Home Condo Tenant

HOME INSURANCE:

It is most important that your coverage or policy limit be enough to rebuild your home in the event of a total loss, including debris removal. We can calculate the current rebuilding cost of your home using an industry accepted method based on costs obtained from contractors and appraisers. All of our home packages cover your contents for full Replacement Cost (new for old) as well. And many carriers will automatically include "Guaranteed Replacement Cost" of the building (rebuild even if cost is higher that the limit of insurance), as long as your home was built since 1940 and is insured to value.

Types of Perils or Coverage:

There are 3 main types of packages: STANDARD FORM, BROAD FORM & COMPREHENSIVE FORM. The detailed differences vary between carriers but, generally, the Standard Form lists the perils insured, so your loss must fall under one of these listed perils to be covered. The Broad Form extends the coverage to All Risk for the building only. For coverage under the building, the insurance company must show that an exclusion was in place to not cover the loss (the onus shifts). The Comprehensive Form, the best package available, extends the All Risk to both building and contents and the same onus applies to both. There are always exclusions, so read your policy carefully and stay in touch with your agent. An All Risk Form generally adds the following coverage: Mysterious Disappearance/Loss, Animal Damage, Paint/Liquid Spillage/Overspray and Building Collapse.

Renovations:

It is most important that you advise your agent of any renovations you make to your home - we can then make sure that your building limit remains current in light of any changes, as well as address any changes to your heating system which might affect your policy. In some cases, if you do additions that increase the replacement cost of your home by more than $5,000, the coverage for "Guaranteed Replacement Cost" is invalidated if same is not reported and an adjustment to limits made.

Please access this link or more information regarding:
Typical Named Perils Insured and Additional Perils

CONDOMINIUMS

It is most important that your coverage or policy limit be enough to replace all of your personal belongings in the event of a total loss, including debris removal. We can provide you with Residence Inventory Forms to list your belongings per room so that you can get a better idea of your actual values, and avoid being drastically under insured. All of our Condominium Packages cover your contents for full Replacement Cost (new for old).

Types of Perils or Coverage:

There are 2 main types of packages: STANDARD FORM & COMPREHENSIVE FORM. The detailed differences vary between carriers but, generally, the description under the Home Insurance section would apply to the Standard and Comprehensive Forms for condominiums as well.

Special Condo Extensions & Excess Coverage:

As a Condominium Unit Owner, this package has been designed specifically to cover belongings in an owner occupied unit - the Strata Corporation insures the building under a separate policy. Building improvements you have acquired or made to your unit are covered up to a certain limit under this policy. You can make arrangements to increase this limit as well as the automatic excess coverages provided in the Condominium Package, which are Loss Assessment and Contingent Coverage in the event the strata policy is insufficient, as well as Strata Assessments Protection.

TENANT INSURANCE

Just because your landlord has insurance for his/her own protection, it DOES NOT protect YOU against loss of or damage to YOUR contents by accidental fire, theft or other perils. All of our Tenant Packages cover your personal belongings for full Replacement Cost (new for old). It is most important that your coverage or policy limit be enough and we can provide you with Residence Inventory Forms to list your contents and ensure that you are not drastically under insured. Rates for contents insurance when you are renting may seem artificially high, when compared with what homeowners pay. The reason for this is that, unfortunately, most renters are underinsured, so that when claims do happen, the insurance pool is not getting enough premium to cover the risk of replacing property. Insurance rates are based on the assumption that adequate coverage to value exists - under insurance places a strain on the entire class, hence higher premiums.

Types of Perils or Coverage:

There are 2 main types of packages: STANDARD FORM & COMPREHENSIVE FORM. The detailed differences vary between carriers but, generally, the description under the Home Insurance section would apply to the Standard and Comprehensive Forms for tenants as well.

Moving to a New Residence

If you remove your personal property from the home you are renting and/or move out of the premises permanently, please contact your agent right away. Once you begin your move, many carriers only cover you for a period of 30 days at the new location. You must contact your agent so that they can obtain the information regarding your new residence and make arrangements for your coverage to be transferred to your new home. The coverage for moving may vary between carriers.