Learn More about Property Insurance Coverage

Homeowners

The biggest investment most people will ever make is their home. The Brokers at Padfield-Nelson Insurance Brokers Limited have the knowledge and experience that will provide you with the advice on the most cost effective way to arrange the coverage with the best value for your needs.

 

Typical Home Insurance Coverage

 

The amount of coverage you need will be determined by factors such as the replacement value of your home and contents, the location and age of the home. Home insurance policies typically offer three or more types of coverage, including dwelling, contents, and personal liability. Common risks like fire and theft are typically covered by standard policies, but you may have unique needs or valuables that require extra coverage. Check with one of our knowledgeable Brokers to make sure you have enough coverage.

 

Types of Home Insurance Policies

There are several types of home insurance policies that you can purchase. They include:

 

  • “No-frills” policies offering coverage to properties that don’t meet normal insurance standards;
  • “Standard” policies also known as ‘named perils’ which only cover specified insured perils (events and occurrences that may put your home at risk);
  • “Broad” policies which are considered the mid-tier policy (coverage for a broader range of perils than a standard policy but less than a comprehensive policy); and
  • “Comprehensive” policies which provide coverage for the broadest range of insured perils.

Each of these policies is a package policy that provides coverage for the building, its contents as well as personal liability.

 

Speak with one of our knowledgeable Brokers to determine which policy best suits your needs and budget.

 

For those events that are not covered in your standard policy, you may want to purchase extra coverage, also known as endorsements or riders. Common endorsements include:

 

Overland water and flood: also known as overland water, this endorsement covers damage caused by bodies of water overflowing onto dry land. If you live in a flood plain, this coverage may not be available to purchase.

 

Sewer back up: covers damage caused by backed up sewers, drains, toilets and showers. Sewer back up is not typically covered under standard policies.

 

Scheduled personal articles: if you have valuable items such as jewelry, electronics, fine art, collectibles, bikes or boats, you may need to purchase extra coverage to protect them fully. You may need to provide current appraisals to the insurer in order to get the right amount of coverage. 

 

Guaranteed replacement cost: ensures that you receive the full amount needed to repair your home or replace contents, without any reduction for depreciation, to the limit insured. Most standard policies pay out an actual cash value which is determined by subtracting the depreciation value from the replacement cost value.

 

Earthquake: earthquakes are not included in most standard policies; however, if an earthquake caused a fire, the fire damage would be covered. An earthquake endorsement insures against earthquake damage and may also entitle the homeowner to additional living expenses if they are unable to live in the home.

Condominium Owners

Condominium

 

The biggest investment most people will ever make is their home. The Brokers at Padfield-Nelson Insurance Brokers Limited have the knowledge and experience to advise on the most cost effective way to arrange the coverage with the best value for your needs.

 

Typical Condo Insurance Coverage

 

The amount of coverage you need will be determined by factors such as the replacement value of your condominium, the obligations defined under the standard unit definition and other provisions outlined by the condo corporation, as well as the value of contents, the location and age of the condo. Condo insurance policies typically offer three or more types of coverage, including condo improvements, contents, and personal liability. Common risks like fire and theft are typically covered by standard policies, but you may have unique needs or valuables that require extra coverage. Check with one of our knowledgeable Brokers to make sure you have enough coverage.

 

Types of Condominium Insurance Policies

 

There are several types of condo insurance policies that you can purchase. They include:

  • “Standard” policies also known as ‘named perils’ which only cover specified insured perils (events and occurrences that may put your home at risk); 
  • “Broad” policies which are considered the mid-tier policy (coverage for a broader range of perils than a standard policy but less than a comprehensive policy); and 
  • “Comprehensive” policies which provides coverage for the broadest range of insured perils.

 

Each of these policies is a package policy that provides coverage for improvements to your condo, its contents as well as personal liability.


Speak with one of our knowledgeable Brokers to determine which policy best suits your needs and budget.

For those events that are not covered in your standard policy, you may want to purchase extra coverage, also known as endorsements or riders. Common endorsements include:

 

Overland Water and Flood: Also known as overland water, this endorsement covers damage caused by bodies of water overflowing onto dry land. If you live in a flood plain, this coverage may not be available to purchase. 

 

Sewer Back Up: covers damage caused by backed up sewers, drains, toilets and showers. Sewer back up is not typically covered under standard policies.

 

Scheduled Personal Articles: If you have valuable items such as jewellery, electronics, fine art, collectibles, bikes or boats, you may need to purchase extra coverage to protect them fully. You may need to provide current appraisals to the insurer in order to get the right amount of coverage. 

 

Earthquake: Earthquakes are not included in most standard policies; however, if an earthquake caused a fire, the fire damage would be covered. An earthquake endorsement insures against earthquake damage, and may also entitle the homeowner to additional living expenses if they are unable to live in the home.

Rental Property

What is rental property insurance? Do I need it?


If you own an investment property in addition to your principal residence you’ll want to have this insurance in order to protect yourself. Rental income property insurance is designed for these kinds of properties.


Rental income property insurance is similar to traditional home insurance in many respects. For one thing, it comes with the same basic coverages, such as:

Property Coverage: This aspect of your policy protects against damage to any structures on the property, as well as any contents of the owner. Coverage applies to either specified perils (specific risks) or all perils (anything that damages or destroys the home).

Liability Coverage: This part of the policy insures you if you’re responsible for damage or injury to someone else or their property. For example, if a tenant slips and falls while in your rental property, liability coverage would protect you if you get sued for damages.

Rental Income Coverage: This part of the policy ensures that if your rental property is damaged or destroyed by a peril covered under your policy, you’ll qualify for rental income protection.

For more detailed advice on obtaining the best coverage for your needs speak with one of our knowledgeable Brokers.



Travel Insurance

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Business Owners

Commercial Property Insurance


What is Commercial Property Insurance?

Commercial property insurance is used to cover any commercial property. Commercial property insurance protects commercial property from such perils as fire, theft and natural disaster. A variety of businesses, including manufacturers, retailers, service-oriented businesses and not-for-profit organizations carry commercial property insurance.

Breaking Down Commercial Property Insurance

Commercial property insurance can be a major expense for businesses that use equipment worth millions. This insurance essentially provides the same kind of protection as property insurance for consumers. However, businesses can usually deduct the cost of commercial property insurance premiums as expenses.

When determining the limits of coverage that a company should carry for commercial property insurance, the value of a business' assets, including the building, is the primary factor. Before calling Padfield-Nelson Insurance Brokers Limited to discuss coverage, a company should take an inventory of their physical assets located at their property. This information will help determine what exactly would be the replacement value and the level of coverage the business should get.

Factors Considered in a Commercial Property Insurance

Location: Buildings in cities or towns with excellent fire protection typically cost less to insure than buildings outside a city or in areas with limited fire protection.
Construction: Buildings made of potentially combustible materials will have higher premiums, while those made of fire-resistant materials could earn a discount. Internal structural elements can also change a fire rating. Using wood partitions, floors, and stairways in an otherwise fire-resistant building will likely nullify any rate reduction. Fire-resistant interior walls, floors, and doors can help maintain a good fire rating.
Occupancy: A building's use also affects its fire rating. An office building will likely rate better than a restaurant or auto repair shop. In a building with multiple tenants, one hazardous occupant will negatively affect the fire rating of the entire building. If a business is in a building with a more hazardous tenant, premiums will be higher.
Fire and theft protection: How far are the nearest fire hydrant and fire station? Does the business have a fire alarm and sprinkler system? How about a security system?

Property to Consider for Commercial Property Insurance

 

  • The building that houses your business, including if it is owned or rented
  • All office equipment, including computers, phone systems, and furniture, whether they’re owned or leased
  • Accounting records and essential company documents
  • Manufacturing or processing equipment
  • Inventory kept in stock
  • Fence and landscaping
  • Signs and awnings
  • Computer hardware and software
  • Cyber protection

 

Liability

Commercial General Liability and Special Events Liability

 

Even a single accident or claim has the potential to put you out of business or impact on your special event or party. The right liability insurance has you covered.

 

Commercial general liability or specialty liability insurance from arranged through Padfield-Nelson Insurance Brokers Limited offers protection for your business against claims for bodily injury and property damage to third parties arising from your premises, operations, products and completed operations.

 

It also offers protection for advertising liability and personal injury to third parties, as well as defence costs. Speak with one of our knowledgeable Brokers about what you need to protect your business or event. We’ll help you find a trusted company who understands your needs, so you’ll always get a tailor made program for your business or event.

 

Control, Reduce and Prevent Your Risks

 

Find trouble before it finds you. We help business owners and event co-ordinators or hosts identify and prevent potential losses.

Recreational Properties

How and when you use your recreational property is important to your insurer. You can typically list your vacation home as a secondary or seasonal location on your existing policy. 


Insurance for seasonal or secondary properties works differently than insurance for your primary home. This is because these properties are often occupied only on weekends, for weeks or months at a time. Seasonal properties are used primarily for recreation at certain times of the year or month. Secondary residences are typically used all year long. 


How Is The Property Used? Insurers consider: how frequently a property is used how often it is occupied if it is rented. Ideally, your recreational property can be listed on your home insurance as a secondary or seasonal location. You can also have property insurance as a separate, stand-alone policy. Insuring Named Perils Only Due to the risks associated with part-time occupation, recreational property insurance is generally provided on a named perils policy instead of a comprehensive or all risks policy. Named perils policies cover specific risks such as fire, explosion or smoke damage. Coverage for certain risks, such as water damage or vandalism, may be more difficult or expensive to arrange, due to part-time occupancy. For example, if a water pipe bursts or if vandals break in while your property is vacant, damage is likely to be more severe because it could take longer for it to be discovered. Common Exclusions to secondary and seasonal home insurance policies include sewer backup.

Remember, every policy has limits for watercraft. If you have a boat at your seasonal or secondary residence, speak to one of our knowledgeable Brokers to make sure you have adequate coverage.


Additional Coverages to Consider

Contents: Some insurance packages automatically include contents up to a certain percentage of the dwelling limit. This applies to contents permanently kept at the vacation home. Anything you take back and forth (such as clothing) is covered by your primary home insurance policy. If inadequate, you can buy additional coverage.

Detached private structures: Some insurance packages include limited coverage for outbuildings such as boathouses, garages or sheds. This is generally a percentage of the dwelling limit. If inadequate, you can buy additional coverage.

Replacement cost: This covers the cost of repairing an item or replacing it with a new one, without any deduction for depreciation. Speak with one of our knowledgeable Brokers for more information about your options.

Information

Padfield-Nelson Insurance Brokers Limited

149 Main Street South

Mount Forest, ON

N0G 2L0

Phone: 519-323-1864

Toll-Free: 1-877-323-1567

Email: insure@winfinancial.com

Fax: 519-323-1896

Hours

Monday - Friday 09:00 AM - 05:00 PM

Saturday 09:00 PM - 03:00 PM

Sunday Closed

SERVICE AREA

Covering all of Ontario

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