June 2005 Archives

Closing up the cottage?
During heating season your insurance policy stipulates that you must shut off the water & drain the pipes, unless you have a competent person check every 4 days (or less) that the heating is being maintained.

Parking your summer cruiser for the winter?
If you're about to store your summer car and pull out that winter beater, be sure to park it in a safe place. If you remove all coverages except for comprehensive ("Fire & Theft"), you will have no coverage should there be a collision by a "Hit & Run" vehicle.

Watch out for those Special Limits
Most property policies have "special limits" for luxury & specialty items such as jewellery, furs, boats, coin & stamp collections, and business property. One can purchase special riders for these items for an additional premium. An up-to-date appraisal is often required. Every company has different limits, therefore always read your policy wording carefully - as always, when in doubt, call your broker!

Is your older car in great shape with low mileage?
You should consider getting your car appraised. When your insurance company "writes off" your vehicle after a bad accident, they settle based on "book value". If your car is worth a lot more, a recent appraisal will be worth its' weight in gold.