Often the biggest investment in one’s life is the purchase of a home. That is why it’s so important to have insurance on the home to protect your investment and your family. A comprehensive homeowner’s policy not only covers the house and contents, it also provides personal liability coverage as well as additional living expenses should you be displaced due to an insured loss. Other coverage may also be purchased to complement the policy such as sewer back-up and identity theft coverage.
If you rent a home or apartment there is a similar insurance policy available to you in the form of a Tenant’s Insurance Policy. It basically provides the same coverage as homeowner’s policy with the exception of the building. More and more landlords are making a Tenant’s Insurance Policy a mandatory requirement in the rental contract. It is an inexpensive way to protect your personal belongings and comply with your rental contract.
Do you have a home away from home, such as a cottage or vacation trailer? What about a boat at that cottage? Hickey & Hyndman can insure all of these too! Please contact our CSR’s to discuss the insurance coverage available on these items.
Property Policies Offered:
- Home Insurance
- Tenant Policy – to protect a renter and their personal belongings
- Mini/Mobile Home Insurance
- Condominium Insurance
- Rented Dwellings/Income Properties
- Seasonal Cottages
- Seasonal Homeowners
- Dwellings Under Construction
- Vacant Dwellings
- Property In Storage
- Umbrella- Additional Liability Protection
- Sewer Backup Protection
- Earthquake Damage
- Boat Insurance
- Additional Protection for Personal Property- i.e.: jewelry, collectibles, antiques
- Home Insurance is a very special, tailored product, selected by us, to fit one of your most important investments you will make.
There are 3 major types of homeowners packages to choose from, known in the industry as:
- Standard Homeowners – Basic Home insurance protection
- Broad Homeowners – Middle of the road Home insurance protection
- Comprehensive Homeowners – The Best Home insurance protection available in the Canadian Market place.
Within the 3 levels of home insurance protection, mentioned above, there are coverage’s included as follows:
- Coverage A – Dwelling Building, Insuring your home
- Coverage B – Private Structures, Detached garages, sheds, etc
- Coverage C – Personal Property, Insuring your contents within your home and you and your families personal belongings, clothing, etc.
- Coverage D – Additional Living Expense, insuring the increase in necessary living expenses to the household in order to maintain normal standard of living.
- Coverage E – Legal Liability, for bodily injury or property damage arising out of your personal activities.
- Coverage F – Voluntary Medical Payments, will pay reasonable medical expenses, in cured if you unintentionally injure another person or if accidentally injured on your premises.
Additional coverage’s are and can be included in your home insurance package in order to tailor the insurance to fit your ever changing requirements.
Personal Property Insurance
Personal Property Insurance Policies are designed to protect you and your family from the potential mishaps that can happen at your residence or to your property while travelling. Where applicable, these policies will protect your Buildings, Personal Property, Additional Expenses. Most Personal Property Policies also contain coverage for Personal Liability. Choose from the selections to the left to learn more about the valuable Personal Property Policies that we have available.
Homeowners Package Policies
This is a package policy designed to meet all the usual insurance needs of the homeowner. Coverage is provided for your home, and any other residential buildings you have on your property such as garages, tool sheds and greenhouses. The contents of your home are also automatically insured. Package policies also provide Homeowners Liability coverage and additional living expense funds that are made necessary due to the damage or destruction to your home. The face page of your policy lists what limits the policy will pay for your home, other residence buildings, contents and living expenses after loss. It also lists your liability insurance limit, and voluntary payment amounts. Unless you have special property that requires separate insurance, the homeowners policy, as it is designed, is perfect for you.
Extent of Coverage
Homeowners policies are available in three different levels of coverage. The Standard Homeowners Policy provides you with coverage from a specified list of “perils.” It is the minimum type of coverage available. Most homeowners today, however, choose one of the broader types of policies known as the BROAD FORM HOMEOWNERS POLICY or the COMPREHENSIVE HOMEOWNERS POLICY. The Comprehensive Homeowners Policy usually increases your premium about 15%, but provides coverage against many types of losses that are not covered under the Standard or Broad Forms. If you would like more information about broader types of policies, just call the office in your area.
Replacement Cost Coverage
It is our goal to give you enough coverage to completely replace your home and everything in it without depreciation. It is important that you review your insurance limits frequently and tell us if you think the insurance is not adequate. The policy has provisions to replace your property without deduction for depreciation, but you are required to keep in force, as much insurance as can reasonably be expected to replace your property. it is up to you to make sure your coverage is sufficient enough to replace everything should a fire destroy your home.
Personal Property Insurance – Insurance for your Mobile Home
Whether you own or rent your home; whether it is a brand new manufactured home or an older mobile home; whether it is in a Mobile Home Park or on your own private lot; we have the right package for you.
Insurance for Tenants
Even if you are renting,we have a package for you. Our special Mobile Home Renters Packages are competitively priced, and come with a wide range of options for each and every situation. Tenants insurance is designed for individuals who rent their residence. This policy packages the following insurance coverages: Property damage to your Contents; Additional Living Expenses (extra expense for Rent, Food, Utilities, etc.) if you cannot live in your apartment because of insured damage; and your Personal Liability. More…
Identity Theft Insurance
Identity theft insurance covers expenses incurred in restoring your identity.
For example, fees charged for re-application of loans, lost wages from time off work taken to resolve the matter (meetings with your lawyer for example) or legal fees for defending lawsuits brought against you as a result of the theft. More…
When you suffer an insured loss and the claim exceeds the limit of coverage for a particular section of your insurance policy, the single limit combines the limits for multiple sections to allow you to take advantage of a higher overall limit.
For example, your detached buildings (garage / shed / greenhouse etc.) limit is $20,000, but following a fire, the total damage to your detached buildings is $25,000. The single limit will combine the limits for your dwelling (the house), detached buildings, personal property and additional living expenses which will, typically, add up to 200% of the replacement value of your property. In this case, if your replacement cost is $400,000, your single limit would be $800,000, which would more than exceed the $25,000 claim for your damaged detached buildings.
Is coverage automatically included?
Insurers’ practices vary, while some insurers add the single limit automatically to your house insurance policy, others require a small fee to do so. In order to qualify for this coverage, most insurers require you to have an updated replacement cost calculation, so make sure you and your broker have kept this up to date (every 2-3 years depending on the market).
What is the risk if I am not covered?
In the example above, if you do not have a single limit on your house insurance policy, you would be responsible for paying the remaining $5,000 of the claim.
Important Note – Deductible
A single limit does not remove your obligation to pay a deductible; in the above example, you would be required to pay any applicable deductible before your insurer would pay for the remaining amount.
A clause in an insurance policy requiring and insured to carry a certain percentage, usually 80, 90 or 100 per cent of insurance in relation to the value of the property insured. If the insured fails to do this, then he agrees to be a self insurer of all losses large or small in the same ratio as his failure to comply with the percentage required, is related to the insurance required. For example, a building valued at $100,000 with an 80 per cent co insurance clause would require insurance coverage of $80,000. If coverage is carried for only $40,000 then the insured is a self insurer or co insurer for $40,000 of the $80,000, and the insurance company would be responsible for the same amount. This ratio would apply even if a loss were only $5,000. Then the insurance company would pay $2,500 and the balance or co insurance penalty of $2,500 would be borne by the insured.