Your Premium News - January 2018
Why do I have to insure my home for a different amount than what I purchased it for?
The selling price of the home depends on a lot of factors like the lot size, total living area, quality of the home, the locality, schools and amenities in close proximity, and crime rates to name a few. Whereas, insurance companies insure homes based on the replacement cost. An approved calculator system is used to estimate how much it would cost to rebuild a similar home, taking into consideration the costs of clearing and cleaning up debris, using comparable quality material and today’s labour rates. The home needs to be insured to the 100% rebuilding cost to make sure the building is covered appropriately in the event of a loss. If a home is insured based on the purchase price, there may be a risk of having inadequate coverage. This is also why any major changes or renovations to the home should be reported, so a new reconstruction cost can be completed to ensure the home is insured for 100% rebuilding cost.
Call us for a home insurance quote at 204-262-6065 or get a quote online.
Why do I need trip interruption coverage?
Travel insurance isn’t just about protecting you in the event that you fall ill or are in an accident, it’s about protecting your trip as a whole. Another substantial financial cost you can incur before or during your vacation is if you have to cancel or interrupt your trip unexpectedly.
Trip interruption coverage protects you if you need to return home suddenly. It will reimburse you for any fees incurred to change your flights, as well as the part of your trip that you didn’t get to enjoy, but already paid for.
We don’t want to think about our vacation being ruined mid-trip, but it can happen. A family member may pass away. Your flight is delayed, so you miss your cruise departure. Your travel companion gets injured and can no longer travel. Even something as simple as weather can interrupt a perfectly planned vacation. For eligible situations, trip interruption coverage can get you home or to your final destination without the worry of additional expenses.
Call us at 204-262-6000 for a travel insurance quote or get a quote online.