Winnipeg Free Press

Winnipeg Free Press (Newspaper) - August 13, 1995, Winnipeg, Manitoba Winnipeg free press sunday Homes Section Philip Anwyl 6977017 b1 1995 reduction buying peace of mind Worth Cost of insurance few of Dowling insurance says nobody should avoid getting property there might be a by Sarah Mearon free press correspondent you hang your coat up in the you snuggle up by the fireplace with your favorite its your Home and you want to protect and for As Little As a night out at Folk your monthly insurance Premium will stand guard Over your property and your preventing the heartache that accompanies the loss or damage of your Humble Melody a Branch manager with Dowling says nobody should avoid getting prop erty theres too much to Terin when it comes to your the Price to pay for peace of mind usually conies in the form of a monthly Premium issued by your insurance com and while Cost is certainly a Factor when buying property the task of getting the proper coverage you require and deserve May be equally hard to for the insurance Case of Maxine and Brian aging roof the Wolseley couple wanted to upgrade their Homes coverage from Broad to but before they could do their insurance company prescribed that their aging roof be fixed and so the Lutes spent a month toiling on their two Storey 1930s Brick and stucco Home Reshin gling with Cedar a move they said was Worth it in order to get the coverage they we get comprehensive coverage until the roof was says but not every Homeowner will want the Type of coverage the Lutes sometimes termed All risk by the insurance coverage should make sense to the says Greg executive director of the insurance Council of before going to a he offers this bit of advice think about what you want to insurance companies have offered three types of a Standard or Basic policy provides Protection against specific named perils on buildings and perils can include anything from fire and Light Ning to Glass breakage or Terin says that this Type of policy is All but most homeowners have opted to pay the extra or so a year for Broad a Broad policy insures the building against All perils not specifically and the contents against specific perils that must be named in the on a with no the Premium would be a year with a Broad she by comprehensive cover age costs a a comprehensive policy insures both building and contents against All this Type of coverage is the most extensive and the most expend but Consumers beware even an Al risk policy has popular a dons available cover Laptop compute cellular phones and camera discounts offered for alarm systems and nonsmokers can reduce premiums by five to 15 per the Standard deductible for All clients is Terin on the other Side of the insurance homeowners in High crime particularly the have been finding their premiums Are on the payments can be done monthly or even two or three months each of these types of pay ment plans incur a Small service As Little As a three per cent surcharge for the monthly the insurance Industry product your Home owners insurance policy differs from company to company and from policy to for this Ray the provinces act ing superintendent of stresses its important once you get your policy to read through Kozun also advises homeowners to refer any problems or discrepancies in the policy Back to their broker for this is time consuming but Well Worth the consumer has to know that they have to ask Sharrow if they they can request from their broker four or five alternate although most Shar Row chances if you have a you have a its a two Way in Exchange for lightening your financial the lending institution will insist that the property is insured for at least the value outstanding on the the Borrower has to provide proof to us that there is enough coverage on the Doug assistant Vic president of Canada lending institutions cannot dictate from where or what Type of coverage you get for your proper Joe Bryksa free press but its in the borrowers Best interest to have coverage that equals the replacement he in this if fire destroys your your insurance company will pay the replacement instead of the depreciated this is especially important for older where the actual value of the Home May be much less than the amount needed to replace policies covering replacement costs of both building and personal property translate into higher but its better to put out the extra Cash now rather than inflation May make a settlement based on depreciated value almost policies now include inflation Protection so that youre covered for the increased value of your Terin says furs and jewelry can be covered for up to in Many a Floater policy can be bought for extra insuring these possessions against All As a personal property is covered for 70 per cent of the value of the More limited although it int Terin says apart ment dwellers can expect to be required to buy the applicable insurance for cottages is More being restricted to fire and expanded Marilyn a broker with interlace agencies in says most companies will insist on insuring both the clients Home and cottage As a package the risk is says Kalb of seasonal Resi to the this Means vandalism and theft Are not covered in the nor Are the contents of the although additional coverage can be purchased for a higher during the policyholders should notify their insurer of any changes in such As refinishing a be aware that no claims in three years can qualify you for a discount nobody knows the ups and Downs of buying insurance better than a Friend or family member who has recently gone through the ask for references and dont hesitate to shop when it comes to Home dont plan to Cross that Bridge when you come to the toll May be very High if the Fine print says that youre not insured for a particular know your broker know your policy and above know the says questions to ask a broker what to ask for before signing on the dotted line How Many insurance companies do you represent How Long have you been in business As a Bro Ker can you give me references that will Tell me about your customer ser vice record what does my policy mean in Ordinary Lan Guage what is not covered in my policy have we talked about All the insurance Coyer Ages that someone in my circumstance might require Are there any options to the coverage you have recommended that i should know about source Consumers association of Canada ;