1. What are my responsibilities as an insured
regarding my vacant dwelling?
As an insured you are required to take certain precautions regarding your
vacant dwelling. The failure to take these precautions may render your
policy null and void in the event of a loss.
The following precautions are required:
You must protect your vacant home against unauthorized entry by securing
all windows and doors.
You must either:
Disconnect all main services and ensure that all water pipes/tanks
are drained down.
Connect all your main services and ensure that your heating system
is kept in operation during the normal heating season.
You must seal all letterboxes to prevent the insertion of material.
You must contract a responsible adult to visit your vacant dwelling
a minimum of once per week and authorize that person to carry out any
work necessary to maintain security.
You may not arrange to have any refurbishment or renovation work conducted
on your home while it is insured under this policy.
2. Do I need an alarm system to protect my vacant
dwelling?
Any vacant dwelling exceeding $200,000 in insured value must, at a minimum,
have a "local", functional fire-alarm system. Typically, a local
fire alarm has an external siren, which sounds in the event of a fire.
3. Must I purchase other Insurance before obtaining
coverage for my vacant home?
We offer a variety of insurance products tailored to the needs of the internationally mobile.
These products can be purchased either individually or in a group. (Click here for more information)
4. How do I determine the value of my vacant
dwelling?
The key is to determine the reconstruction value of your home. In other
words, what it would cost to re-build your home using similar materials.
Typically, municipal tax evaluations and real-estate market values are
not accurate indicators of true reconstruction value. Consequently, we
strongly recommend that you have a professional evaluation done on your
home.
6. How do I renew my policy?
You will automatically receive a renewal proposal 45 days prior to the
expiry date of your policy. If your employer is not paying the entire
cost of your coverage, we will also send a statement indicating your renewal
premium.
7. How do I cancel my policy?
You may cancel this policy at any time by returning it to us or by notifying
us in writing or by e-mail, of your intention. In return we will refund
to you all unearned premiums.
8. If following a loss I have insufficient
insurance, would I be penalized?
If your home were not insured for at least 80% of its current reconstruction
value, you would be penalized following a loss. The penalty amount is
a function of the reconstruction value of your home, versus the amount
of insurance on it at the time of loss.
9. Can I only insure vacant dwellings under
this policy?
Yes, but our definition of vacant dwelling also includes tenant occupied homes,
such as cottages.
10. What types of properties am I not allowed
to insure under this policy?
This policy may not be used to insure
Commercial properties owned by you either in whole or in part.
Homes under construction.
Homes under renovation.
Homes in a poor state of repair.
11. Can I insure contents under this policy?
Our policy is designed to cover buildings and contents up to 10% of the building value or a maximum of $75 000.
Vacant Homes and Tenant Occupied Properties
Frequently Asked Questions
