Home Insurance
Personal lines - refer to Property and Casualty insurance for an individual as opposed to a business. These would include Homeowners, Renters, Condo, Tenant, Seasonal, Mobile home, etc.
It is a package insurance and there are different types of dwelling.
Most insurance companies provide different kinds of coverage - known as Forms: Comprehensive or Special Form and Broad or Basic Form.
The Comprehensive covers ALL RISK of Direct Physical loss or damage except those which are listed in the policy.
The Basic form covers properties is insured against direct loss or damage caused by the perils as described and limited, subjected to losses excluded.
How coverage is determined
The first thing is to find out the Sum insured or the building cost of the house.
This will depend on location, size, type and the interior and exterior construction of the house.
The cost of homeowner insurance often depends on what it would cost to replace the house and which additional riders—additional items to be insured—are attached to the policy. The insurance policy itself is a lengthy contract, and names what will and what will not be paid in the case of various events.
Typically, claims due to floods or war (whose definition typically includes a nuclear explosion from any source), amongst other standard exclusions (like termites), are excluded.
Contract and Premium
Insurance should be adjusted to reflect replacement cost, usually upon application of an inflation factor or a cost index.
The home insurance policy is usually a term contract—a contract that is in effect for a fixed period of time. The payment the insured makes to the insurer is called the premium.
The insured must pay the insurer the premium each term. Most insurers charge a lower premium if it appears less likely the home will be damaged or destroyed: for example, if the house is situated next to a fire station; if the house is equipped with fire sprinklers and fire alarms; or if the house exhibits wind mitigation measures, such as hurricane shutters.
Common losses
Some of the common specific cause of loss or damage are:
- Fire or lightning
- Weight of ice, snow or sleet
- Windstorm or hail
- Theft
- Explosion
- Water escape
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- Impact by aircraft or land vehicle
- Smoke
- Riot
- Vandalism or malicious acts
- Falling objects
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Exclusion
Most basic basic coverage for property does not include flood or earthquake insurance coverage. To protect your home against these possibly other unspecified losses, you need special coverage.
Do you know your home?
Insurance check list
Different types of home insurance
Home insurance, also commonly called homeowners insurance is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.
The different types of Home Insurance include:
Homeowner - the homeowner insurance cover your home where which is the principal resident house.
Rented Dwelling
Condo
Vacant House
Seasonal Dwelling - You live in this house occationally
House under construction
Single home, condo or apartment can either be used by the owner as homeowner or rented out to tenants.
The insurance coverage will be different based on the usage of the house.
What is Homeowner insurance
Protect your home and your sense of security with homeowners Insurance
If you own your own home, then you'll want to protect not only your physical building, but all the things that are in your home too. A standard home insurance policy will ensure that if something like fire, vandalism or theft occurs, then you will be properly looked after and your valuables will be replaced.
You also need to think about protecting any other structures that exist on your property, like a detached garage. And, in the event that your home is damaged, and you need to move out for a while, you may want to consider investing in insurance that will help pay for out-of-pocket expenses like hotel rooms and food.
As a homeowner, it is possible that you may be held liable for accidents that people have while on your property. What's more, you may accidentally damage other people's belongings either in your own home, or somewhere else. A well-structured home insurance plan will make sure that you're covered for any of these unforeseeable events.
Rented Dwelling Insurance for Landlords
Whether it's a house, condominium or apartment, we can offer you a choice of two policies for your income property:
1. Rented dwelling comprehensive provides all risk coverage.
2. Rented dwelling fire and extended offers protection against vandalism and other risks identified in the policy (certain terms and conditions may apply).
To take advantage of our rented dwelling protection, your investment property must be used for residential purposes only. We also ask that you:
• Own the dwelling being insured.
• Be actively involved in the maintenance and upkeep of the dwelling.
• Do not have more than one property claim within the last five years.
• Have a maximum of two mortgages per dwelling.
Condo Insurance
As a Condominium Unit Owner, Your condominium corporation has insurance, so you may wonder why you need your own coverage. Here are some excellent reasons:
Your condominium corporation's policy only covers items that are part of the building. You need your own insurance to protect the upgrades you have made inside your unit, such as better carpets and built-in cupboards.
You also need insurance for your furniture, artwork and other personal belongings.
Finally, and perhaps most important of all, you need to protect yourself against personal liability for injuries to visitors to your home or for damage you accidentally cause to your neighbours' property.
For more information
Vacant Home Insurance
Most homeowners are not aware that their house needs special insurance coverage if it becomes unoccupied, vacant, or someone else is living in the home. This type of insurance is called vacant homeowners insurance. If your home becomes vacant, some homeowners insurance policies will cease coverage if your home is left empty for just 30 days! The large homeowners insurance companies don't like to insure vacant homes. (Most don't provide the coverage at all.) Those that do, offer very limited coverage at very expensive premium rates. To insure your vacant home and give you the right advice on what policy will work best for your situation, you need the help of an experienced team who understands vacant homeowners insurance policies.
Insurance Fact: If your home has been empty, unoccupied, or vacant for over 90 days in most cases the existing insurance policy should be immediately cancelled, and a vacant home insurance policy needs to be put into effect. If you file a claim and the insurance company finds out no one was living in the house, they may pay only part of the claim or deny the claim altogether.
Fire and EC policy
Wording a fire and extended coverage policy correcly is important.
Standard fire and extended coverage is an insurance product for real estate properties. A typical fire policy provides limited coverage to insurers for loss due to fire, explosions and lightning. Fire and EC insurance coverage extends the original fire policy to cover additional risks related to vandalism, leaking sprinklers, smoke, hail and natural disasters. Wording a fire and extended coverage policy contract involves understanding all of the risks and standard exclusions.
