Home, Tenant, Condo Insurance
When it comes to money matters, no one likes to be surprised by the feeling that they’ve been shortchanged. That’s why it’s important that you understand how your insurance policy responds to potential personal property losses.
We cover a few of the many tips that Mumby's staff share with our clients:
When insuring your possessions on your homeowners or rental insurance policy, opting for replacement cost coverage provides you the best reimbursement option. Why? With replacement cost coverage, you collect the full cost to replace the item, less your deductible. Here’s an example to illustrate the benefit of replacement cost coverage:
Example: The furniture you bought a few years ago for $650 is now worth only $100, but today costs $900 to replace. With replacement cost coverage, you would collect $900 to replace the furniture, minus your deductible. With actual cash value, you would get reimbursed $100, minus your deductible. Remember, the age and type of possession impacts the depreciated amount, which can be pennies on the dollar.
While your personal property is covered under your homeowners or renters insurance, policy limits do apply. To insure your valuable items — such as jewellery, fine art or antiques — consider scheduling these high-value items on an endorsement or policy floater. For all endorsed items, an appraisal or sales receipt is typically required. This will help ensure that, in the event of a covered loss, the amount of insurance is enough to cover the replacement, repair or cash payment of the item.
Testimonial from Donald Peckover
"I have my home insurance with Mumby and they offer great coverage at good rates. What I particularly enjoy about working with Mumby is the personal touch they add to everything; I am not treated like a number or an account, but as a person.
Also, they have regular mailings which are informative and fun."