Do renters need insurance?
Tenant insurance can offer you protection in several ways: by insuring your contents, by protecting you from liability and by providing additional living expenses should your apartment become uninhabitable.
What is replacement cost?
You should insure your home according to what it would cost to rebuild it in the event it is destroyed. This amount is called the replacement cost, and it is different from the market value of your home and even from your tax assessment value. An accurate assessment of your home’s replacement cost is essential to making sure you have enough coverage.
How can I manage my premiums?
- Shop around and compare. Be honest about the type of coverage you need, details matter.
- Manage your risks. For example, install a monitored burglar or fire alarm system in your home or business and install an approved theft deterrent system in your vehicle.
- Look for policy-bundling discounts. If you already have auto insurance with one company, ask about buying home insurance from that company.
- When purchasing business insurance, be sure to SPEAK to an insurance professional who understands your particular business.
Do I need travel insurance when I leave the country?
Saskatchewan Health does not cover medical expenses that occur out of the country. In order to ensure that you do not have to pay out of pocket for medical expenses while travelling you need to purchase your coverage before you leave. Some examples of medical costs experienced in the US are:
– A 75 year old who experienced shortness of breath and stroke was hospitalized in Tennessee for 19 days. The medical bills totalled approximately $250,000 USD.
– A 69 year old who experienced a ruptured abdominal aortic aneurysm was hospitalized in Colorado for 14 days. The medical bills totalled approximately $516,000 USD
*Examples courtesy of Saskatchewan Blue Cross.
What does a broker do?
Assessing your individual needs and obtaining quotes
- Comparing the coverage of different insurers
- Explaining premiums, terms and conditions of your insurance
- Providing administrative follow-up
- Providing advice
- Being available to answer questions
- Ensuring claims are fairly handled