admin – Armour Insurance Knowledge Base

What is Home Insurance?

admin — Mon, 27 Dec 2021 22:27:50 +0000

Insurance is a contract called a policy between a person and their insurance provider.
- The insurer pays a fee called a premium – their premiums are pooled with other policyholders at the insurance company. The money collected in the pool is used to pay claims.

Many insurance policies need a deductible, a portion of a claim that you pay upfront, before your insurer pays the rest. If you pay a higher deductible, your premiums may be lower.

What Impacts My Home Insurance Premium?

admin — Mon, 27 Dec 2021 22:27:23 +0000

What impacts my home insurance premium?
- Replacement cost – the size and composition or your home as well as your contents are the factors that will impact the cost to replace your home and belongings.
- Where you live – if your neighbourhood is more prone to break-ins, you may pay more for insurance.
- Proximity to a water source such as a fire hydrant or fire station.
- Age of roof – newer roofs (within the last 20 years) are preferred by insurers.
- Heating – there is far less risk with forced-air gas furnaces or electric heat than oil tanks. Oil tanks have the potential to cause costly environmental hazards. Improperly installed wood stoves are a source of house fires and carbon-monoxide poisoning.
- Electricity – there are several factors such as:whether you have breakers or fuses
- The type of wiring you have (breakers pose less risk than fuses; knob and tube wiring can increase the chance of fire)
- Pipes – older plumbing (galvanized or lead pipes) is more prone to cracking, leaking or other problems.
- Other factors – insurers will also take into account whether you have a monitored security system or fire alarm. They’ll also ask about swimming pools and other structures on your property such as a storage shed.

If I Face a Business Interruption, What Steps Can I Take to Get Back in Business?

admin — Mon, 27 Dec 2021 22:25:27 +0000

If I face a business interruption, what steps can I take to get back in business?
- Reduction of capital reserves
- Bank loan
- Increasing product prices
- Purchase of adequate limits of Business Interruption insurance

How High Should My Auto Insurance Deductible Be?

admin — Mon, 27 Dec 2021 22:24:58 +0000

How high should my car insurance deductible be?
- If you increase your deductible, you will save money on your premiums. However, this will truly depend on your own individual circumstance. In short, the higher deductible you choose the lower the premium.. It is important to keep in mind that if you were to increase your deductible you will be responsible to pay it to the insurance company should a claim occur, as we explain below.
- Having a high deductible could also negatively impact you in the event of filing a small claim. If the cost of damages you are filing for are less than the cost of your deductible, it will make no sense for you to even file the claim. It will ultimately cost less money for you to pay for the damages out-of-pocket. Racking up tons of small claims like this could result in you potentially losing a lot of money in the long run.
- Consider: your financial situation, your location, and the frequency of accidents you are involved in.

What is Usage-Based Insurance?

admin — Mon, 27 Dec 2021 22:24:23 +0000

What is usage-based insurance? When should I consider usage-based insurance?
- Usage-based insurance (UBI), also referred to as pay how you drive or pay as you drive, is a type of automobile insurance which, depending on the specific insurer’s program, measures how far a vehicle is driven, where it’s driven, and/or how it’s driven. In Alberta, (UBI) is a voluntary product offering drivers the opportunity to earn discounts or rewards based on safe driving behaviours. UBI encourages safe driving behaviours by providing the driver with feedback based on driving data to reduce instances of unsafe driving (such as distracted driving) and the frequency and severity of accidents.

Does My Auto Insurance Policy Cover Someone Else Driving My Car?

admin — Mon, 27 Dec 2021 22:23:50 +0000

Does my insurance policy cover someone else who drives my car?
- Generally speaking, your own insurance policy should cover damage to your vehicle even when someone else is driving it, as long the driver:
  - Is licensed to drive in Canada
  - Has your permission (verbal or written) to drive your vehicle
  - Sticks to the rules outlined in your policy (e.g., if your policy covers personal use, your cousin can’t borrow your car for his pizza delivery gig)
  - Doesn’t participate in illegal activities while using your vehicle (e.g., street racing or drinking and driving)

Do I Need Comprehensive Collision Coverage?

admin — Mon, 27 Dec 2021 22:23:08 +0000

Do I need comprehensive/collision coverage? How does it work?
- Collision coverage pays for the cost of repairing or replacing your vehicle up to the actual cash value if it collides with another vehicle, the ground, or an object on the ground such as a guard rail.
- Comprehensive coverage pays for the cost of repairing or replacing your vehicle up to the actual cash value if it’s damaged by other unexpected situations—such as falling or flying objects, vandalism, fire, theft or attempted theft, a natural disaster, or a riot or civil disobedience.

Alberta Auto Insurance Policies, Certificates, and Application Forms

admin — Mon, 27 Dec 2021 22:22:34 +0000

AB policies, certificates, and application forms
- https://www.alberta.ca/automobile-insurance.aspx

Is Home Insurance Mandatory?

admin — Mon, 27 Dec 2021 22:22:01 +0000

Is Home Insurance mandatory?
- Yes, most financial institutions will require you get home/property insurance before they will give you a mortgage.

How are Home Insurance Rated Determined?

admin — Mon, 27 Dec 2021 22:21:32 +0000

How are home insurance rates determined?
- When determining how much you’ll need to pay for premiums, insurance companies may consider factors such as:
  - the type of residence you live in, such as a single family home, semi-detached, condo, rental property, or seasonal residence
  - characteristics of your residence, such as materials your house is made of, age, size, location, replacement value
  - value of your property and contents to be insured
  - the distance between your home and a fire hydrant or a fire station
  - the crime rate in your neighbourhood
  - your claims history
  - the type of policy and coverage you selected
  - the amount of your deductible