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Warning:  Do you know what your home and auto insurance will cover you for in the event of a claim?

"What’s the cheapest price you can give me?"  I ‘m asked this question more times than I can count.  I realize that price certainly plays a part in your decision when you purchase your home and auto insurance but consider this….

Mike and Diane have decided to purchase home and auto insurance with company X because they came in at the cheapest price.  The representative wrote up their policy and sent them on their way.  "We saved $150 on our insurance" they thought, "what a deal!"

Later that year, Mike and Diane’s home burnt to the ground in a fire.  They called their insurance company and were put on hold for a half an hour waiting to speak with Customer Service to report the claim. Once they got through, they were told about all the things they were not covered for.  The Replacement Cost on their home was $245,000 yet it was going to cost $300,000 to re-build.   There was no Replacement Cost Guarantee on their policy which means they were going to have to pay out of pocket $55,000.

In a separate incident, Mike and Diane also had to report a break-in.  At that time their company chose to tell them that they only had $3,000 coverage for their stolen jewelry.  Nobody had ever told them that they had this limitation and that they could easily have increased it.

I cannot stress enough the importance of reading your policy and understanding what you are covered for.  There are many things to consider when buying a home or auto policy.  The legal policy wording is dry and confusing.  This is where I come in.  As a Registered Insurance Broker I work for you, my client.  I do NOT work for the insurance company.  It is my job to explain your policy to you and ensure you have the proper coverage to suit your needs.   That’s why our brokerage deals with seven different companies, which provide choice and competitive rates for our clients.

A wise man once told me, "When you are calling in a claim, the last thing you are thinking about is what your premium costs, the first thing you think about is am I covered?"

Ann Marie Michaud, Registered Insurance Broker

The Neziol Group

"Straight up and Honest Insurance Advice.  The First Time." 

For more information, please contact The Neziol Group at (905) 847-3200 x 28 or toll free at 1-877-273-9016 or visit our website http://www.neziol.com. 

 
 
Contact Tracy to answer homeworks quiz
To enter the homeworks quiz contact Tracy Irwin at tracy@tracyirwinmortgages.com
 


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