Individual Company Life insurance

Is my swimming pool covered by my home insurance policy?

Basic home insurance policies do not generally cover damage to above-ground swimming pools.

It is, however, possible to obtain additional coverage to protect yourself against anything that could damage your above-ground swimming pool, with the exception of normal wear.

Unlike most other insurance companies, the basic Intact Insurance home insurance policy covers damage caused to in-ground swimming pools.

My insurance policy covers all of the goods contained in my house. Why should I take out additional insurance for a specific item?

Home insurance policies generally include limits with respect to valuable or unusual items. Such limits apply specifically to jewellery, furs, silverware, boats and certain collector’s items.

It is possible to increase the coverage for such items, or to eliminate certain exclusions, by adding coverage specifically for a given item.

Is a home-based business covered under my residential policy?

Intact Insurance offers additional protection that covers the business you run from your home by extending your homeowner’s policy and adding professional liability insurance to the package.

Am I insured in the event of a power failure that lasts several days?

Insurance policies do not generally cover the additional expenses incurred as a result of an extended power failure, unless the authorities order your area evacuated.

Intact Insurance offers additional coverage which enables you to pre-select an amount that you will be reimbursed per day, in the event of an extended power failure. This can be used to cover any of your incurred expenses, such as: lodging, heating wood, meals in restaurants, protection of your goods, etc.

Is my insurance coverage adequate?

Have your needs assessed by a professional to determine the coverage you should obtain for material loss, death, disability, illness, etc. In the event of death, a life insurance policy may be essential for giving your dependants a replacement income or paying off your debts, such as a mortgage, or inheritance tax. Take the time to consider disability insurance since an inability to work can have serious financial consequences. Make sure that you have a policy that provides adequate coverage in the event that damage may occur to your home, your automobile and your other belongings.

Do I need a will?

If you die intestate (without a will), your assets will be distributed according to provincial law – perhaps differently than you intended. You should review your will about every five years, or whenever there is a change in your family circumstances. You should consult your legal advisor to discuss your will.

What is a power of attorney?

It is a legal document which allows you to confer responsibility on someone you trust to do certain things on your behalf, for example, rent an apartment or sell your car while you are on holiday or even if you become incapacitated.

Your web site constantly tells me to count on you for the details. Is that really necessary?

Insurance and investment products are very complex. The wrong choices can severely affect your financial well-being. Most individuals do not have the expertise to adequately analyze their risk management and investments needs, so it is crucial to get professional advice on these matters.

Can I be sued for more than the amount of liability insurance I purchase?

Yes. Your amount of liability insurance is never disclosed to anyone during a lawsuit. If you are successfully sued for an amount greater than the limit of liability insurance you carry, you will have to make up the difference from your own personal assets. This could mean the loss of your home, investments, RRSPs and ultimately bankruptcy. That is why you should review your liability limits with an insurance professional to determine a limit that is appropriate for your circumstances.

What happens to my auto insurance after an accident?

Your insurance policy will be reviewed after every loss. If the loss is not your fault, your policy will most likely receive no rate increase. If you are deemed to be responsible, your policy may be re-rated with a higher rate charged at renewal or, at worst, the policy will not be renewed and you will have to look for coverage elsewhere.

What options do I have for paying my home or auto policy?

We have many different payment options available to you. They vary slightly based on which insurance company you choose. Most companies offer the following plans:

One Pay: payment in full by the policy effective date.

Instalment Plan: two, three or four equal instalments, with the first due on the policy effective date and the others due in set increments (usually 30, 60, or 90 day intervals). A small service charge usually applies to each payment. The number of instalments, payment interval and service charge vary slightly from company to company.

Electronic Funds Transfer (EFT) program: payments are automatically withdrawn from your bank account. A 3% charge is added to the full premium amount.

Some of the insurance companies we represent have programs available where no service charge applies to any of the payment plans offered.

What does "replacement" value mean?

For home insurance, the replacement value guarantee allows you to replace the insured item with a new item of the same kind and quality if that object is destroyed or rendered unusable. In this case, the insurer does not apply any depreciation.

For automobile insurance, the owner of a new vehicle can also take out a replacement value guarantee. Various options are available in the case of a total loss, ranging from the reimbursement of the initial purchase price to the replacement of the destroyed vehicle with a new vehicle that has the same features.

Useful links

The Chambre de l’assurance de dommages

http://www.chad.ca/en

Canada Safety Council

https://canadasafetycouncil.org/

Groupement des assureurs automobiles

https://gaa.qc.ca/en/

Office de la protection du consommateur

https://www.opc.gouv.qc.ca/en/

Registre des droits personnels et réels mobiliers

https://www.rdprm.gouv.qc.ca/en/pages/english.html

Defects and recalls of vehicles, tires and child car seats

https://www.tc.gc.ca/en/services/road/defects-recalls-vehicles-tires-child-car-seats.html