|
Residential
Norfolk Mutual offers a
wide range of residential coverages to those that own a dwelling, personal
property, watercraft or those requiring personal liability.
Residential insurance
provides a service that protects you against loss or damage to your home,
and property usually kept there, through such misfortunes as fire,
windstorm or theft. It can also protect you from financial loss arising out
of bodily injury to a third party and damage to a third party's property.
If you own personal
property which would be expensive to replace, you need Residential
Insurance. (You may live in a house, apartment, condominium, be at school
or traveling). You can start with one individual item of value or a roomful
of belongings which collectively are valuable. There is a Household
Inventory Booklet available to assist persons in determining the value of
insurance required.
There are policies to
cover practically every situation. Whether you are a homeowner, condominium
owner or a tenant, Norfolk Mutual offers a very attractive package
customized to meet your individual needs.
"Homeowners
Package"
is designed for owner occupied dwellings. This policy protects your
dwelling, possessions and personal liability. One premium is paid for the
overall coverage. Additional coverage for cottages, boats, outboard motors,
jewellery and other valuables may be added for an additional cost.
The first consideration
in insuring your dwelling is to establish a proper replacement value. Our
sales representatives can help you in establishing this value.
"Tenants
Package"
as it's name implies, is designed for people who live in rented premises.
The coverage is similar to that of the Homeowners' package, with the
exception that there is no coverage on the dwelling. It does however,
contain tenant's legal liability insurance (protection against your
responsibility for fire, explosion and smoke damage to the premises you
actually occupy, if you are negligent).
"Condominium
Package"
is similar to a tenants package policy which covers furniture and other
possessions. The package also provides improvements that the owner of the
unit has made to his/her own unit to a maximum limit; assessments payable
by unit owners which are made necessary by a direct loss to the
collectively-owned condominium property to a maximum limit, and assessments
payable by unit owners for liability of the condominium corporation, not
otherwise insured, subject to a maximum limit.
The law requires the
manager of a condominium corporation to purchase coverage for the actual
buildings and owners of individual units should make sure that this has
been done.
Not all residential
insurance policies are identical. For competitive reasons, policy wordings
vary.
If the use of your
dwelling should change, i.e. rent out all or part of your dwelling or use
part for commercial purposes, you must inform your company of such a change
in status, as it could materially affect your home insurance coverage.
In the event of a
vacant or unoccupied dwelling, your insurance company must be informed
within 30 Days of the vacancy, and permission obtained to continue the
insurance coverage.
"Personal
Liability"
insurance protects you against losses that may arise out of your legal
responsibility for negligent or careless acts to a third party. Both you
and the members of your immediate family are covered. Most homeowners,
tenants and condominium owners packages include personal liability, at a
specified limit, in the package premium.
Personal injury to
yourself or others living in your home; except domestic employees, is not
insured under this coverage.
The personal liability
section of a residential policy also includes:
Voluntary Medical
Payments - provides
a policyholder with the opportunity of paying for medical expenses of an
injured third party without the need of establishing legal responsibility
for injury. These are commonly limited to a specified limit. No payment
will be made to you or members of your family.
Voluntary Property
Damage - pays
for the cost of damage to the property of a third party, without the need
for establishing legal responsibility for the damage, subject to a
specified limit. Property rented by you is not included.
Any person who could be
held responsible for an accident should have personal liability insurance.
If you are the head of
a household, you, your spouse, and all relatives living in the same
residence are protected.
Please contact a broker for more information on specific criteria,
packages, coverages and discounts available.
|
