bicycles included, are covered under your policies personal property coverage, there may be limitations on your policy relating to the cause of the loss and/or its value. When limitations are present,… Read more

How often does my home need to be checked when I am away?

this depends on the insurance company that you are with as they all have different rules and stipulations. Please check with your broker on this.

How will a claim affect my policy?

This will depend on which insurance company you are with so it is best to contact your broker to discuss this.

Can I switch home insurance companies midterm?

You can switch insurance providers midterm but most companies apply a short rate cancellation fee. This fee depends on where you are in your policy term. It is best to speak to your broker about this prior to cancelling.

Why do I need to report that my house is vacant between tenants?

Any change in occupancy needs to be reported to your insurance broker to ensure appropriate coverage. With vacant properties, there are exclusions and limitations that are specified on all policies. Your insurance broker will be able to let you know what exclusions/limitations exists and whether a vacancy permit is required… Read more

What does Fire & E/C mean?

Fire & E/C relates to Fire and Extended Coverages. This is a type of policy that primarily covers your property against the peril of fire but also includes some additional extended coverage (i.e wind, hail, falling object…). As the list of extended coverages can vary between insurance providers, it is… Read more

How come my insurance keeps going up each year when I’m not requesting any changes?

There are regular adjustments to insurance rates year to year. This comes down to many factors such as overall claims, costs of providing insurance as well as the rising rebuilding costs. Insurance rates are determined based on various factors including the details of your home and insurance history information. It… Read more

How come the evaluation limit comes out to that amount when I didn’t buy my house for that amount/that’s not what tax assessment’s value is?

When it comes to insurance, it is important to ensure that your home is covered to its replacement cost. The replacement cost will consider the cost to rebuild the same home today. It will consider various factors including material costs, debris removal, accessibility, and labour to name a few. A… Read more

I’m in an apartment; do I really need sewer back-up and overland water coverage?

Sewer back-up and overland water can cause damage to both a dwelling and its contents.  While your landlord will be responsible to ensure proper coverage for the building, you are responsible for ensuring you have proper coverage for your contents.  If you cannot stay in the apartment during repairs, this… Read more