Do YOU KNOW YOUR PROPERTY EXCLUSIONS?

All property insurance policies contain exclusions, limitations, and warranties which may affect your ability to collect on a claim. Many folks don't take the time to read up on these exclusions until it's too late. Not all exclusions can be eliminated, but there are some that may be amended and limitations that may be able to be increased on a "Comprehensive" property wording.

Once reviewing this list below, if you'd like to amend your policy, please contact our office.

COMMON EXCLUSIONS:

•   BUILDINGS USED IN WHOLE OR IN PART FOR BUSINESS OR FARMING PURPOSES
•   BUILDINGS TO YOUR KNOWLEDGE HAVE BEEN VACANT FOR MORE THAN 30 CONSECUTIVE DAYS

•   LOSS CAUSED BY SNOW SLIDE, EARTHQUAKE, LANDSLIDE OR ANY OTHER EARTH

  MOVEMENT

•   BREAKAGE OF FRAGILE ITEMS
•  UNDER LIABILITY,  COVERAGE FOR OUTBOARD MOTORS MORE THAN 25H.P. OR ANY OTHER TYPE OF MOTOR MORE THAN 50 H.P.
• UNDER LIABILITY, FOR NON-MOTORIZED WATERCRAFT IN EXCESS OF 26 FEET IN LENGTH
• MOTORIZED VEHICLES, INCLUDING SNOWMOBILES, MOTORCYLES, ALL TERRAIN VEHICLES

AND IN SOME CASES GOLF CARTS AND TRACTORS

• SEWER BACK UP UNLESS ALREADY EXTENDED ON YOUR POLICY
• DWELLING RENTED TO OTHERS

COMMON LIMITATIONS:  

• MONEY OR CASH CARDS
• BUSINESS PROPERTY ON YOUR PREMISES
• SECURITIES
• WATERCRAFT AND THEIR EQUIPMENT
• UTILITY TRAILERS
• JEWELLERY & FURS
• COIN AND STAMP COLLECTIONS
• BICYCLES
• COLLECTABLE CARDS AND COMIC BOOKS

WARRANTIES:

• DURING THE USUAL HEATING SEASON, WATER DAMAGE CAUSED BY FREEZING WILL NOT BE COVERED IF YOU ARE AWAY FROM YOUR PREMISES FOR MORE THAN 4 CONSECUTIVE DAYS, UNLESS:

1)     YOU ARRANGE FOR A COMPETENT PERSON TO ENTER YOUR DWELLING EACH DAY TO ENSURE THAT HEAT HAS BEEN MAINTAINED

2)     YOU SHUT OFF THE MAIN WATER SUPPLY AND DRAIN ALL PIPES AND WATER CONTAINERS WITHIN THE DWELLING

• IF YOU HAVE MADE ANY ALTERATIONS OR ADDITIONS TO YOUR HOME, SUCH AS ADDING A FINISHED BASEMENT, SWIMMING POOL ETC. OR HAVE INCREASED THE SQUARE FOOTAGE OF YOUR DWELLING YOU MUST CONTACT OUR OFFICE  IMMEDIATELY SO THAT WE CAN ADJUST THE INSURED VALUE OF YOUR HOME IN ORDER TO SATISFY THE “GUARANTEED REPLACEMENT COST “ FEATURE OUTLINED IN YOUR POLICY.
  
• IF YOU HAVE ADDED A WOOD BURNING STOVE TO YOUR HOME OR COTTAGE, CONTACT OUR OFFICE

IF YOU DO NOT HAVE A “COMPREHENSIVE” WORDING BUT RATHER A “NAMED PERILS WORDING” WHICH IS TYPICAL FOR MANY COTTAGES AND RENTED DWELLINGS, THERE ARE FURTHER EXCLUSIONS AND LIMITATIONS TO THOSE SHOWN ABOVE. PLEASE CONTACT OUR OFFICE TO RECONFIRM YOUR EXACT COVERAGES.

JUST A REMINDER:
The onus is on you to prove your loss, should a claim occur. We would recommend you keep receipts, an inventory listing or take pictures of your contents and keep them in a safety deposit box or at another location away from your premises.

WE THOUGHT YOU SHOULD KNOW:
A common claim that is denied involves water damage as a result of seepage through the basement walls or windows and in some cases caused by flood. Unfortunately, these types of claims are “uninsurable”.  In order to limit your exposure we would recommend you ensure that the land is graded properly away from the foundation and that all downspouts are free flowing and are extended away from the house.