Property
Personal Property covers a wide range of policies and coverages. At Ballam Insurance, we offer
such policies from many of the leading insurers in Canada. Please contact one of our personal
lines representatives to discuss obtaining a quotation.
HOMEOWNERS: Homeowners insurance protects one of the largest investments you’ll ever make: your house and its contents. Coverage is provided for loss or damage caused by named perils. This type of insurance also provides protection from financial loss due to bodily injury to others or damage to property, which otherwise would be paid directly out of pocket.
To determine the amount of insurance coverage required for your dwelling, your home should be appraised based on its current replacement value, not sale value. The Insurance Bureau of Canada has developed a "home evaluation guide" to assist in determining the replacement cost figure. Please give our office a call for assistance in determining the replacement cost value of your property.
CONDOMINIUM: Though Ballam Insurance offers several condominium insurance packages, we recommend that you buy the most comprehensive form available. This type of coverage is similar to a homeowners or tenants policy but does not insure the outside main walls of the building. (The Condominium Corporation insures the building and the property components that are part of the common areas, such as elevators, pools, walkways, etc. As well, the condominium owner insures everything inside the internal dividing walls, including contents, floor coverings and improvements by the unit owner.) Condominium insurance is an inexpensive way to remove some of the financial worries of owning a condo.
TENANTS: Tenants insurance will provide protection against loss or damage to your personal property as well as the liability exposure you have as a tenant or renter in someone else’s building. When purchasing tenants insurance, it is essential that you (as the owner of the personal property) assess the value of all your personal contents. If you are unsure of the amount required, we can provide an inventory list to you.
CONSTRUCTION: Builders Risk is insurance purchased by private homeowners who are constructing their own home. This policy exists in the same way as a general home insurance policy except for added coverage during the course of construction. After a specified period of time to finish the building process, this policy converts to a normal home insurance policy.
Note: This policy must be in effect by the time the foundation is complete and before framing of the home has begun.
Additional coverage provided by the home under construction policy will cover the added liability hazard to the property owner created by the construction on his property. It is highly recommended that the the policy protects against vandalism and malicious acts and theft of building supplies.
MOBILE HOMES: Age is the deciding factor between insuring a mini home and a mobile home. Those built in 1977 or earlier are classed as Mobile Homes; those built in 1978 or after are classed as Mini Homes. To meet underwriting criteria, these units must be on blocks or a concrete foundation. An insured peril or windstorm does not apply to loss or damage resulting from upset or removal unless the home is securely anchored with a tie down system.
For this class, we offer tenants insurance, seasonal insurance and rental insurance packages. The standard deductible is $500, though a higher deductible can be obtained to qualify for a discount in premium.
New Mini Homes up to ten years of age are insured on a replacement cost basis and older Mini Homes and all Mobile Homes are insured on an actual cash value basis (replacement cost less the depreciation).
PERSONAL UMBRELLA: Personal umbrella insurance provides you with WORLDWIDE coverage in addition to existing policies such as homeowners, auto, watercraft, etc. It also provides coverage for libel, slander and defamation of character, none of which is covered by your existing policies. As well, Personal Umbrella coverage provides you with excess limits of liability insurance and defence costs if involved in a lawsuit.
PERSONAL EFFECTIVES: Riders, also referred to as ‘floaters,’ are an insurance product added to a primary habitational policy such as homeowners, tenants, or condo owner policies. At an additional premium, riders address specific areas where additional coverage is needed. Common items placed on a rider are jewellry, watches, cameras, valuable coins and musical instruments. Most home insurance policies have special limits for personal items that may be considered target items for theft. When these limits are not adequate and more coverage is needed, a rider is often the best solution.
WATERCRAFT: Includes boat and motor, sailboats, cabin cruisers, outboard motors, inboard motors, seadoos, jet skis
Powerboats and sailboats smaller than 26 feet long can usually be added to a personal property policy. You would need to provide information regarding the boat such as the year, make and model and serial number for the boat, motor and trailer.
Boats larger than 26 feet or with engine horsepower larger than personal property policies will allow can be insured on a separate watercraft policy independent entirely of the personal property policy. An application will need to be completed plus more information on the operators such as their experience, training, drivers license number and driving history. Depending on the age and size of the boat a marine survey may be required.
We can also provide coverage for seadoos, jet skis and jet boats. Please contact our office for a price.
