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5 Important things you NEED to tell your Insurance Broker

Surprising things that could result in no coverage

Most people get their insurance and forget about it.  A good rule of thumb is that if something new happens in your life or with your home you should contact your insurance broker just in case.  Many people don’t know that these things can affect a claim denial or even void your coverage completely.

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RENOVATIONS

Call your Broker before you begin any renovations to your home to ensure you are covered during this time. Advise your Broker of the renovations to be done and by who, the total anticipated cost, length of time the reno’s will take to complete, and if it requires you having to move out during construction .

VACANCY

The definition of vacancy may vary by insurance company however an example would be defined as “regardless of the presence of furnishings, when all occupants have moved out with no intention of returning or if a newly built home, no occupant has taken up residence”. Most insurance policies are “Void” if a home is unoccupied for 30 days or longer unless the insurer is informed and permission for a Vacancy Permit is granted. Even then most insurance companies exclude coverage for vandalism, malicious acts and glass breakage.

RENTING YOUR HOME

The definition of vacancy may vary by insurance company however an example would be defined as “regardless of the presence of furnishings, when all occupants have moved out with no intention of returning or if a newly built home, no occupant has taken up residence”. Most insurance policies are “Void” if a home is unoccupied for 30 days or longer unless the insurer is informed and permission for a Vacancy Permit is granted. Even then most insurance companies exclude coverage for vandalism, malicious acts and glass breakage.

HOME BASED BUSINESS

It is critical to advise your Broker if you run any type of business out of your home. Insurers can “Void” coverage if they are not advised. A home based business could be any type of business like a hair salon, day care or day home. It is so important to tell your Broker, they will ensure your policy is correct for having a business in your home.

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HIGH VALUE ITEMS

Know what limits of coverage there are on certain items you own, BEFORE a claim occurs. Most insurance companies have a list of items which they pay a maximum for in the event of a claim and are usually referred to as “Special Limits”. Most companies limit the following items: jewellery, watches, gems, furs, coin/stamp collections, silverware, goldware, pewterware, collectibles,and business property, tools, instruments pertaining to a business, profession or occupation while on your premises. Money, securities, software, spare auto parts, watercraft.

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