y/ i} How to make sure you have a good home policy? Well, the first thing you should know is that insurance is highly individualized..Only you know what you need. In that sense, you get a good policy when you know what to ask for, because. your home is likely different from your neighbour's. And you have a good policy when you insure yourself for the risks you reasonably face. Fire was always the traditional nightmare, whether your home was a house, an apartment, or a condo. In.the last five years, however, theft and burglary have . surpassed fire as the principal reasons for claims. Personal liability is always a risk. And for those of us who live locally, earthquake is an emerging problem. ___ But.the third and most important indicator of whether you have a good policy is ‘whether you have a good agent. A good ‘agent will have helped you assess your risks, will have gone. through an inventory of your _ home and its contents, and will have: * listened. : That’s what we do best here. Because we're insurance counsellors paid on salary, not commission. Makes a big Aiference way 3 How do I know the = contents of my home are adequately covered? Well, the first thing you need to do is an inventory. We actually have a personal property inventory form that would help you draw up a complete list. Stop by any of our three offices and you're welcome to one. Start with a room by room list of what you own: clothes, jewelry, appliances, furniture, even pets. Then list what insurance agents call “professional equipment”. These are books, tools, instruments — anything that’s used in your job. Don’t forget recreational items. Sports and hobby equipment can be expensive to repiace. © When making this list, it’s. important to note the brand name, the model number, and if possible attach the sales slip. Once your list is complete, room by room, date it. Detailed photos or a video are a good idea for proof of ownezship, too. List in the margin-what each item cost — the sales slips will help here. © Add the figures up. The number you get should, as a rule of thumb, be no more than 60% of the value of your home. That’s because the - average homeowner's policy usually allows a maximum ‘coverage of -60% of the value of the insurance on the Thanks to inflation, the $500 TV you bought three years ago can’t be replaced for $500 today. If you request replace- ment value, your insurance will replace the TV, not simply reimburse you $500 or less, depending on the age of the TV. Obviously, choosing a replacement value policy is a wise move. GURNABY SBANCH 6626 East Hastings Street Phone: 299-1404 Tue, - Thur. 10:00 - 5:30 Fri. 10:00 - 6:00 Sot. 9:30-3:00 DOLLARTGN SRANCH 399 Dollarton Hwy. North Phone: 929-8111 Tue, - Thur. 10:00 - 5:30 Fri. 10:00 - 6:00 Sat. 9:30 - 3: LONSDALE BRASICH PACK. 1100 Lonsdale Avenue Phone: 986-4321 Mon. - Thur. 10:00 - 5: LYRN VALLEY BRANGH 1247 Ross Road Phone: 980-4556 Tue. - Thur. 10:00 - 5:30 Fri. 10:00- 6:00 Sat. 9:30-3:00 MARINE DRIVE BRARGH 1080 Marine Drive Phone: 986-1116 Mon. - Thur. 10:00 - 5:00 Fri. 10:00. 6:00 Sat. 9:30-3:00 LANDMARK 1095 West Pender Street Voncouver - Phone: 685-9302 Fri. 10:00 - 6:00 Sat 9220-: 3:00. Mon. - Fri. 8:00 - 5:00 44 Should I update #3 the inventory? Of course. We’re a consumer society; we're always buying | something. Updzte the list whenever you buy a major purchase. Stuple the sales slips from these new purchases to the inventory list and keep it in a safe place—not your home. If the list burns with the house, it’s not much good to you. Eo ‘That's just the a8 contents. What about Your home's value isn’t as difficuit to assess as the value of its contents. You know what you paid for it and you likely know what it’s worth. What is tricky about insuring a building is making sure it’s covered for the appropriate risks. Fire is an obvious risk; so too are theft and burglary. It’s important to get both theft and” burglary coverage even though they sound like the same prob- lem. In the insurance comp- any’s world, theft occurs when something is stolen without visible zigns; burglary occurs when there are signs of forced entry. One dees not cover for the other. Check your policy. Personal liability can also be a threat. Twenty-five years ago, if the paper carrier tripped on the porch and broke his or "her arm, it meant a trip to the hospital; now it can mean a trip to a lawyez’s office as well. Sadly, we live in a litigious society. Liability insurance is your protection. One other major risk to consider is, of course, ; earthquake. It will amaze you to know that even in . - California, a state known for | its earthquakes, cnly 10% of homeowners have earthquake insurance. That’s because it’s so expensive there. In B.C. it costs a lot less. Ask yourself this simple question — if there were an earthquake 5 minutes from Sat. 9:30 - 4:00 Phone: 985-8221 Phone: 952-5314 Mon. - Thur. 10:00- 4: 4 PARK ROYAL BRANCH 2080 Pork Royc! South, Lovel Thur. - Fri. 10:00- 6:00 VMLAGE BRA 3131 Edgemont Boulevard Tue. - Thur. 10:00 - 5:30 Fri. 10:00 - 6:00 Set. 9:30 - 3:00 WHESTLER BRANCH 4321 Village Gate Boulevard now and your home was destroyed, do you have enough money in your savings account to rebuild ir? If that’s a risk you're not prepared to go alone, get insurance. The other thing you should know about earthquakes is that the bulk of the property loss they cause is not fo the building but mside it. In the 1973 San Fernando Valley’ *quake, 3% of the property loss was to buildings, 54% to their contents. Make sure your . as a risk on both building and _ these days is called a “bylaw endorsement”. Today's municipal bylaws .may have changed from the-days your home was built. Take the ‘example of an older, 1; 400°° square fect home. Many ot the local municipalities have a.” : minimum square footage requirement these days—- 1,500 square fect minimum is not . uncommon. If that older home ‘burns down, the. municipality - wo would likely insist it be rebuilt : ‘to meet the new minimum. With a bylaw endorsemeni, - your policy would cover. you i in in ‘this situation. wt! Still at a loss about the * soundness of your home policy? Give any one of our - _ three offices a call or stop by. We'd be glad to sit down and review your current policy to. see if it’s okay or needs improvement. In North Vancouver, ‘call 986-4321. int ins yanValley, 986-0351. in dewntoren “Vancouver, 685-9977. BORG! INSURE SERVES LID. Lonsdale Office 101 - TOT 1112 eral Ae, Phone: 986-4321 Mon. - Ther. 10:00 - 5:00 Fri. 10:00- 6:00 Sat. 9:30-3:00 Lynn Vakiy Office 1247 Ross Rood Phone: 986.0353. ‘Tue. - Thur. 10:00-5:30 - Fri. 10:00 - 5:00 Sat. 9:30 - 3:00 Pacific Londmork Office Ors. West Pender Street Vancouver Phone: 685: Fri 10:00-6:00 Sat 1020. 4:30 Mon. - Fri. 9:00-5:00 977 ee ee