On this segment of CBC Maritime Noon; Robin Ingle speaks with families affected by the Fort McMurrary fires, as well as answers general inquiries about home insurance. Listen here to find out what is covered.
The magnitude of the Fort McMurray fires is still being evaluated and the tally of damage is estimated to begin at $10 billion dollars CAD. Further, with politics at play, insurance companies will not outright refuse a claim. They will be taking special care in their examinations.
10 Takeaway Tips:
- When obtaining your home insurance policy, be frank and forthright when answering questions.
- Upon receipt of your policy, read it thoroughly and make note of anything you are uncertain of.
- Always ask questions.
- Speak to a broker that represents different companies and product lines. They are terrific resource for asking questions, and can assist in shopping around for a policy that best suits you.
- Document all of your contents covered by your home insurance policy. Have a ceramic hobby? Take images of your wheel, kiln, glazes, as well as receipts if applicable.
- Did you recently make a new purchase (for example, a boat or an ATV)? Increase your contents insurance right away.
- Do you store cash or golden bricks in your home? Home insurance companies are not inclined to cover such items. Consider storing your valuables in a safety deposit box at a bank, or in a fire and water resistant safe at home.
- Some insurance companies will not protect older homes due to risk. Upgrading your infrastructure in order to meet home insurance standards can be costly, but conducting research through a broker is effective. Brokers often provide assessments in person, large corporations invested in green living offer can offer financing, and home improvement loans are available at banks.
- Ask your broker about a rider. A rider is an insurance add-on that will cover extras outside of your policy.
- Are you a snowbird leaving your home for 72 hours, or over 30 days? Ask your broker if there are abandonment exclusions in your insurance policy.
For information about Ingle International travel insurance products, visit our product page.