Frequently Asked Questions
Here are some of the most frequently asked questions about financial services and insurance coverage. Click on the question to read the answer.
Is my swimming pool covered by my home insurance policy?
My insurance policy covers all of the goods contained in my house. Why should I take out additional insurance for a specific item?
Is a home-based business covered under my residential policy?
Am I insured in the event of a power failure that lasts several days?
Is my insurance coverage adequate?
Do I need a will?
What is a power of attorney?
Your web site constantly tells me to count on you for the details. Is that really necessary?
Is there other coverage I should consider on my auto policy?
Is there other coverage I should consider on my home policy?
Can I be sued for more than the amount of liability insurance I purchase?
What happens to my auto insurance after an accident?
What options do I have for paying my home or auto policy?
What does "replacement" value mean?
Is my swimming pool covered by my home insurance policy?
Basic home insurance policies do not generally cover damage to above-ground swimming pools.
It is, however, possible to obtain additional coverage to protect yourself against anything that could damage your above-ground swimming pool, with the exception of normal wear.
Unlike most other insurance companies, the basic Intact Insurance home insurance policy covers damage caused to in-ground swimming pools.
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My insurance policy covers all of the goods contained in my house. Why should I take out additional insurance for a specific item?
Home insurance policies generally include limits with respect to valuable or unusual items. Such limits apply specifically to jewellery, furs, silverware, boats and certain collector's items.
It is possible to increase the coverage for such items, or to eliminate certain exclusions, by adding coverage specifically for a given item.
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Is a home-based business covered under my residential policy?
No. Residential policies exclude business or commercial belongings, as well as professional liability.
Intact Insurance offers additional protection that covers the business you run from your home by extending your homeowner's policy and adding professional liability insurance to the package.
For more information, contact one of our representatives.
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Am I insured in the event of a power failure that lasts several days?
Insurance policies do not generally cover the additional expenses incurred as a result of an extended power failure, unless the authorities order your area evacuated.
Intact Insurance offers additional coverage which enables you to pre-select an amount that you will be reimbursed per day, in the event of an extended power failure. This can be used to cover any of your incurred expenses, such as: lodging, heating wood, meals in restaurants, protection of your goods, etc.
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Is my insurance coverage adequate?
Have your needs assessed by a professional to determine the coverage you should obtain for material loss, death, disability, illness, etc. In the event of death, a life insurance policy may be essential for giving your dependants a replacement income or paying off your debts, such as a mortgage, or inheritance tax. Take the time to consider disability insurance since an inability to work can have serious financial consequences. Make sure that you have a policy that provides adequate coverage in the event that damage may occur to your home, your automobile and your other belongings.
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Do I need a will?
If you die intestate (without a will), your assets will be distributed according to provincial law – perhaps differently than you intended. You should review your will about every five years, or whenever there is a change in your family circumstances. You should consult your legal advisor to discuss your will.
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What is a power of attorney?
It is a legal document which allows you to confer responsibility on someone you trust to do certain things on your behalf, for example, rent an apartment or sell your car while you are on holiday or even if you become incapacitated.
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Your web site constantly tells me to count on you for the details. Is that really necessary?
Insurance and investment products are very complex. The wrong choices can severely affect your financial well-being. Most individuals do not have the expertise to adequately analyze their risk management and investments needs, so it is crucial to get professional advice on these matters.
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Is there other coverage I should consider on my auto policy?
Yes. There are a number of options for you to choose from that can enhance your auto coverage:
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Options
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Description
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Increased liability limits
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Up to a maximum of $2,000,000.
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Collision coverage
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Covers damage to your vehicle in the event of an accident.
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Comprehensive coverage
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Provides coverage for theft, fire, vandalism, cracked windshield and other perils.
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Loss of use coverage
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Provides coverage for a rental vehicle while your vehicle is being repaired after an accident.
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Rental vehicle coverage
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Extends physical damage coverage to rented vehicles in Canada and the United States.
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Optional Benefits:
- Income Replacement
- Medical, Rehabilitation & Attendant
- Care
- Caregiver and Dependant Care
- Death and Funeral
- Indexation of Benefits
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Can increase the maximum levels of accident benefits coverage on your policy. In addition, you can choose to index your accident benefits coverage to ensure it stays in line with the Consumer Price Index. If you have benefits available through your employer or elsewhere, you may not need to buy optional benefits. We can help you decide which optional benefits, if any, are appropriate for you.
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