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Vancouver Insurance tips

Use this information to help you get the most out of your insurance.

Make correct comparisons when getting quotes
When getting insurance quotes, make sure you are comparing like with like. Insurance policies often vary in terms of coverage provided. Review the deductibles, coverages and limitations of the policies that you are comparing.

Ask your insurance provider what the policy doesn't cover.
Every insurance policy has “exclusions” – perils and property that are not covered. Find out what they are when applying for insurance, rather than at claims time. The exclusions are listed in your policy.  Ask your broker to go over them with you.

Keeping records
Photograph or videotape all your belongings and keep a record of the serial numbers and receipts. It’s also recommended to keep manuals and warranties. These records will greatly speed up settlement of a claim if you suffer a loss. 

Keeping up to date
Discuss your insurance coverage with your broker when your circumstances change – don’t wait for the renewal date of your policy.  Changes could be renovations on your home, buying or inheriting valuable property, or reducing property due to downsizing or divorce.  For business owners, any significant change in operations, property, or receipts should be reported.  At a minimum, your insurance broker should discuss and review your policy with you every year. 

Getting discounts
There are numerous types of discounts available.  Ask your broker about discounts that would apply to you. Some examples include:

Liability coverage – for tenants and owners
It’s advisable to have insurance whether you’re a tenant or an owner.  Many tenants and condo owners do not get insurance because they believe that the strata insurance will provide coverage.  However, you may be responsible for any damage that you cause to someone else's property. For example, if you a leave tap open and flood a neighbour’s condo or a burst pipe in your garden floods your neighbour's garage, you may be held liable.

Don't cancel your policy by not paying your premium
You may end up being considered a "bad risk" for default of payment and have difficulty in getting insurance in the future and/or will pay higher rates. If you decide to cancel your insurance, notify your broker or your insurance company in writing.

Don't switch insurance companies before renewal
Should you decide to cancel your policy before renewal date, you will pay a penalty.  The penalty will be based on the amount of time left on your policy.  The longer the time remaining on your current policy, the higher the penalty.

Don’t change your insurance company too often
Despite advances in technology, insurance still remains very much a matter of trust and good faith.  If you establish a good record with an insurance company, you are more likely to experience a quicker claims process.

Don’t make too many small claims
Each claim goes on your insurance record.  Too many claims – even if you were not at fault – may result in non-renewal of your policy.  This may then lead to a situation where you have to pay higher premiums to get a policy with another insurance company.

Don’t omit details on your insurance application
Insurance companies share information on several databases.  If you are found to have omitted any important details – intentionally or not – this may lead to non-acceptance of your application.  If you do get insurance and it’s found that an important piece of information was omitted on the application, your coverage may be denied by the insurance company at any time, including at the time of a claim.

Manage your risk
Take action to prevent losses.  Installing burglar alarms, sprinkler systems, and anti-theft devices are just some examples of things you can do to protect youreself and your assets.  Ask your broker about the best ways specific to your situation to prevent losses.