Your home, your most valuable asset
- Whether you own a house, cottage, condo or rent, you need insurance coverage for your property.
- Let us assist you in ensuring adequate coverage.
- Hancock Insurance can assist in determining the replacement value of your property.
- Home-based business insurance is also available.
If you need more information, e-mail us your questions at firstname.lastname@example.org.
1. What are “special limits” in my policy?
Each property policy contains a section which limits the amounts paid out for certain items. For example, most policies limit the amount of jewellery, cash, silverware, furs, sports equipment coverage, to name a few. Check your individual policy for limits or contact your broker.
2. Does my child who attends school away from home have coverage?
Most insurance policies contain a clause providing limited contents coverage for students who are living away from home. Again, check your policy wordings or contact your broker.
3. Why is there a deductible?
A deductible is the amount that you have agreed to pay towards the cost of each claim you make and reduces your premium costs. Your insurance policy is meant to cover financial losses you would be unable to afford otherwise and a deductible prevents the insurer’s costs in settling small claims.
4. What coverage do I need for my condo? Don’t my monthly condo fees cover my insurance?
Each condominium corporation may handle insurance differently. In most cases, they insure the “standard unit” which would be defined in their contracts. Normally this would include the originally constructed unit before upgrades or improvements. Therefore, it is up to each individual unit owner to insure the cost of upgrades, improvements and the contents of their condominium unit.
5. Why do I need tenant’s insurance?
You may tell yourself that the contents of your apartment are not worth insuring, just a few hand-me-down pieces of furniture and clothes. If something happens, I can afford to replace it. However, if you are the cause of damage to the building you rent or cause smoke or water damage to other apartments, this is where it can become costly. Liability insurance coverage, which is purchased in connection with contents insurance will provide you with peace of mind in the event of a loss.