Posted on 6/16/2014 8:43 AM By Cam Clay
According to the J.D. Power 2014 Canadian Home Insurance Study, from March through April 2014 there were more Home Insurance claims filed for storm damage than for any other peril (41%). While this isn’t too surprising what is, is that customer satisfaction has also increased. Why? We think that it is probably because more people are actually getting to see how it is that their insurance dollars are working for them.
We know that the claims process isn’t always pleasant, and one of the hardest things for us to do is tell someone that the damage done to their home due to a storm (or otherwise) is not covered under their Home Insurance policy. Which is why it didn’t surprise us to see that 24% of respondents to the J.D. Power Study did not know what coverages were included with their policy.
To help you out, we here at Alpine Insurance and Financial Services thought that we would briefly describe for you the 4 most common types of Home Insurance policies:
This type of policy will provide you with the most inclusive coverage, and will cover both your building and belongings, unless otherwise specified (excluded). Please note you can purchase supplemental insurance or optional coverages, but there will also be certain uninsurable perils.
A step below the comprehensive plan, this coverage will protect your building and the possessions that have been named specifically in your policy.
This is the money saving policy, but it also one of the riskier options. When purchasing this insurance, you agree to carry the risk for of potential loss for certain perils unless specifically stated in your policy.
A ‘No Frills’ policy is only for those buildings that do not meet the requirements for normal coverage. You can save money in the long run by opting to update your property to qualify for a standard policy.
To summarize, if you have comprehensive Home Insurance, then you are more likely to have coverage when a storm hits. Saving money now can effect your financial risk later.
Types of Home Insurance Policies You Can Buy and What They Cover
Homeowners in Canada filing more insurance claims for storm damage: J.D. Power
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Posted on 4/29/2014 2:14 PM By Cam Clay
Let’s be real, purchasing insurance isn’t exactly the most fun and exciting use of your free time, and neither is attempting to wade through all of the industry jargon or policy wording. But if you don’t take the time to read your policy you may be out of luck, because knowing what ISN’T covered can be just as important as knowing what is.
So now we have to ask, “Do you know what you don’t know?”
Answer These Questions:
- When was the last time you reviewed your insurance policy, if ever?
- Do you know what sort of payout you will receive if a big loss were to occur?
- When was the last time you updated your policy?
If you answered no or can’t remember the answer to any one of these questions, then it is time for you to sit down with an insurance agent and take a look at your current policy to determine what actions need to be taken so that your coverage is relevant to your situation.
Lack of Insurance Knowledge Common
For those of you out there feeling alone because you are not up to date on insurance info, don’t feel too bad, there are a lot of people piled in the same boat as you.
According to a recent Trusted Choice, telephone survey, out of the 1,000 people polled, nearly 40% of respondents didn’t know what was in their policy, and another 60% admitted that they did not in fact do any research before purchasing their policy.
Put it altogether and what do you get? A lot of people overpaying to be underinsured. Follow along with our next few blog posts as we cover common mistakes individuals make when purchasing insurance, and how you can avoid making similar mistakes.
Source – How well do you know your insurance policy?
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