Frequently Asked Questions: Personal Property Insurance


Get straightforward answers: Personal Property Insurance FAQ

Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.

See below for our FAQ options to help you find what you’re looking for:

Renter Insurance FAQ

What does my renter insurance cover?

Tenant Insurance in Saskatchewan can be broken down into two categories of coverage: Liability and Contents Coverage. Personal Tenant Liability coverage would protect you financially if you were ever deemed responsible for damages or injury to a third party. Belongings and Contents coverage refers to your stuff, such as furniture, clothes, electronics, etc.

How do I figure out how much my stuff is worth to replace for my insurance?

Taking inventory is a good place to start. You can take a picture of your closet or a video of you walking through each room so you have a visual record of what you own. Track expensive purchases like a new TV, mattress or golf clubs by having the receipts saved somewhere, such as an email or digital copy. Another option is to record it physically; click here for our downloadable checklist.

Does my renter insurance cover my roommate?

No, unless the roommate is listed as insured on the Cover Page. However, if your roommate falls under the definition of an unnamed insured, they will still be covered without the need to list their name on the policy. To determine the qualifications of an unnamed insured person(s) living in the same household, please consult your insurer’s wording booklet.

As a professional in the insurance industry, it is important to note that while some providers may offer the option to add a non-relative to your policy, it is highly recommended that a separate insurance policy be purchased instead. This is because any claims made by either party will be recorded on your insurance history, which could potentially have negative consequences in the future. Additionally, cancelling a policy would require the signatures of both listed insured parties, which could prove difficult to obtain.

Does my tenant insurance cover me if I have a bedbug infestation?

No, regrettably, filing a claim for eradicating bed bugs or compensating for the harm caused by these pests is not covered by personal property insurance.

Condo Insurance FAQ

What do I need to know about my condo corporation’s insurance on the building before purchasing my own personal condo insurance?

Personal condo insurance is designed to address areas that your condo corporation’s insurance policy may not cover. Typically, there are two types of policies your condo corporation may have purchased:

  1. Only covers the fixtures in your condo, such as appliances, wiring, plumbing, and carpets but does not cover the personal property you own.
  2. Excludes anything within your walls and may or may not cover your condo’s plumbing and electrical systems.

It is highly recommended to thoroughly examine your condo corporation’s policy to determine the coverage that you need. Ask your condo board for a copy of the most recent master policy for the building.

Do I need to change my insurance coverage if I rent my condo?

Yes, as a condo owner looking to rent your property, you must change your insurance coverage. Your tenant, if required to purchase Renter’s Insurance, will not have the coverage to protect your property as their policy only protects them and their belongings, not your unit. For example, a Renter’s policy does not include Loss Assessment or Contingent coverage.

You’ll also want to safeguard your rental income; one way to achieve this is by adding protection for Lost Rental Income. By doing so, you can rest assured that your income is protected if your unit becomes unfit for occupancy due to a covered loss. Secondly, it is essential to ensure that you are protected from any liability claims your tenant may make against you in case they are hurt on your property. Failure to update your condo policy if you decide to rent out your property can lead to denial of coverage in case of a claim.

Does my insurance cover my belongings if I put them in storage?

Your belongings coverage, meaning your personal property that you own or use, is extended to include the following:

  • Belongings are kept in a safety deposit box.
  • Belongings stored in an occupied private dwelling.
  • Belongings are stored in a commercial storage facility.

To review the full list please consult your insurer’s wording booklet.

How much is the cost of condo insurance?

Saskatchewan’s average condo insurance cost is around $250 – $350/year before PST. To break it down further, you’d look at roughly $25 – $35 per month before PST. If you’re looking to acquire a quick quote to check out the price for your own reference, we highly recommend our online quoting tool HWICLICK, which provides you with real-time prices for your convenience, available 24/7.

Home Insurance FAQ

Do I need additional insurance coverage for my child’s belongings when they move away to college/university?

If your teenage child lives away from home for educational purposes like attending college or university and depends on you or your spouse for support and maintenance, their personal belongings taken to college or university will still be covered under your homeowner’s policy. To determine if any unmarried student attending school and residing away from your dwelling would still be considered an ‘insured’, please consult your insurer’s policy wording definition.

Why does the cost of my home insurance go up every year?

Several causes could have resulted in a premium increase, and to know which is affecting you, you should review the policy with your broker. However, claims and rate inflation are two of the most common causes of rising prices. If you filed a claim in the previous year, your policy premium would be affected due to a change in claims rating.

Based on overall market trends, insurers may adjust prices to stay competitive in the insurance market. An increase in paid claims by the insurance company can also trigger rate increases to help them balance out their costs. In recent years, there has been a rise in extreme weather events such as hail, heavy rainfall, forest fires, and floods resulting in millions of dollars being paid for claims. Additionally, changes in trends specific to your area based on your postal code, such as a surge in vandalism or theft, may also impact your insurance rates.


How much does home insurance cost?

Unfortunately, home insurance has no general average because the cost depends on your individual rating, discounts, and property details. For example, some of the following are factors that impact the cost of home insurance:

  • The cost to replace your home and belongings depends on certain factors, such as the size and composition of your home and the contents inside.
  • Your location is crucial in determining insurance rates, especially if you reside in an area with a high risk of break-ins or windstorms.
  • The distance between your home and a water source like a fire hydrant or fire station also affects insurance premiums.

The above are only a few examples of how the cost of your insurance is determined. Various other discounts can be applied, as well as surcharges depending on certain home details. If you’d like to start a quick online quote to check the approximate price, we highly recommend our online quoting tool HWICLICK, which provides real-time prices for your convenience, available 24/7.


Property Claims FAQ

How long does it take for an insurance company to pay out a claim?

The duration of waiting to receive a payout is often proportional to the complexity of the claim. Claims such as liability claims that involve other parties tend to take longer to settle due to the extensive investigation required by the insurer and adjusters. Other factors, such as the extent of the damage and the availability of contractors, can also influence how long it may take to receive your settlement payment.

What is a deductible, and when would I pay it during my claim?

The deductible is the amount you, the insured, have agreed to pay in case of an insured claim. After the loss, you would pay the deductible amount typically to the service provider, or the adjuster will minus the deductible amount from the total amount paid for the claim.

How do I claim my property insurance?

You can either report that you have a claim to your insurer directly by visiting their website and filing online. Or, contact your insurance broker, and they will report the claim to the insurer and assign an adjuster from there.

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