Home Insurance Claim FAQs
Below are some common question, and answers, that you might have about your insurance policy.
What should I do if I have a claim?
Immediately report the claim to our office North side 780-475-0959 South side 780-463-8095 Sherwood Park 780-417-2848 or after hours call Emergency Claims Numbers.
The information regarding the loss will be sent to your insurance company. They will assign a claims representative to resolve your claim.
What is my claims representatives role?
The claims representative role is to help you in file your claim. Meeting policy requirements and determining how the policy responds while providing service in an expedient and efficient manner.
What if I can't live in my home or apartment as a result of a loss?
If an insured loss makes it impossible for you to live in your home. Or, if repairs make impossible for you to live in your home. The reasonable time it takes to repair or rebuild your premises, or the time it takes to permanently relocate will determine the period that increased expenses will be covered.They may include the cost of temporary accommodations and moving costs.
What do I need to provide for my claim?
The conditions of the policy require that you provide evidence of your loss. This includes providing original receipts and invoices of the lost or damaged items.
What are my settlement options?
- Repair: If something is damaged, but repairable, the cost of repair is payable even if replacement cost coverage is carried on your policy. Where the cost of repair approaches the value of the article, repairability may not be economically practical. If you have concerns as to the repairability of an article, your claims representative will be happy to help you.
- Replacement: Where replacement is necessary, the policy requires it be done "promptly". This will vary with the type of loss. The loss of one article will demand less time to replace than when an entire house and its contents are lost.
- Cash out (ACV): Actual cash value is payable, even if an article is not replaced. Cash value takes into account the age, condition, and expected useful life of the article. A cash value basis is applied on policies that do not carry the replacement cost exemption.
What is a proof of loss?
A proof of loss document is a statement explaining the details of your claim. In some cases, an interim Proof of Loss is used. Once the final Proof of Loss is signed, it finalizes your claim.
How long do I have to complete my claim?
You have one year to finalize or make your claim. In order to claim replacement cost, the policy requires the items to be replaced promptly. We normally allow 30-60 days to claim the replacement cost unless there is cause for further delay. Otherwise, you are entitled to the actual cash value.
When do I pay my deductible?
The insurance company will pay for your loss, minus your deductible. The deductible is the amount of money that you agreed to pay towards your loss when you bought your insurance.
What if I don't agree with amounts or findings?
The conditions of a policy set out the steps to follow in event of a disagreement. You need to file your proof of loss document itemizing and detailing your claim.
What if it is not covered?
Policies are quite broad, however they do not always cover everything. It is possible that you may have a loss that is not covered. If you do, it is your responsibility to either repair or replace the damaged items.
What other coverage options are available. I thought I had full coverage?
The broadest coverage for a personal property owner is a comprehensive homeowners, condo, or tenants policy. Certain property such as cash and jewelry have limits. Insurance policies are subject to limitations, exclusions, and conditions. You should read your policy carefully and discuss your needs with your broker. If you are not sure if your policy will cover a loss, contact your insurance broker.
What are statutory conditions?
Statutory conditions are required by provincial legislation, to be included with each insurance policy. They are a set of rules that control the policy they are attached to. They put certain obligations on you, the the policyholder, and on your insurance company.
What are my obligations under the policy?
Your policy sets out your obligations when there is a loss, under "Conditions" and "Statutory Conditions". The "Conditions" set out the requirements for notice of accident as well as the extent of your cooperation in assisting in the investigation of the claim. Compliance with the policy Conditions and Statutory Conditions are required by you to follow a claim under your policy.
What are mine and the insurance company's obligations?
The Statutory Conditions set out the requirements of the insurance company, as well as the policyholder. These obligations include:
- Proof of loss to be supplied by the insurer
- The policyholder needs to give details of the loss and damages
- Verify by statutory declarations, if required by the insurer, details relating to the loss.
- Time and manner of payments of insurance money.
- Documentation supporting the items claimed.
- Inspection of the property.
- When action may be brought relating to the loss and the after the Proof of Loss form has been submitted and disputes.
What will happen to my rates?
Rates are affected by various factors, including location of the property, number of claims on a policy, and amount of coverage and deductible. Your insurance broker can assist you with these questions.
If there is damage to my home or contents will that be settled on a depreciated or a non-depreciated basis?
You will need to have your agent or broker explain this to you. Most building settlements are on Guaranteed Replacement cost and many policies settle contents on a Replacement Cost basis. Should you choose to settle on a cash basis, the settlement will then include depreciation.
Need help? Give us a call and we'd be glad to help you with your quote!
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