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Cash, Actual, Value (actual cash value)
Condominium insurance
Construction type
Contents coverage
Cost Actual cash
value
If you make a claim on your insurance policy, we will offer you the
actual cash value for your lost items. This means, we will give you
only what the items are worth in their used state, not what it
would cost you to replace the items with new ones at today's
prices. Condominium
insurance
If you own a condo, condominium insurance will cover the inside
structure of your unit, the belongings inside the unit and common
areas of the building that are owned in part by you and the other
residents (e.g. lobby, gym or pool). Construction type
The construction type of your property determines your rates.
Generally, if your home is of a more solid construction like brick
or brick veneer, the lower your insurance rates. This is because
these materials are less combustible than other building
materials. Contents coverage
Contents coverage includes protection for all your personal
property you normally keep in your unit and on your lot. You can
purchase All-risk or Named perils contents coverage. Guaranteed replacement cost
No matter how careful you are when appraising your home, it is
possible to underestimate the replacement cost of the building. The
Guaranteed replacement cost option protects you from being
under-assessed, and will make up for any difference in the
replacement value, or will provide you with added compensation up
to an agreed amount. This coverage is for homeowners only. Replacement cost
If you have to make a property claim, we will give you the cash
value of all the items you have lost. When you replace the item
with a similar kind and quality within 180 days of the day it was
destroyed, the insurance company will pay you what it cost you to
replace the item. This means you are getting the value of new
items, not the depreciated value of what your belongings were
worth. All
risk
When you have all-risk coverage (building or contents), you are
insured for almost everything, unless it's specifically excluded
from your policy (e.g. intentional damage to your own property
would not be covered). This is the most common type of coverage
because it offers the most protection, especially for any strange
unforeseen events. Building coverage
For homeowners only, building coverage protects the structure of
your home, not your contents inside. Contents coverage
Contents coverage includes protection for all your personal
property you normally keep in your unit and on your lot. You can
purchase All-risk or Named perils contents coverage. Liability coverage
Liability insurance protects you from having to pay damages to
people if you have been found responsible for unintentionally
injuring them or their property. For example, if someone slipped on
your kitchen floor and broke his/her leg, you would need liability
insurance to protect you if he/she sued you and the courts ruled it
was your fault. Named
perils coverage
Named-perils coverage protects you from the most common
types of property insurance claims. Named-Perils includes fire,
theft and water damage. Everything is listed very clearly in your
policy booklet so you have a complete list of what your insurance
policy covers.
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