Whether you rent or own, live in the city, the suburbs or the country, prefer a studio or stately manor home, E. Bollenbach Insurance Brokers Ltd offers the property insurance products you need. Downtown or uptown, we insure properties of all types, both commercial and residential. Before choosing your plan, have a look at some of the home ownership questions that you can discuss with your insurance broker at E. Bollenbach Insurance Brokers Ltd:
Homeowner’s insurance is one of the most popular forms of personal lines insurance on the market today. The typical policy has 2 main sections. Section 1 covers the property of the insured, and section 2 provides personal liability coverage to the insured. Almost anyone who owns or leases property has a need for this type of insurance. And many times, homeowner’s insurance is required by the lender as part of the requirements in obtaining a mortgage.
Direct damages due to earthquakes are not covered under the standard homeowner’s insurance policy. If you live in a part of the country with high earthquake activity, you may want to consider adding an earthquake endorsement to your homeowner’s policy. This endorsement will cover damages due to earthquakes, landslides, volcanic eruptions and other earth movements.
There are a number of factors to consider when purchasing homeowner’s insurance. First, purchase the amount and type of insurance you need. Then, determine the amount of personal property insurance and personal liability coverage that you need. Also determine which, if any, “floaters” you want to add to your policy, i.e., boats, computer equipment, etc. Finally, you can decide which insurer to purchase your coverage from, and decide if you will be purchasing your insurance direct or using the assistance of a knowledgeable insurance broker.
A named perils policy covers losses that are due to only those perils listed in the policy. The perils typically covered include fire, windstorm, hail and other direct physical losses. An all risks policy covers losses that are due to any peril except those specifically excluded in the policy.
There are a number of things you can do. The best is to meet with your independent insurance broker and discuss your specific insurance needs. Many online quotes are not tailored to your specific needs, which may cost you more in the end. Another way to lower costs is to look for discounts that you may qualify for, and be sure to ask your broker what these may be. You can also raise your deductible to lower your premium, but make sure that you have the financial resources available to handle the larger deductibles.
You should notify the insurance company or your broker, telling them that a loss has occurred. You then should prepare a detailed list describing the damages, the cash value of items involved, and replacement costs if you have added the replacement cost endorsement to your policy. Also be prepared to show your insurance provider the damage. Finally, you should complete a statement for the insurance company that details the events that led to the damages.