Hilton Insurance News

Home Insurance Misconceptions

September 25th, 2015

Home Insurance Misconceptions

There are six big home insurance misconceptions that homeowners are not aware of.  These misconceptions can impact the method in which claims are paid out. Many homeowners have been hit with astronomical expenses when any of these misconceptions have affected them.

30-day vacancy rule

Most policies state that the premises must be occupied to be covered under the policy agreement.  What homeowners are not aware of is if any damage is incurred while unoccupied, their policy will not cover the damage. There have been numerous claims denied due to this clause. For rental properties, owners are subject to the 30-day rule.  If the rental property is vacant for over 30 days, the owner has no recourse should there be any damage from the vacant property. For coverage, the owners can purchase a vacancy permit within 30 days of the vacancy.  However, this does not typically include any malicious acts or vandalism.

Jewellery Covered only up to limit

Home insurance policies only cover lost or stolen jewelry items up to a sub-limit. Check your policy for the sub-limit value.  It is recommended that consumers include an endorsement on their policies. To do this, consumers may need to provide appraisals and photographs for the items included on the extension.

Limitations for Rare Items

Rare items have similar limitations as jewellery.  Check your policy to see what inclusions/exclusions are added to the policy concerning rare items. These items could include equipment used for business, coin collections, stamp collections and/or antiques. Supporting documentation would also apply for these items and are included with the purchase extension. 

Sewer Backup, Earthquakes, Flood not covered by basic policies

Natural catastrophes are usually not covered in basic policies such as flooding, earthquakes or tornados.  Check with us to see if there is any extended coverage for these natural disasters.

Maintenance Exclusions

It is imperative that homeowner’s properties be properly maintained.  Poor upkeep can be grounds for denying a claim.  Insurance policies are not maintenance agreements. Any damage to the insured property such as water seeping through the foundation is not considered an insured peril.  The same applies if the home has been damaged by pests such as vermin, wasps, racoons, or other household pests.

Upgrades

Any renovations or remodelling projects have a big impact on your insurance policy. A reminder to homeowners; if the renovation or remodel is adding value to the property, it is also changing the initial insurance policy.  Any changes to the insured property may

void the policy in the event of a claim, especially if the insurance company was not made aware of the changes.  The company could deny the claim and may cancel the policy.  It is always better to be honest with your insurer and let them know when changes have been made, than to find out the claim has been denied.

Hilton Insurance strongly recommends that homeowners carefully review your policies to find out what you are covered for.  If you need assistance with or clarifications on your policy, contact us at 204.488.4484. We will be glad to help with your queries.



Ted Hull Consulting FYI


Ice Dams - The Cause and Cure
February 21st, 2017

How Natural Disasters Affect Insurance Rates
November 8th, 2016

How to Save on Insurance Like a Pro
August 31st, 2016

Understanding Costs Related To Reconstruction
June 7th, 2016

Travel Health Insurance - Are you really covered?
April 20th, 2016

Overland Flood Coverage
February 2nd, 2016

WATER AND/OR FIRE LOSS
November 24th, 2015

FALL CHECK LIST 
November 2nd, 2015

Home Insurance Misconceptions
September 25th, 2015

Travel Insurance in Canada
August 14th, 2015

Why insurance for Sewer Backup
June 19th, 2015

Home Replacement Value vs Home Market Value
May 13th, 2015

Identity Theft Insurance
April 24th, 2015

Thirteen Things Your Burglar Won't Tell You
March 10th, 2015

  • Ice Dams - The Cause and Cure
February 21st, 2017
With spring approaching and temperatures getting warmer we thought this would be a great opportunity to talk about Ice Dams!   What are Ice Dams? An ice dam is a ridge of ice that forms a.....
Home
Insurance Products
Home Insurance
Vehicle Insurance
Business Insurance
Life Insurance
Travel Insurance
Canine Accident Insurance
Company Profile
Request A Quote
News
Contact
Insuring Through Relationships
Call: 204.488.4484

Hilton Insurance News

Home Insurance Misconceptions

September 25th, 2015

Home Insurance Misconceptions

There are six big home insurance misconceptions that homeowners are not aware of.  These misconceptions can impact the method in which claims are paid out. Many homeowners have been hit with astronomical expenses when any of these misconceptions have affected them.

30-day vacancy rule

Most policies state that the premises must be occupied to be covered under the policy agreement.  What homeowners are not aware of is if any damage is incurred while unoccupied, their policy will not cover the damage. There have been numerous claims denied due to this clause. For rental properties, owners are subject to the 30-day rule.  If the rental property is vacant for over 30 days, the owner has no recourse should there be any damage from the vacant property. For coverage, the owners can purchase a vacancy permit within 30 days of the vacancy.  However, this does not typically include any malicious acts or vandalism.

Jewellery Covered only up to limit

Home insurance policies only cover lost or stolen jewelry items up to a sub-limit. Check your policy for the sub-limit value.  It is recommended that consumers include an endorsement on their policies. To do this, consumers may need to provide appraisals and photographs for the items included on the extension.

Limitations for Rare Items

Rare items have similar limitations as jewellery.  Check your policy to see what inclusions/exclusions are added to the policy concerning rare items. These items could include equipment used for business, coin collections, stamp collections and/or antiques. Supporting documentation would also apply for these items and are included with the purchase extension. 

Sewer Backup, Earthquakes, Flood not covered by basic policies

Natural catastrophes are usually not covered in basic policies such as flooding, earthquakes or tornados.  Check with us to see if there is any extended coverage for these natural disasters.

Maintenance Exclusions

It is imperative that homeowner’s properties be properly maintained.  Poor upkeep can be grounds for denying a claim.  Insurance policies are not maintenance agreements. Any damage to the insured property such as water seeping through the foundation is not considered an insured peril.  The same applies if the home has been damaged by pests such as vermin, wasps, racoons, or other household pests.

Upgrades

Any renovations or remodelling projects have a big impact on your insurance policy. A reminder to homeowners; if the renovation or remodel is adding value to the property, it is also changing the initial insurance policy.  Any changes to the insured property may

void the policy in the event of a claim, especially if the insurance company was not made aware of the changes.  The company could deny the claim and may cancel the policy.  It is always better to be honest with your insurer and let them know when changes have been made, than to find out the claim has been denied.

Hilton Insurance strongly recommends that homeowners carefully review your policies to find out what you are covered for.  If you need assistance with or clarifications on your policy, contact us at 204.488.4484. We will be glad to help with your queries.

Hilton Insurance
472 Academy Road Winnipeg, MB R3N 0C7
(204) 488-4484 Email: info@hiltoninsurance.com
www.hiltoninsurance.com
@ Privacy Policy Hilton Insurance Services copyright | All Rights Reserved | Website Designed and Hosted by M9 Webdesign