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Home
insurance
Home insurance does what it says it does:
it insures your home, whether that is your apartment, your condominium
or your house. The biggest question with home insurance is how
much do you need? You aren't insuring the structures at all
you are also insuring the contents of your home. Many people
will find that they may actually need more insurance for contents
than they need for the structure, especially if they have expensive
belongings like antiques, high-quality jewellery, high-end electronics
or other costly personal belongings. In the case of a disaster,
the whole-scale replacement of those contents can be a significant
cost - and much more than most people expect. It's a critical
area where people underestimate their needs particularly with
regards to the replacement value of their goods.
TD Canada Trust Home Insurance
Standard Condo Coverage All-risk contents coverage insures your
belongings inside your home for the most common types of losses.
When you have All Risk coverage, your contents are insured for
everything, unless it's specifically excluded from your policy.
Named-Perils coverage includes a list of the most common types
of things covered under your insurance. Named-Perils includes
fire, theft and water damage. Everything is listed very clearly
in your policy booklet so you have a complete and thorough understanding
of what your insurance policy covers.
A standard home policy provides for the Actual Cash Value (ACV)
replacement of your belongings. This means you only receive
the value of the item, less depreciation. For example, if you
purchased a TV 5 years ago for $500, you might only get $100
for it if it were destroyed in a fire. Even though it may cost
you $600 to replace that same TV today, your insurance would
still only give you $100. Many people choose to add the replacement
value option to their contents coverage. Replacement Value coverage
means that the contents of your home are insured for the amount
it costs to replace them. When you replace the item(s) with
a similar kind and quality, within a specified time, the insurer
will pay you what it cost you to replace the item(s) not what
they were actually worth in their used state. This means if
your 5 year-old TV was lost in a fire, you would get the full
amount it would cost to replace it, even if that is more than
you paid for the TV in the first place.
Standard Home Coverage
All risk coverage insures your building for the most common types
of losses. When you have All Risk coverage, your building is
insured for everything, unless it's specifically excluded from
your policy (e.g. intentional damage to your own property would
not be covered).
Named-Perils coverage includes a list of the most common types
of things covered under your insurance. Named-Perils includes
fire, theft and water damage. Everything is listed very clearly
in your policy booklet so you have a complete and thorough understanding
of what your insurance policy covers.
RBC Home Insurance Homeowner If something happens, either to your home
or to a detached structure such as your garage, you can make a claim
against your Homeowner Insurance policy. As long as the cause of
loss is listed under your policy, we'll cover the cost of repairs.
However, protecting your home isn't the only reason to choose property
insurance. Your coverage will also protect your valuable personal
items, such as jewellery, artwork, furniture and computers.
Most important of all, property insurance protects you against personal
liability should anyone be injured while visiting your property
or should you accidentally damage a neighbour's property. You have three coverage options
Enhanced Plus Coverage.You want the broadest coverage available
for your home and personal belongings. Enhanced Coverage.
You want to protect your home against most unexpected situations.
However, you also want to lower your premiums by insuring your personal
belongings against a limited number of specific situations such
as fire and theft. Basic Coverage.
To reduce your premiums, you want to protect both your home and
your personal belongings against a limited number of unexpected
situations such as fire, lightning, windstorm and hail.
Condominium Unit Owner
Your condominium corporation has insurance, so you may wonder why
you need your own coverage. Here are some excellent reasons: Your
condominium corporation's policy only covers items that are part
of the building. You need your own insurance to protect the upgrades
you have made inside your unit, such as better carpets and built-in
cupboards.
You also need insurance for your furniture, artwork and other personal
belongings. Finally, and perhaps most important of all, you need
to protect yourself against personal liability for injuries to visitors
to your home or for damage you accidentally cause to your neighbours'
property. You have two coverage options
Enhanced Plus Coverage.
You want the broadest coverage available for your upgrades in your
unit and for your personal belongings. Enhanced Coverage.
You want to protect your upgrades and your personal belongings in
your unit against most unexpected situations.
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Recommended for reading :: global financial information.
Read the rest of the book at Questia online library.
Earthquake Insurance: A Longitudinal Study of California Homeowners
Book by Westview Press, 1995
Natural Hazards
Introduction
On January 17, 1994, southern California was reminded of the power of an earthquake to disrupt life and destroy property. In the 1994 San Fernando earthquake, more than sixty people died, 5000 were injured and 25,000 were left homeless ( Figure 1.1 ). It was the most destructive earthquake within the United States since the 1906 San Francisco earthquake, with damage estimates over $20 billion.
More serious threats are the "great earthquakes" predicted for the San Andreas fault in southern California (magnitude 8.3) and for the Newport-Inglewood fault, which bisects downtown Los Angeles (magnitude 7.5). Depending on the time of day, such earthquakes could cause many thousands of deaths and direct economic losses in excess of $70 billion. Can people protect themselves from these very destructive events? The answer is "yes." At the county or city level, people can adapt land use and construction standards to known geological conditions and earthquake probabilities. For example, certain classes of rock or soil are more subject to shaking or failure, increasing the potential for damage to roads or buildings. By combining maps of more vulnerable areas with information about the likelihood of earthquakes in various regions, local jurisdictions can plan land use in response to known hazards.
Individuals can protect themselves against some of the worst effects of an earthquake that occur in the first 72-hour emergency period. California residents and visitors can learn about protective measures from a large number of sources. For example, telephone books describe emergency procedures to follow during and immediately after an earthquake. California state law requires real estate agents to provide purchasers of pre-1960 homes with copies of "The Homeowner's Guide to Earthquake Safety," a booklet containing information on geologic and seismic hazards and recommendations for mitigating the hazards. In addition, many agencies distribute brochures, maps, scientific reports and other materials on the earthquake hazard and mitigation measures.
Yet, despite an immense effort invested in understanding seismic risk and providing information about appropriate actions, many Americans remain unresponsive to the earthquake hazard until their own home is damaged, their own job is lost, or members of their own family are injured or killed. Why do individuals and communities ignore this geophysical risk? This question is the subject of this book. The studies presented here focus on one specific lens through which one can view the response of individuals and households to earthquake hazard: the decision by homeowners to purchase earthquake insurance.
Theory of Hazard Response
What factors predict that homeowners will purchase earthquake insurance? This question is a more specific form of the general question of how individuals respond to uncertainties in their environment. This issue -- the relationship of individuals to hazards in the environment -is the subject of a great deal of empirical research.
