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Home Insurance: Types of Policies

May 29th, 2018 Comments off

Purchasing home insurance is just as important as the purchase of the home. Because buying a home is such a major financial investment, it is essential to make sure that your home, property, and contents are protected. There are various types of home insurance policies available so it is imperative to understand each type so you can make an informed decision.

The following outlines the main types of home insurance policies:

HO-1: This type of policy is considered a basic for of protection. It insures against fire and lightening damage. A homeowner may purchase this policy for a particularly valuable item such as expensive jewelry.

HO-2: This type of policy is referred to as ‘broad coverage.’ Coverage includes damage from such events as smoke, wind, rain, hail, vandalism, theft, an explosion, removal of items that are threatened by fire damage, glass breakage, and damage cause by falling objects. As well, it also covers snow causing a roof collapse, ice damage, burst pipes, water damage from broken pipes, and damage from a riot.

HO-3: Referred to as a ‘special’ form, or sometimes called ‘all risk’ or ‘open peril’ insurance, this policy insures your home against damage or loss. There are exclusions that will be listed in the policy so you should read what items are excluded. This is the most commonly purchased home insurance policy.

HO-4: This is a tenants insurance policy. It insures the contents and personal items against the same situations as the HO-2 policy. It also covers supplementary living expenses if required such as medical payments. It also provides liability protection. The policy cannot be extended to cover items owned by the renter. It is mainly for protecting the owner of the property.

HO-6: This type of policy provides coverage for a condominium owner who wants to insure items that are not insured by the condominium association policy. They may also want to add personal liability protection.

HO-8: This policy is referred to as the ‘older home’ policy. If you have an older home, some policies may not provide replacement coverage. You may have to purchase a modified replacement policy where the policy will reimburse you for standard building materials.

Some states will categorize these policies under different titles, but they contain the same information. It is important to be aware that are living in a high risk area such as hurricane or flooding area, you will have to pay for extra protection. Some people combine a couple of policies to get complete coverage. Most companies now offer online quotes, so you can easy way to make your selection. Because prices and features can vary among insurance companies, it is essential that you comparison shop so that you are getting the best coverage at the best price.

Because there are a number of insurance policy options available, it is important that you understand each so that you can acquire the right policy that meets all of your needs.

Canadian independent insurance broker delivering car insurance Cambridge, and home insurance London, home insurance solutions in your community and around the world. Visit us in Waterloo and Toronto too.

Emergency Medical Insurance For Visitors To Canada

December 30th, 2013 Comments off

Some people travel for pleasure, others travel for business, and then there are those who go to another country for an extended period of time working, or perhaps to study. Returning Canadians who may not be immediately eligible for the government medical plan or those newly arrived in the country should be sure that they also get coverage. Whatever the reason it is very important to have emergency medical insurance so that you will be protected. It is very foolish to travel to another country without any insurance.

It is vital in our day to have insurance. Why take a chance and believe that it will never happen to you. This is certainly not very realistic. If you have not made plans ahead of time you may have some problems if something does happen to you.

That is the solution. Plan ahead and purchase the coverage this is right to meet your needs. In doing the research you will find the right one that suits you. When there is no coverage and the unexpected happens it can be a disaster. This can destroy a pleasant vacation.

The Canadian health care system is one of the best you will find. You can be sure that you will be well cared for. The only thing left is the type of coverage that you want.

There are different plans and benefits for you to consider. Some of the benefits might include emergency care, an ambulance, visitors to Canada medical insurance, returning to your home country, travel with an aide, or emergencies at home. Some coverage may also cover emergency allowances, subsistence benefits, emergency dental care, or accident protection.

Plans provide amounts such as $25,000, $50,000, $100,000, and $150,000 depending on the company. Restrictions exist for seniors that they cannot buy high benefit amounts. You may be interested in the plan with a deductible in order to decrease your premiums.

Generally you will be covered that moment you arrive in Canada. For an added premium some companies will provide coverage from your country of departure. People with many stopovers or very long flights might be interested in this option.

By applying online you do not have to provide any medical information. However, having a medical condition for which you have had treatment within the past 6 months before your arrival may disqualify you from coverage. But after filling out a medical questionnaire you may find that you will pay a higher premium but will get the coverage you need.

There may have been an emergency at home and you must go back immediately. When you have not made any claims you are eligible to claim a refund for the balance of the trip. Your travel insurance can also be extended, not more than 2 years, should you decided to stay longer.

Should an accident happen you would receive immediate coverage. If it is considered a sickness and not an emergency you must wait 2 to 10 days for your claim. The benefits are obvious to any seasoned traveler. Just be sure to have some coverage and have a great trip.

Dan Pucher Insurance is an independent Broker offering personal and corporate solutions. When looking for visitors to Canada health insurance and Travel Insurance Canada.

Finding Canadian Insurance For Recreational Vehicles

October 12th, 2013 Comments off

It is that time of the year to hit the road for travel on the Canadian highways. The recreational vehicle is packed and gassed up ready to see the countryside. Now the question is what is the best Canadian insurance for recreational vehicles going for and what should be included in the policy.

When looking at insurance coverage for Canadian Recreational Vehicles the rates will be different from the coverage of what would be expected of a normal moving vehicle. Since the RV is liken unto a home that is on wheels there will be a few variances in the type of coverage that will be needed in order to ensure proper coverage.

Depending on the type of recreational vehicle that you purchase will determine the amount of coverage that will be needed. If you are in possession of a Class A, B or C motorhome, a Bus Conversion motorhome or campervan motorhome, each home will have to be properly covered according to the specifications and value of that particular model.

Recreational vehicles are very similar to that of a foundational home in that there are functional features of the RV that attributes to the livability of the RV. This is where when determining that amount and type of coverage that is needed for the motorhome, the features that attribute to making the RV a livable home must be taken into account.

A few of the coverages that you will want to take note of will be any type of replacements policies. Items such as total loss replacement, awning replacement, and equipment replacement coverages are some options to consider. Depending on the value of the RV, replacement policies will be key.

If you are traveling and encounter a disaster of such and your recreational vehicle is damaged or demolished in any form, then total loss replacement and or an equipment replacement policy is a definite must to have for these types of potential occurrences.

When there are items such as a satellite dish or antennas that are actually attached to the RV, these types of items will need to have the equipment replacement coverage. Awning and canopy coverings that may be attached to the camper itself can have its own individual coverage as well.

A few other policies that you will want to inquire about will be the value added benefits that are available for particular coverages. These benefits are different protection policies that are available for your personal items that may be stored in the recreational vehicle.

An value added benefit can be a full timer coverage for those that use the recreational vehicle on a semi full time basis. This means that the camper uses the RV as their primary residence for at least five months out of the year.

Canadian independent insurance broker delivering Car insurance London solutions in your community and around the world. Visit us in London, Cambridge, Car Insurance Waterloo and Toronto.

Canadian Travel Health Insurance Advice For USA Citizens

September 24th, 2013 Comments off

There are some important issues regarding Canadian travel health insurance. This article will focus only on USA citizens traveling to Canada. Before discussing health insurance, it is important to point out that you should inform the US State Department about your travel plans.

In this way, you can be traced should any emergency arise at home in your absence. Also, the Department can alert you if an unexpected crisis arises in Canada during your travels. All information provided will be treated as confidential, as legislated in the Privacy Act.

Regarding health insurance, speak to your health insurance carrier to establish your policy’s efficacy while you are in Canada. Will it provide cover for any potential emergency expenses? Most health plans do not carry cover for medical expenses in a foreign country unless the policy holder has bought extra cover.

Should your policy not include cover while you are visiting Canada, your travel agent can offer a temporary policy. These policies are not very expensive and are definitely worthwhile. They include cover for all health expenses, plus emergency services and medical evacuations. You will be ill advised to travel without some type of medical insurance cover. There are far too many reports about travelers who have run into terrible problems while seeking medical help in a foreign country.

The majority of Canadian hospitals and doctors will require you to pay for services in advance. Even though a medical evacuation is unlikely, bear in mind that the cost of this is well over $50,000. So check this out with your health and travel insurance Ontario company.

Ask your travel insurance Ontario carrier the following additional questions. Will payment go directly to the relevant health care provider in Canada? If not, when will you personally be reimbursed? What about cover in the event of psychiatric treatment being necessary? What cover is applicable regarding my remains should I die?

If you are taking prescription medication to Canada, the medication should be stored in its original labeled container. Have a copy of the doctor’s prescription on hand, as well as the doctor’s contact details. Diabetics who are bringing syringes into Canada should be in possession of a doctor’s certificate stating that the syringes are for medical use. You must declare the syringes to the custom officials when you arrive in Canada.

Regarding antiretroviral drugs, the same rules are applicable. The drugs must be labeled and stored in original packs or bottles. HIV travelers should be in possession of an extra script from their physician in case the drugs are stolen or lost. On this topic, Canada does not require USA visitors to have AIDS testing.

When you have sorted out all Canadian travel health insurance issues, make a list of all other health related items that you should take with you. For instance, if you wear glasses, pack a spare pair. Wear a medical alert bracelet if you have a unique problem, or if you are allergic to any medications or food. Ask your doctor for a letter that explains your condition and the suggested treatment if you become ill.

Dan Pucher Insurance is an independent Broker offering personal and corporate solutions. When looking for Visitors to Canada insurance and Travel Insurance Ontario.

Most Common Variables Considered When Calculating Small Business Insurance Rates

February 11th, 2012 Comments off

Small business use insurance in a variety of ways to protect itself from different types of loss. Whether it is loss of a key employee due to death or disability or loss of profits due to shoplifting, both of these occurrences are both measurable and insurable since they produce financial services.

The price or rating used in small business insurance is based on the type of coverage and the experience of the business. This is influenced by the risk assessment that the insurance company conducts in its underwriting process. The assessment involves a process of evaluating the type of business and the probability that loss will occur.

Insurance provides an indemnity, which is meant to restore the small business owner to their original value. Indemnity is an important concept because it means that the policy provides the small business with a way to be reimbursed or made whole relative to their loss. This is true whether talking about life or health insurance, employee benefits or for the benefit of the small business only.

Knowing the type of small business, where it is located, how profitable it is, how many employees work for the small business, are all important variables for the insurer when calculating the premium rate.

Insurance companies pool risks to determine the likelihood of a loss occurring that results in a reduction in value or risk. Risk pools or small businesses must consist of a homogenous group, such as all car dealers or all convenient storeowners. The risks associated with operating a small manufacturing firm differ from the risk to operate a small trucking company. The measurements or factors that go into rating risk take in to account the experience throughout the homogenous risk pool.

A small business owner may purchase an insurance policy indemnifying them against loss due to theft. Looking at the community experience for the risk pool associated with the small business owner, other factors come into play. A small business owner who operates a convenient store in a high crime area will pay a higher premium than a small business owner of a convenient store located in a suburban neighborhood with a lower crime rate. This rating disparity is acceptable and common among insurers if the same standard and rating is applied uniformly and does not target a specific type of business owner.

Small business insurance ratings vary based on the type of small business activity. It should be noted that to qualify for an insurance risk pool in order to purchase or transfer risk to the insurance company, the business must be engaged in a commercial activity and not be organized solely for the purpose of acquiring insurance.

Insurers are concerned about moral and physical hazards, which must be assessed relative to small businesses and small business insurance. Moral hazards are those things such as lying or filing a false report. Physical hazards can be the presence on unruly teens in the parking lot of a liquor store. Hazards in it of themselves do not cause risk but create a peril or an increase in the probability a risk occurs. A higher amount of hazards present translates into higher ratings for the small business.

Whether it’d be home insurance London or car insurance waterloo, insurance is a worthy investment. During times of accidents, it acts as a lifesaver because it covers your big expenses. If you’re looking for car insurance kitchener, make sure to visit us.