How can I customize my Intact home insurance policy to best suit me?

Intact Insurance is one of the largest home insurance providers in Canada. In this article, we’ll discuss some endorsements offered by Intact for homeowners.

Additional By-Laws

Municipal bylaws are always changing and all repairs and replacements must meet current codes. But upgrading your home to meet bylaws is not always included in your home insurance. This endorsement covers the additional costs of upgrading your home to meet building codes and bylaws after an insured claim.

Claims Advantage

This protects the Claims Free Discount and waives up to $1000 of the deductible after the first eligible loss. That means your premium will stay the same even though you’ve had to make a claim. You must be younger than 49 years old and be claims free for the past three years to qualify.

Claims Free Protector

The Claims Free Protector protects your claims-free discount after your first loss. Unlike the Claims Advantage, there are no age qualifications – you just have to be claims-free for the past five years.

Earthquake

If you live in an area that’s at risk for an earthquake or other earth movement, you’ll want this coverage. Regular home insurance does not cover damage caused by earthquakes or earth movements, so you’ll need this endorsement if you want that protection. There is a separate deductible for earthquake coverage, based on the insured value of your home. Your broker can advise if you should get this coverage and explain how it works as it’s a bit different than the rest of your policy.

Fair Rental Value

If you rent out a portion of your home, fair rental value will cover your rental income while the home is unfit for occupancy after an insured loss. As long as you had tenants at the time of the claim, a portion of your rental income will be covered until repairs or rebuilding are completed. You will also be given compensation in the case of mass evacuation for a period of up to two weeks.

Lifestyle Advantage

With this endorsement, you have the power of choice. You can choose to settle a total loss claim on a replacement cost basis with no requirement to rebuild the same home or repurchase your contents. This differs from the traditional arrangement where you must rebuild the home as it was (upgrading to meet current code requirements).

Other benefits include:

• Claims-free protection
• Your property insurance deductible is waived on your first loss
• Your coverage extends to a dependent in a health care facility
• If your auto insurance is with Intact, your auto deductible is also waived in the event of a total loss or a hit and run

You must be at least 50 years old and have been claims free for at least three years to qualify for this endorsement. It costs $50 per year but offers a lot in terms of perks.

My Extras

This provides additional coverage for your personal possessions and allows you to make sure your most valuable items are fully covered by your home insurance policy. This is useful for bicycles, collections, jewellery, and watercraft – high-value items that may not be adequately covered by your standard home insurance.

My Home Complete

Worried about the expense of fixing your furnace in the middle of winter? Wondering how you’ll replace the washer and dryer when they both quit on the same day? With this endorsement, you won’t have to worry anymore. You’re protected if you experience a breakdown of your electrical plumbing heating and cooling systems. It also covers the repair or replacement of a variety of home appliances. The best news? If it’s below zero and your heating gives out for over 24 hours you’ll be reimbursed for your hotel costs.

My Name – Identity Theft

In the case of identity theft, you and everyone in your home will have help negotiating the return to normal life. You’ll receive assistance with the process and get compensation for lost income legal fees and the associated costs of getting your identity back.

Residence Glass Endorsement

Imagine that the neighbourhood kids are playing baseball and your front window is smashed to pieces. For a $50 deductible, this endorsement will ensure your window (or any other glass in your home) is repaired or replaced.

Resident Health Care Facility Coverage

If you have a dependent parent sibling spouse or child residing in a healthcare facility you want to make sure that they’re protected. This endorsement ensures that your home insurance policy includes them, covering their property and personal liability.

Enhanced Water Damage Package

Intact’s standard home insurance covers the damage from frozen pipes (provided that your heating systems have been left on) as well as escaped water from appliances. The Enhanced Water Damage package extends protection for other causes of water damage. There  are four parts to this package:

1) Ground Water – protects you if water enters your home from below ground such as through a basement wall foundation or floor.

2) Overland Water – covers the damage done as a result of water entering your home above ground level due to heavy rain rapid snowmelt or overflow of a lake or river.

3) Sewer Back Up – covers damage or loss caused by sewage or water backing up into your home from a municipal sewer system, private septic system or due to a sump pump failure. You’ll also receive up to $1000 after a claim towards a damage prevention device like a sewer backup valve or sump pump.

4) Water and Sewer Lines – covers the repair or replacement of the water or sewer line on your property should it experience a leak break tear rupture or collapse.

It’s a good idea to get the enhanced water package if it’s available to you as this type of damage is common and can be very expensive to fix.

Keep in mind, this is not an exhaustive list of endorsements offered by Intact and some policies may include some of this coverage. Intact may also change these endorsements, no longer offer them or launch new ones. These endorsements may also not be available in all locations or for all homeowners.

Talk to your broker for more information about Intact’s home insurance coverage and to discuss your options.