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Financing, Mortgages and Insurance What options are best for you and your situation?


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  #11  
Old 2017-09-25, 12:23 PM
suezuki650 suezuki650 is offline
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a) In my home insurance quote, "Home Replacement Cost Guarantee" and "Replacement cost on contents" only shows "Yes" in the quote but no amount value written.
My policy has a number written for both, but also lists replacement cost. The total should be enough to cover everything you have. The building replacement cost may be less than you paid as it does not include the property costs. If you have a lot of expensive items in your house, talk to your agent to ensure you are properly covered.


b) Asked what is exact water damage protection included in my quote?
When getting quotes ask for details on this one. Mine covers me if water comes in through the basement windows as well as bust pipes. Many plans only cover bust pipes, and only if someone check the house every few days.


c) "Sewer Back-Up Endorsement" - does that includes "surface water" also? Allstate mentioned "No it doesn’t cover that – It does cover if your sump pump fails".
This generally only covers exactly what it says and nothing more. If your backwater valve fails and you get sewage in your basement, they'll cover the cleanup.

d) Currently quoted for 1M liability - if we plan to increase to 2M its $7/year more.
I increased mine to 2M because it's so cheap to add the extra.

e) Coverage for Voluntary Medical and Property Damage included in this plan? Allstate mentioned "Yes we that coverage", but i do not see it on the coverage list.
I think that's included in all plans, but you can ask your agent.
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  #12  
Old 2017-09-26, 12:10 PM
TKG26 TKG26 is offline
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I laugh how they give a discount for those with a tankless water heater????

Beause at 60psi leaking out of a tank somehow makes more of a flood then 60psi leaking out of a tankless??? A hole is a hole is a hole

And when this happens while u are at work all day.......
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  #13  
Old 2018-11-30, 06:09 PM
homebuyer_2017 homebuyer_2017 is offline
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recently Allstate increased our insurance by 150$. They said overall home insurance price went up due to lot of claims. We are in RIVERSIDE South of Ottawa. If we remove the Sewer Back-Up Endorsement then the insurance goes down by 150$. PLEASE advise if we should consider taking this Sewer Back-Up Endorsement or just remove it from the insurance.
Nearest river (rideau river) is approx 2.4 km away if that makes any difference.
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  #14  
Old 2018-12-01, 03:02 PM
suezuki650 suezuki650 is offline
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Quote:
Originally Posted by homebuyer_2017 View Post
recently Allstate increased our insurance by 150$. They said overall home insurance price went up due to lot of claims. We are in RIVERSIDE South of Ottawa. If we remove the Sewer Back-Up Endorsement then the insurance goes down by 150$. PLEASE advise if we should consider taking this Sewer Back-Up Endorsement or just remove it from the insurance.
Nearest river (rideau river) is approx 2.4 km away if that makes any difference.
If you don't have a backup valve then absolutely don't take this off. Even if you do, you could be in for a mess if it fails. This has got nothing to do with how close you are to a river. It has more to do with the sewage/drainage pipe infrastructure. If we had a lot of rain and the water had nowhere to go, it could put pressure on your outgoing waste and send it plus a lot of water back into your home. Do some google searches on what that looks like and what it takes to fix.

If you talk to your agent you'll find that far more people have water claims than fire claims, but you don't see anyone taking fire insurance off.
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