PERSONAL INSURANCE
Your most valuable material possessions are probably your home and its contents. If you are borrowing money to pay for the home, the lender will require you to insure the building for the amount that it would cost to re-construct if it were completely destroyed. We can help you determine that amount. You do not need to insure the value of the land. The amount of insurance you need also depends on contents. We can provide you with an inventory booklet o help you organize a handwritten account of your possessions. We advise that you keep receipts of major items. Remember to store inventory records and receipts in a safety deposit box or at another secure location away from the home. Today, contents coverage on most policies is "replacement cost" which means you could replace new items for old without deduction for depreciation, so your belongings should be evaluated and priced at the cost of new.
Condominium dwellers experience some of the best aspects of home ownership and renting. As a condominium owner, you have title to your own "unit" as well as a share in common areas such as lobbies, a swimming pool, parking garage, or garden. The nice part about condominium living is that you are a shareholder in the corporation from which you "rent" access to the common areas. The not so nice part is that you and your fellow owners can be held personally liable if things go wrong. A condominium insurance policy is a low-cost way to worry-free condominium ownership. It provides coverage on your personal belongings as well as liability.
Even if you don't own your home, you still need insurance to protect your possessions and to help meet your obligations to others, including your obligations to the owner of the home or apartment you are renting.
You could have a legal responsibility to replace an entire
apartment building even though you may be renting only a small
part of it. Your stove, for example, could catch fire, leading
to damage by smoke, fire and water to the whole building.
Or suppose a visitor were to be injured in your apartment
and sued you; you'd be responsible for paying any legally
awarded settlement. Without liability insurance, you could
end up paying for a long, long time!
These are packaged insurance policies offer to qualified Homeowners, Condominium Owners and Renters.
| Coverage Applicable: |
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Dwelling Building (Homeowners only)
- The dwelling and attached structures;
- Permanently installed outdoor equipment on the premises;
- Outdoor swimming pool and attached equipment;
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Detached Buildings (Homeowners only)
- Structures or buildings separated from the dwelling by a clear space. E.g., detached garage, storage shed…
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Personal Property
- Contents of the dwelling and other personal property you own, wear or use while on your premises which is usual to the ownership or maintenance of a dwelling;
- Insurance coverage applies while on premises at the dwelling location and off premises if temporarily away from dwelling location.
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Additional Living Expenses
- While an Insured Peril makes location dwelling unfit for occupancy, necessary increase in living expenses and moving expenses to maintain normal standard of living will be covered.
- If an Insured Peril makes that part of the dwelling or detached private structures rented to others unfit for occupancy, fair rental value will be covered.
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Loss Assessment (Condo only)
- A special assessment that is valid under your condominium corporation's governing rules and is made necessary due to a direct property loss that affects a shared part of the premises (such as the lobby or elevator) that has been caused by an insured peril, or if it is due to legal liability arising out of a shared ownership of common areas of the condominium premises.
- Note: some insurance companies may or may not pay the amount made necessary by a deductible in the insurance policy of the Condominium Corporation.
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Contingency Insurance (Condo only)
- Insuring the real property pertaining exclusively to your unit in case the Condominium Corporation has no insurance, its insurance is not adequate, or it is not effective.
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Unit Improvement (Condo only)
- Insuring additions, alterations, fixtures, improvements or installations made by your or acquired at your expense to your unit.
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Personal Liability
- Compensation for loss because of bodily injury or property damage to a third party, for which you are legally liable.
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Voluntary Medical Payments
- Medical expenses of other persons not residing with you, or of residence employees, who sustain bodily injury accidentally on the premises or caused by you unintentionally.
- Medical expenses covered by other insurance contracts or Workers' Compensation are excluded.
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Voluntary Payments for Damage to Property
- Payment for direct physical damage to property of other persons, or of residence employee, which you unintentionally caused.
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| Optional Coverage Available: |
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Contents Replacement Cost
Subject to certain exclusions, company will pay replacement cost on losses to personal property.
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| Single Limit Endorsement
Subject to certain requirements, company will pay a maximum amount for damage resulting from an insured peril in respect to one occurrence. This maximum amount equals to the sum of the limits shown on the Coverage Summary page for Dwelling Building, Detached Private Structures, Personal Property and Additional Living expenses.
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| Water Damage / Sewer Backup Endorsement
Coverage is extended to include direct loss or damage resulted from the backing up or escaping of water from a sewer, sump, septic tank, or eaves trough or downspout.
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| Earthquake Endorsement
Coverage is extended to include direct loss or damage caused by an earthquake subject to Earthquake deductible, which is usually a percentage of the insurance limits shown on the Coverage Summary Page of Policy.
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| Home Business Endorsement
Generally, this is an extension to your Homeowners, Tenants, and Condominium Insurance policies. It is designed to extend coverage to a small full-or-part-time business or office operating out of the principle residence.
Typically, it includes coverage for business property up to certain limit(s) and Liability coverage for the business operation. Business property may consist of stock, equipment, tools, books, papers, office furniture and equipment.
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