Question 1

Do I get a discount for my home insurance if I have video cameras installed?

Accepted Answer

To obtain an alarm discount on your home insurance, you would need to have the monitored alarm system covered for fire and burglary.

Question 2

What is the most frequent loss in home?

Accepted Answer

In today’s world of extreme weather events, $1 billion has become the new normal for yearly catastrophic losses – most of this is due to water-related damage – Insurance Bureau of Canada

Question 3

Why do I have to pay a deductible for my home insurance?

Accepted Answer

If a claim is filed, the policy holder is responsible to pay a portion of the loss. This portion is normally taken off the settlement amount.

Question 4

When does a no deductible apply to my home insurance?

Accepted Answer

The insurance company is able to waive the deductible in the event of a total loss or if a disappearing deductible endorsement is purchased.

Question 5

How do I insure the expensive belongings in my house? Why would I want to insure these items separately.

Accepted Answer

These are termed as floaters. Insurance companies have special limits for these types of items (bikes, cameras, jewelry, etc) under the standard comprehensive package. To protect yourself it’s recommended to have separate coverages for these items. Once this added coverage is added it gives the client no deductible in the event of a loss as well in most cases they also get around the world coverage.

Question 6

Do claims affect my home insurance?

Accepted Answer

Yes, they do unless you have a claims waiver which will not affect your rate. Another way a claim will affect your home insurance is if you move companies once the waiver is activated.

Question 7

Why are home evaluators higher than what I paid for my house or my tax assessment?

Accepted Answer

It’s not based off of resale value, it’s based on replacing your existing home with a brand new, up to date version pertaining to all up to date building codes. Some policies can provide replacement cost on a home if the client doesn’t wish to rebuild.

Question 8

Why is my home insurance going up?

Accepted Answer

Home insurance is based of weather related losses, based off of claims history in previous term. Inflation protection is also added to the building amount every year, causing premium to reflect revised building amount.

Question 9

Does my credit rating influence my home insurance premiums?

Accepted Answer

Companies now will use a soft credit check to apply additional discounts to clients, credit score and details are not provided to the insurance company or brokers. Good credit scores can obtains additional savings.

Question 10

How often is my home evaluated on average?

Accepted Answer

On average it is recommended that an evaluator be completed every 5-7 years with your broker, this will ensure you maintain the guaranteed replacement cost on the policy.

Question 11

My condo board has insurance, why do I need to get separate?

Accepted Answer

Condo board insurance normally protects the building and common areas (replaces back to builders specifications). Condo insurance on the other hand encompasses several coverages to complete the policy. A couple of items the condo insurance is there to protect you for are improvements to the units (this can be previous owners as well) as well as your contents protection.

Question 12

Should I package my home and auto insurance together with the same carrier?

Accepted Answer

Yes, because this provides you with up to 20% of savings for having multiple policies.

Question 13

If I have my home and auto with the same company but different brokers, do I get the discount?

Accepted Answer

No you must have all policies at the same brokerage to receive multiple policy discounts.

Question 14

What is renter insurance and why is it important?

Accepted Answer

Renters insurance provides protection for your liability, additional living expenses and possessions. In the event of a loss (insured loss) the insurance company will replace your damaged items for brand new items.

Question 15

Why do my landlords want proof of insurance?

Accepted Answer

They are looking for the liability coverage that is included in the tenants insurance. In the event of a liability loss they want to ensure that they are protected against any liability losses caused by the renter.

Question 16

How do I insure my jewelry?

Accepted Answer

These are termed as floaters. Insurance companies have special limits for these types of items (bikes, cameras, jewelry, etc) under the standard comprehensive package. To protect yourself it’s recommended to have separate coverages for these items. Once this added coverage is added it gives the client no deductible in the event of a loss as well in most cases they also get around the world coverage.

Question 17

Does how I pay for my insurance effect my premiums?

Accepted Answer

es, if you choose to pay in full there is no financing charge. Most companies will charge a finance fee of approximately 3 % for monthly or a service charge for 2-4 payment options.

Calgary Location Update

Leibel Insurance Group

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