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I’m going away on holidays for a week. Is there anything I should be thinking about? |
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Most importantly, you need somebody competent, not a child, to check in on your home every 24 hours, especially during the winter months. If you can’t arrange this then shut off the water and drain your pipes or have your heating system connected to a monitoring alarm station that provides 24-hour service. |
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Q: |
If there is water coming in my basement, does my homeowner’s policy cover this? |
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This type of damage is not covered by your homeowner’s policy, but you can minimize the possibility of such damage occurring by following the advice offered in the previous question. |
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If I slip and fall on my own property, does my insurance company cover me? |
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No, it doesn’t, but it will cover you if someone else falls on your property and has an injury. Your insurance is there to protect you from being sued. |
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Q: |
Why is the market value of my home different from the insured value? |
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Your home may be insured for less or more than the market value because it is assessed based on the cost for the insurer to rebuild it. Some insurers have deals with contractors while some homes may have been built along with many others at reduced rates. In this case, the insured value may be higher than the market value. |
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Q: |
How much jewellery does my homeowner’s policy cover? |
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There is up to $6,000 in coverage for jewellery, watches, gems and furs on your homeowner’s policy. |
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If I have jewellery worth more than $6,000 how can I get it covered? |
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You can pay a separate premium and have a scheduled jewellery rider attached to your policy. If an item on the rider is lost there is no deductible charged. |
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What is a deductible? |
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This is the amount that you are responsible for. It allows you to assess whether or not it’s worth putting in a smaller claim that could raise your insurance rates. |
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Q: |
Why does my insurance on my home go up every time I renew? |
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It goes up to ensure you are adequately protected for the replacement of your home. Each year, inflation increases the cost of building materials and labour so your insurance company is attempting to reflect your home’s true value in your policy. |
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Why do I have coverage for detached structures on my policy when I don’t have any? |
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To avoid unnecessary paperwork, sheds and garages are automatically covered just in case you forget to tell us about them. |
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Q: |
Are my family members belongings covered by my homeowner’s policy when they are away at University or put in a nursing home? |
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Yes, elderly parents in nursing homes and children away at school are still covered for their personal belongings under your homeowner’s policy. |
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Q: |
Are my border’s belongings covered by my policy? |
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No, since a border is not your dependent and, therefore, not your responsibility. |
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Q: |
Do I have to let my insurance company know that I have a border? Will my rates go up? |
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Yes, you should because your risk is increased due to having a stranger in your home. Your rates go up, but so does your protection. |
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Q: |
Do I need to advise my insurance company if I am opening a home daycare? |
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A: |
Since you are responsible for young children and you will want to protect yourself against liability, it’s best to advise your insurance company of any changes in your circumstances. |
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Q: |
How can I save money on my auto insurance? |
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Taylor Group will automatically offer you a multi-policy 5% discount if you combine your home and auto insurance. Maintaining a good driving record, avoiding tickets and being accident free for over six years can all help reduce your rates. Talk to an expert at Taylor Group to find out more about ways to save. |
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What should I do if I am involved in a car accident? |
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Call your insurance broker right away. After business hours call our 1-800 emergency number (1-800-203-3283). Get the other person’s information including; name, address, phone number, insurance company name, policy number, type of vehicle and plate number. Call the police if there are damages or injuries that are serious. |
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Who is covered to drive my car? |
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Anyone with a valid driver’s license can drive your car, but be careful who you let behind the wheel because it’s your insurance that will go up if they have an at-fault accident. |
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Can I drive without insurance? |
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You cannot drive your car without insurance, but you can drive other people’s insured cars if you have a valid driver’s license. |
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Q: |
If I use my car for business, is my insurance policy affected? |
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Since you are on the road more and have higher exposure and risk, it’s best to let your insurance company know. Your rates will go up, so that you are properly covered. You can also write off the business insurance portion of your insurance. |
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Q: |
I will be traveling outside Canada and the U.S., am I covered if I rent a car? |
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Rental coverage does not extend beyond Canada and continental U.S., but it can be added to your insurance as an extra as long as you already have collision and comprehensive insurance on your policy. They are then transferred to the rental policy. |
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Can I insure a car that I don’t own? |
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Your insurance is for registered owner’s of a car and is there to protect your car and no one else’s. |
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Q: |
I’m getting a new car. Am I covered? |
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Yes, you are covered for two weeks on your existing insurance, but it’s important to notify your insurance company in advance of buying a car to ensure you are properly protected for the actual car you’re driving. |
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Q: |
My child is going to University. Does this affect my automobile insurance policy? |
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Leaving them on your insurance is a good idea because it protects their insurance history down the road. But, at Taylor Group you may qualify for up to 75% discount on the occasional driver portion of your insurance depending on how far away they are living. |
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Q: |
I thought we had “no fault” insurance in Ontario so why did my insurance go up? |
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“No fault” insurance means that if you are deemed not at fault your insurance rates don’t go up. Someone is always at fault in an accident. Fault is determined by fault charts, which have been set out by the Ontario government, i.e. a driver who rear ends another is always at fault. |
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Q: |
Do all accidents affect my insurance policy? |
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Only those accidents that have been deemed your fault affect your insurance for a period of six years. |
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Q: |
Do traffic tickets affect my insurance policy? |
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All convictions, except parking violations, affect your insurance, especially if you lose points and pay fines. Driving offenses affect your premiums for three years from the date of conviction. |
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Q: |
I have a new business and am looking for insurance. What do insurance companies consider when evaluating my business? |
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Insurance companies consider the condition of the building in which your business is housed, the value of your assets and your gross sales are all looked at to properly estimate your insurance premiums. |
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Why does my insurance company need to know my gross sales? |
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It is important for your insurance company to know your gross sales because it gives us a better idea of the size of your business so that we can establish fair premiums for business interruption and liability insurance. |
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How can I reduce the cost of my business insurance? |
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Yearly reviews of your equipment and stock values can ensure that your insurance is not overvalued. Also, you can increase your deductible and add an alarm system to lower the risk to the insurance company. |
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Do I have enough liability protection for my business? |
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Taylor Group recommends having $5 million in liability, which in these changing times, will give you adequate protection. The cost is actually not that much greater in relation to the protection you get. |
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