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Whether the place you call home is a condo, townhouse, house or cottage, it represents an important part of your life and a big investment. If the unthinkable should occur would you be able to repair your home and replace your belongings?
Just knowing that you have insurance protection against loss, theft or damage makes it much easier to enjoy your home life without worry. Contact the experts at Pirie & Burgess Insurance Brokers Inc. for insurance solutions that offer the best value possible while providing complete protection for your home and property.
The following definitions explain a few of the major building blocks of home insurance.
Any natural disaster that could not have been realistically prevented or avoided is considered to be an Act of God. Most standard homeowners insurance policies cover dangers such as hurricanes and tornadoes, and lightning and hail are classified as named perils. The same is not true for damage caused by flood or earthquake, but coverage may be available in many cases for the cost of an additional premium. Flood and earthquake coverage is often more costly and can be difficult to obtain in areas that are susceptible to such occurrences.
Nearly all insurance policies include deductibles, which are the costs that you must pay before being entitled to payment by your insurance provider. Deductible amounts usually range from $500 to $5,000 and are designed to discourage the filing of small claims. This benefits everyone because the purpose of insurance is to provide protection from catastrophic losses rather than minor inconveniences.
The term “exclusions” refers to items, perils or situations that are not covered under your policy. Your insurance provider can exclude nearly anything, including mould damage or natural disasters, computer damage, high performance watercraft, etc. Other common exclusions from coverage include avoidable damage from pests such as termites or rodents, damage caused by water seepage or frozen pipes, high value items such as art, jewelry or collectibles, and intentional damages.
Liability insurance is included in the coverage provided by your homeowner policy. It provides protection against 3rd party claims for bodily injury and/or property damage that is caused (unintentionally) by you when you are away from home.
Depreciation is a measure of the loss in value of an item over time that is caused by wear or obsolescence.
Your insurer will likely want to conduct a valuation of your home in order to estimate the correct replacement value and needed coverage level. Unlike an appraisal, this does not determine the market value of the property but rather the likely cost to rebuild the dwelling and other structures to original standards in the event of a complete loss.
The insurance industry makes use of technical terms that can be baffling to the consumer. These terms help to make policies precise but don’t always help to make them clear. Don’t be afraid to ask your broker to explain any terms that you don’t understand.
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Whether for home, auto or business, Pirie & Burgess Insurance Brokers can provide for all of your insurance needs. Please contact us to request a free quote.
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