Understanding Home Insurance Coverage Limits - Ask The Expert with Greg Marcyniuk

Greg shares tips for determining home insurance coverage limits in Saskatchewan. 800 CHAB radio presents Ask the Expert with Greg Marcyniuk of Heritage Insurance located in Moose Jaw

Here's a transcript of this episode:

Rob Carney: Today with Heritage Insurance, Greg Marcyniuk at Heritage Insurance. And Greg, today we want to talk about buyer beware. Everybody's buying everything nowadays on the Internet, including insurance. You gotta know what you're doing. Your best bet is an insurance broker, just like the commercials say, right?

Greg Marcyniuk: That's correct, Rob, but just a fine example is I had a couple bring in their son that just purchased a home. He went online. He bought his own insurance, and unfortunately had a sewer backup. Well the sewer backup had a $10,000 deductible, so that was like 10 grand out the window of the stuff downstairs. That's about what he had in his basement.

The parents brought him down here. And you know, things are cheaper for a reason, and it's not like buying a pair of shoes when you go online. Insurance is very important because, you know, for that young fellow, he lost $10,000, and I really felt bad for the individual. But again, you just have to take the time. Come on down and talk to a broker.

So basically what I had done is I just want people to be aware of limits within their insurance and why you should come down, talk to a broker — because a lot of people don't realize what these limits are. And I'll just give you a few examples.

If you have any books, tools, or instruments pertaining to your work or to a business, most policies have a limit of $2,000, and there are different options that you can get to increase that; as well as credit card, debit card, checks, counterfeit money, there is a limit of $10,000. Again, you can, and that's typical. Not all policies are the same. Some companies are lower, some companies are higher. So again, these are general numbers because companies do have different amounts.

Also, voluntary medical payments, $2,500; as well as comic books, trading cards, a lot of people assume that those are automatically covered. Now typically, there is a $500 limit per item or a maximum of $3.000. So if you have $20,000, $30,000 worth of comic books or collector cards: hockey cards, baseball cards, again, you want to go through and look at that and make sure you have proper coverage.

Furs and fur garments, again, only up to $4,000. Some policies are more. Again, some are less. Any manuscripts, stamps, there will be a limit of approximately $3,000. Numismatic property, coin collections, again $3,000.

Identity theft, again, we've talked about this many times, $10,000 is the standard. Some are up to $30,000.And again, you get what you pay for.

And security is up to $3,000. Lock replacement, if you lost your keys, there is $1,000 typically on most policies and upwards to $3,000 on other types of policies.

Outdoor trees and shrubs, it'll be typically a limit of $500 per tree up to about $2,500. And again, some is up to 5% of your policy, and you really have to sit down with your broker and go through that.

Lawn mowers, garden, tractor equipment, typically $10,000. And there are limits on some policies with horsepower and everything.

So biggest thing that we see is when they have a claim, that's when the problem begins. So be proactive, sit down with a broker. Look at what you have, look at your belongings, and make sure that you are adequately covered.

Rob: Your best bet is an insurance broker, and you can find them right here at Heritage Insurance, Greg.

Greg: That's correct. Or check us out online at nohassleinsurance.ca or come down, see any of our people down here at the corner of Fairford and 1st Avenue Northwest.

(Video transcription by Speechpad)

Understanding Home Insurance Coverage Limits - Ask The Expert with Greg Marcyniuk

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