Al Hattie Insurance

Latest News

3 Important Questions to Ask Your Home Insurance Broker


Bring up the Discussions Before it's too late!



  1. If I am selling my home and I have moved out of it, do my coverage's change & should I tell my broker?
YES. Insurance companies provide packages & coverage's of insurance based upon the occupancy of the home. Insurance companies require that homes that are vacant be noted to them before or immediately becoming vacant. The insurance companies define Vacancy as the following: 

the dwelling is not occupied and, regardless of the presence of furnishings:

— all occupants have moved out with no intention of returning and no
new occupant has taken up residence; or
— no occupant has yet taken up residence, however, a newly acquired
dwelling which is to be your principal residence, will not be
deemed vacant for the first 30 days from the date of title registration
to you; or
— the dwelling will not be deemed to be vacant or subject to vacancy
restrictions or exclusions up to the first 90 consecutive days following
the death of the Insured or until the expiry date of the policy,
whichever comes first.

       2. What basis of settlement and limitations are there on personal property and contents?

Our home owners policies are designed as packages to include the many aspects a homeowner may need coverage for but what some homeowners may not know is that your personal property and contents are a separate limit and coverage from your dwelling. You should always confirm with your broker because every company is different, on how your personal property will be settled in a claim, for example will you get Replacement of the item or Actual Cash Value (depreciated). As well as, each company has a list on certain items and the max limit that they will provide coverage up to. If you require higher limits on these certain items you will need to schedule them onto your policy to provide that.

      3. What are my requirements when I am away from my home, for example on holidays?

Again, each company has a bit different requirements when it comes to this, so you should definitely be asking your broker what your insurance company guidelines are for when you leave your home in order to make sure you are still covered as not following their specific wordings on this could void your insurance coverage leaving you hugely burdened financially if there were to be a major water escape accumulating damage the entire time you were on holidays. That is why the wordings around this type of situation have been designed by the insurance companies, to mitigate losses when you are away from your home for an extended period of time and regardless of the wording we always suggest having your home checked on by a reliable person daily. 


All of these items are also outlined in your booklet of wordings for each insurance company which you can find on our website, or the insurance companies website or we can easily provide you with a copy at your request.

Insurance Truths Tuesday

We know there are many myths & truths of insurance floating around out there & we are here to try and help bring some clarity to the issue!

 

#TruthsTuesday

 

Having Great Credit Can Benefit Your Home Insurance Rates

 

The insurance companies (currently SGI Canada & Wawanesa Mutual) have designed this new method to try to give consumers another opportunity for discounting their home insurance rates.

We need two requirements to apply the discount:

1.      Express consent- For our client’s convenience, we are capable of accepting consent or withdrawal of credit score discounts verbally.

2.      The second type of information required is your legal full name and full date of birth, this information in most cases has already been obtained in the past for other insurance purposes.


Start saving more!

Lots of our customers have utilized this discount by taking those savings and purchasing additional coverage's such as, the newly introduced Flood Coverage. New this year to the personal homeowner’s line of insurance.

A little run down of how it works; once we have obtained your consent, the score is electronically requested from our credit score provider, depending on which insurance company you are with could either be TransUnion or Equifax. Credit score is then sent from the credit bureau through a secure data transmission channel and is automatically applied to the calculation of your premium. Your consent is kept and collected until or if you withdrawal that consent, and therefore annually the insurance company will access your credit score just before the renewal of your policy. We have been reassured by the insurance companies that this will not impact your credit rating.

To top off all this great news, Wawanesa Mutual has recently increased the credit score maximum possible discount, now allowing for an even greater discount.

*Your rates will not go up if you have an unfavorable credit score.


Privacy

At Al Hattie Insurance, we take your privacy very seriously. Our clients privacy is an office practice we have taken very seriously before credit scoring even came into play. We cannot see and do not have access to your credit score information. That information is restricted to only limited employees of the insurance companies who only access it in order to do their job.


Some Tips to Improve your Credit Score:

v  Always pay your bills on time.

v  Try to pay your bills in full by the due date. If you aren’t able to, pay at least the minimum amount shown on your monthly statement

v  Try to pay down your debts as quickly as possible

v  Don’t go over the credit limit on your credit card. Try to keep the balance well below the limit, as the higher the balance the more impact it has on your credit score.

v  Reduce the number of credit applications you make.

 

v  Make sure you have a credit history. Your credit score may be low because you don’t have a record of owing money and paying it back. You can build a credit history by using a credit card as long as you use it

Insurance Myths Mondays

We know there are many myths & truths of insurance floating around out there & we are here to try and help bring some clarity to the issue!

#MythsMondays

Travel Insurance Doesn't Pay Out!

Insurance is a means of protection from financial loss. Insurance companies exist in order to help mitigate unforeseen and sudden events thus protecting the insured's financial well-being upon the occurrence of a specific event, specified loss, damage, illness, or death in return for payment of a premium. In the case of one of our travel insurance providers, Allianz Global Assistance, they have an excellent track record in Canada, with exceptionally low claim denial rates. In 2015, AGA recorded a 92.5% payout rate. Clients are best encouraged to carefully read their travel insurance policy to understand the benefits, exclusions and limitations. When you have questions, WE are the reliable source and trusted expert to provide clarification. We also carry many providers to meet a wide variety of clients needs. To name the major carriers we have, Saskatchewan Blue Cross, Group Medical Services, & Allianz Global Assistance.