Home/Condo Insurance

What to Expect with Home Insurance

 

Typical home insurance coverage includes:

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• All risks - just as the name suggests, it covers damages to your home and the property in it from all risks other than named exceptions.

• Named perils - less expensive than All Risks coverage, this may include losses from damage due to fire, theft and water damage only or other specific perils.

• The mid-range alternative - priced somewhere between All Risks and Named Perils, this type of coverage usually includes All Risks on the building and some Named Perils on the contents.

• Additional Living Expenses - if you have to leave your home temporarily because of damage.

• Personal Liability - this will cover damage to other people's property while on your premises and other people harmed while they are on your property as in a slip and fall situation.

• Improvements and Betterments - coverage for upgrades to amenities that you have purchased beyond the builder’s standards, for instance upgraded kitchen cabinets, carpets, and so on.

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Optional Home Insurance Coverage

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Some types of coverage are optional and can be added on to a standard home insurance policy. This type of additional insurance can include damages caused by:

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• Earthquakes

• Furnace oil spills

• Sewer back-up

 

Your personal possessions are covered no matter where you are, for example the possessions you bring with you on holidays.

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At Regional Insurance Services, we have more than 30 years' experience in the field, and we’re constantly upgrading our knowledge to reflect changes in the applicable laws and legal environment. Let us put our expertise to work for you and call us for a quote or to set up a consultation today.

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We’ll Help with the Details

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With so many details to consider and let us use our experience to give you the best guidance like on how you can save on premiums or have adequate coverage.

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• Actual Cash Value or ACV vs. replacement value - when loss or damages occur to the property you have in your home, you can insure it for its ACV, which is the purchase price less a certain percentage of depreciation based on its age, or for its full replacement value as a new purchase. This will affect your premiums.

• Jewellery and furs - and other luxury items may not be covered under a standard policy, or coverage may be limited to specific amounts. We’ll help determine what level of coverage you need and any additional riders that may be required.

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We Make it Easy

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Here at Regional Insurance Services, we’re a full service brokerage, meaning we work for you to get you the best rates and best home or condo insurance coverage from our contracted insurance providers and we’ll be with you during the whole process from choosing the right policy to filing a claim. We’ll also be there to review your coverage every year and ensure that it’s up to date.

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