Property Insurance - Clarity Begins at Home
Your Orr Insurance Broker will help you protect the value of your home, property and possessions
Besides being a mortgage requirement, having property insurance to protect the value of your home, possessions, and other properties will help you sleep better at night – come fire, water, wind or teenagers. And if anything does happen, your Orr representatives will be there for you.
Your house or condo, cottage or rental property, are probably among your biggest investments of time, effort and money for you and your family. Your Orr representative is a licensed Insurance Broker who will comb dozens of companies for the right combination of coverage features and premiums:
Your Orr Insurance Broker can help you determine the insurable value of your home and contents, provide tips on how to put together an inventory list of your contents, and shop the market for the policy options and premiums that work best for you.
It may also be time to review your policy and ensure your protection keeps up with changes in local conditions – for instance, we are seeing a rise in water damages due to fluctuating weather conditions.
And there are gradual and personal changes to catch up with, such as increasing personal liability limits, coverage for business property, expensive bicycles, growing collections, etc.
Your Orr Insurance Broker can also tell if you’re eligible for various discounts, such as:
- Claims Free
- Loyalty Discounts (for long-term clients)
- New Home Discount
- Mature Policy Holder
- Mortgage-Free Homes
- Renewal Discounts
- Multiple policies with one company
As a condominium owner, you may be held responsible for damage you cause to your unit, others units, or common areas. A condo policy can also cover aspects not adequately protected by your Condominium Association Policy. Your Orr Insurance Broker can look over your policy, your Association’s policy, and help you make sure they aren’t either redundant or leaving gaps.
If you are renting, a tenant’s package will protect both your contents and third party liability. For instance, if you flood your neighbour’s unit, you might be held responsible for their loss.
As a landlord, you want to ensure you have the proper liability coverage. A rental property policy can also replace lost rental income from an insured loss. This can be important if you depend on income from your tenants.
Coverage options for a seasonal residence are often limited and can be complicated by boathouses, docks, guest cottages, etc. Also note that most owners’ policies have exclusions for renting out their property – even temporarily. So check with your Orr Insurance Broker to avoid unforeseen gaps in your coverage. Your Broker can also arrange specific coverage for renting out your property.
There are so many choices in buying a boat these days and a boat may be one of the more expensive investments in your life right after your home and/or vehicles. Whether you are buying a small fishing boat or large cruiser, you can count on us to explain the options available.
If you are buying a boat, we recommend that you consider getting a marine survey completed by a qualified marine surveyor before making a substantial boat purchase. An independent opinion on the physical condition of the boat is critical as there is one thing that all boats share in common: they are very expensive to repair and maintain.
Coverage for your boat through your homeowner’s policy
Some boat owners may assume that their boat is covered under their homeowner’s policy. In fact, there is very limited coverage for damage to a boat on your homeowner’s policy. For example, damage that occurs while you are launching your boat or when you are taking it out of the water may not be covered. Liability protection in the event someone is hurt or damaged by your negligent operation may not be covered as well. For these reasons, we recommend a Boat Insurance Policy. Boat insurance not only covers damage to your boat in and out of the water, but it also provides liability protection in case you are responsible for injury to swimmers, water skiers, other boats etc.
Coverage for your boat while in transit
While in transit, the liability protection on the Ontario auto insurance policy of the towing vehicle will extend to coverage damage or injury to others that is done by your towed boat and/or trailer, if you are negligent.
If there is an accident, the physical damage to your boat and trailer would be covered by a Boat Insurance Policy.
Coverage for the people on your boat
If you enjoy water skiing, tubing, wakeboarding or even going too fast with your boat over a wave, injuries can happen. A boat insurance policy will provide liability and medical payment coverage for the people that are aboard your boat, or that you are towing, as long as you are not participating in a competition. Each policy is different and there is some exclusion, so please speak with one of our brokers and review your options.
Storage for your boat at a marina
Due to the proximity of other boats in the marina and the potential for a loss on your boat to spread to other boats or the dock, most marinas now require of at least a $2 million liability protection before they will rent you space or provide storage for off-season
Please call your Orr representative at 519.271.4340 to review your options if you are thinking of purchasing a boat or reviewing coverage of a boat you already own. We would be happy to discuss these options further.