Property Coverages

Question 1

Agreement

Answer 1

No building or associated structures shall be used for any purpose prohibited by law.

Question 2

Definition Business

Answer 2

Any pursuit undertaken for financial gain

Question 3

Definition of Condominium Corporation

Answer 3

Condominium or strata corporation established under provincial legislation

Question 4

Detached private structure

Answer 4

Structures/buildings separated from the main dwelling by a clear space (unless attached by fence or hydro line)

Question 5

Dwelling

Answer 5

Building or portion of the building described in the declarations occupied by you as a private residence.

Question 6

Insured Person

Answer 6

Persons listed on the coverage summary page or their spouse or relative and anyone under 21 living with them or in their care. Students living away from home for school are also insured.

Question 7

Spouse

Answer 7

Husband or wife. common law for 3 years or have an adopted child at least 1 year.

Question 8

Who can take legal action against the insurer

Answer 8

only those named in the coverage summary page of the policy

Question 9

Premises

Answer 9

dwelling and land contained within lot lines. Condo: condo and any private entrances or outdoor spaces for private use only.

Question 10

Residence employee

Answer 10

nanny or gardner

Question 11

Condo Unit

Answer 11

Your private condo dwelling or private area

Question 12

Vacant

Answer 12

Means the dwelling is usually empty and no one is intended to return soon.

Question 13

Coverage A - Dwelling: what is insured

Answer 13

Dwelling and attached structures, swimming pool and permanent outdoor equipment.

Question 14

Coverage A - Dwelling: Other insurance

Answer 14

construction material located on or adjacent to the premises.
Fixtures stored off premises for repair or seasonal storage
tress and shrubs up to 5% of you policy, no more than 500$/tree

Question 15

Coverage A1 - Condo Unit: what is insured

Answer 15

Unit, excluding betterments if your condo corporation doesn’t have insurance

Question 16

Coverage A2 -Condo Loss Assessment : insured?

Answer 16

Pay your share of the condo special assessment if a loss occurs to the collectively owned property from a peril insured by your policy

Question 17

Coverage A1 - Condo Unit: what is not insured?

Answer 17

Any portion of the deductible you are required to pay for the condo corporations insurance policy.

Question 18

Coverage A3 - Condo unit improvements: insured?

Answer 18

Betterments/improvements made by you including pool, hot tub, buildings, attached equipment on premises.

Question 19

Coverage B - Detached private structures

Answer 19

structures not attached to main dwelling are covered , garage, shed

Question 20

Coverage C - Personal property/contents W/I Insured?

Answer 20

contents of dwelling, property you own/wear. Uninsured property of others (if you want). We don’t insure property of roomers/boarders

Question 21

Is personal property stored in a warehouse insured?

Answer 21

yes, for the 30 days. after 30 days, if requested, only insured for theft.

Question 22

Is personal property of a student insured?

Answer 22

Yes, while they are away as long as they consider your dwelling their main residence.

Question 23

What personal property is covered for a tenat?

Answer 23

same as homeowner and additionally betterments are covered if made IN your unit (not outside)

Question 24

What personal property is not covered under standard home insurance?

Answer 24

Motorized vehicles(except watercrafts, snow blower, lawn mower, etc)
campers
airplanes
property stored at another location you own
outdoor trees for commercial purposes

Question 25

What are the special limits of insurance?

Answer 25

Limits set out for certain items that can be found in your home. Unless extra coverage is purchased, you won’t be entitled to any extra for items in special limits.

Question 26

What is an extension of coverage?

Answer 26

Extensions of basic contents policy, does not cost extra

• debris removal
• property removal
• moving to another home
• damage to dwelling (tenant in rented apartment)
• fire department charges
• freezer foods
• credit/debit forgery
• change of temperature
• lock replacement
• tear out
• arson
• inflation protection

Question 27

What is the arson reward?

Answer 27

Insurer will pay 1000$ for information leading to the conviction of the person who burnt down you home

Question 28

What is a burglary reward?

Answer 28

insurer will pay 1000$ for information leading to conviction of someone who stole insureds belongings.

Question 29

If a dwelling is vacant for 30 days…

Answer 29

loss or damage is not covered.

Question 30

When is water damage covered in the summer?

Answer 30

• sudden escape of water from watermain
• sudden escape of water from a tank inside the dwelling
• escape of water from domestic water container outside your dwelling if its not cause by freezing
• water enters your dwelling due to specified peril

Question 31

When is water damage covered in the winter from freezing?

Answer 31

if you had someone check on your house everyday while you were gone for more than 4 consecutive days, or you emptied your pipes/tank

Question 32

Is earthquake or landslide covered under basic policy?

Answer 32

no, not unless you buy the extra coverage

Question 33

Is theft of building materials covered when you are in the construction phase?

Answer 33

no, building material isnt covered until the dwelling is livable.

Question 34

If you have to rebuild and a bylaw says you can’t put it back in the same place, are you covered for that?

Answer 34

not unless you purchased extra bylaw protection.

Question 35

What 3 settlement options are available if you replace or repair the damaged building?

Answer 35

• Actual cash value
• Replacement cost
• Guaranteed replacement cost

Question 36

What is the actual cash value?

Answer 36

replacement cost - depreciation

Question 37

What is the replacement cost value?

Answer 37

cost of replacement or repair (whichever is less)

Question 38

What is subrogation?

Answer 38

Insurer assumes insureds rights of recovery against others and can bring action in your name to recover losses.