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For insurance purposes this is a chance event that is unexpected and accidental. Damage to your home by a fire due to an electrical fault is an insurable risk because it is unexpected and accidental. Wear and tear is an expected risk and uninsurable.
What is meant by the term "dwelling"?
The term "dwelling" within the context of an insurance policy refers to a house, apartment, or other residence. In insurance terms, a dwelling also may include:
Attached structures, like a carport or garage
Permanently installed outdoor equipment, like a pool and the pool equipment attached to it
Building materials on or adjacent to your property
Plants, trees and shrubs (note though, that coverage is a very small amount per item, are only for certain specific perils, none of which are weather related)
The term "unit" is generally used to refer to a condominium.
What is the difference between Replacement Cost and Actual Cash Value?
Actual Cash Value is the current cost to repair or replace a damaged item minus depreciation. Most items lose value over time, this means during a claim, you will be offered the value of insured items in their used condition, not what it could cost to replace the items with new items.
Replacement Cost is the actual amount it would take to repair or replace a damaged item without depreciation.
What is a Guaranteed Replacement Cost coverage?
Guaranteed Replacement Cost is available as a part of Homeowners policies
This coverage permits you to rebuild, repair or replace your dwelling even if the loss or damage exceeds your policy limits. There are conditions which apply to this coverage.
Please connect with us to ensure that you have adequate coverage to protect you and your family.
What are considered Uninsurable Perils?
Insurance helps homeowners with the costs from unpredictable, sudden, accidental events. That's why some perils (causes of damage) are considered insurable, and others are not.
Here are some examples:
Damage from freezing outside the home, from waves, melting or moving snow and ice, heavy frost, as well as snowslide and landslide is uninsurable
Damage from insects, rodents (and sometimes raccoons) is not insurable
Direct damage from intentional application of heat is not insurable (e.g. shrinking of clothes in a clothes dryer), but if the dryer sets the clothing on fire, and the fire damages the room and its contents, that damage is covered
What is a single deductible endorsement?
If your claim is covered by more than one policy, this means you only pay one deductible*.
Glossary