Frequently Asked Questions – Home Insurance

Should I inform my insurer if I make renovations to my home?

When you make renovations, such as adding a garage or renovating the kitchen, it is important to notify your insurer because this will increase the value of your property. You will also need additional coverage to cover expenses such as construction material used for the renovations. Call one of our damage insurance advisors at 514 871-7500 or 1 877 871-7500 before starting the renovations to ensure you have adequate protection.

Does my policy have a limit of coverage for jewellery?

Depending on the type of homeowners package (Protections spécifiées, Protections spécifiées Plus or Optimal Protection) the limit may vary from $1,000 to $4,000 in the event of theft of jewellery not expressly specified in the insurance policy. If you think some coverage amounts are insufficient, you may wish to consider additional protection. To do so, simply contact one of our damage insurance advisors at 514 871-7500 or 1 877 871-7500.

What is the Guaranteed Replacement Cost on Building? What are the features of this coverage?

The Guaranteed Replacement Cost option is for homeowners only. It protects you from being under-assessed and provides additional benefits up to a specified amount providing your home is insured at 100% of its reconstruction value at inception.

Is water damage included in the basic coverage of an insurance policy?

Different insurers cover different types of loss as part of their basic insurance coverage. At National Bank Insurance, all homeowners insurance packages will cover the most common water damages. This includes water leaking into the house during a rainstorm, a child leaving the tap on, or even a window left open. For a few dollars more you can benefit from additional coverage to protect against more serious damage such as sewer backup.

When is it important to get additional coverage against water damage?

Homeowners would be wise to consider taking additional coverage, such as sewer backup and water inlet (municipal pipelines) considering that too often, and even more so with some municipalities’ obsolete sewer systems, losses occur that have serious consequences. The climate changes of recent years have been bringing much more rain then before, which may cause major water damage. Some tenants may wish to consider additional coverage against water damage, especially if their apartment is on the first floor. According to the situation and the building type, our insurance advisors will help you make the right decision for you.

Does a home insurance contract cover damage caused by flood?

Damages caused by flood are not covered by any insurer. Considered as recurring and predictable occurrences, floods do not represent an exceptional event for which coverage is provided under universal insurance principles.

What should I do if I have water damage in my home?

Call us immediately, 24/7, and we will send a contractor specialized in water removal to determine the cause of the damage and remove the water. Meanwhile, you must take all necessary steps to protect your property from further damage, such as moving your property to another area, if possible.

What does Replacement Value mean?

Replacement Value coverage means that the contents of your home are insured for the amount it would cost to replace them. For example: If your 5-year-old TV were lost in a fire, you would get the full amount it would cost to replace it, even if that is more than what you paid for the TV in the first place.

What documents do I need to provide when reporting a loss?

You will be asked to provide original invoices, photographs, evaluations, warranties, and anything else that may help document your claim. We recommend to all our insureds to draw the list of their personal property – with photos or videos – and to keep it in a safe location outside their home. This will greatly facilitate your claim in the event of a loss. To inventory your personal property you may use the form available online on one of these two websites: Chambre de l’assurance de dommages (http://www.chad.qc.ca/en/personalprpertyinventory.html)
or http://www.infoinsurance.ca/en/insurance/inventory.aspx

What does Additional Living Expenses mean?

If your home becomes uninhabitable as a result of a loss we cover, or you have to leave the premises during the repairs, we will pay for the reasonable increase in living expenses necessary to maintain your normal standard of living. One of our Claims advisors will help you make the necessary arrangements.

Does my homeowners policy have any limits of coverage?

Your insurance policy has limits of coverage for certain items, such as jewellery, furs, bicycles, collections, money, ingots, and boats. You are covered against any loss or damage exceeding the amount of deductible up to the specified limit. It is your responsibility to ensure the limits specified in your insurance policy provide sufficient coverage for your property. You can increase these limits by getting an endorsement. For more information, please contact one of our damage insurance advisors at 514 871-7500 or 1 877 871-7500.

I was robbed, what should I do?

You need to report the robbery immediately to the police. Then call the Claims Department, available 24/7, at 514 871-7500 or 1 877 871-7500 to report the loss. You will then be asked to provide a full inventory and description of each of the missing items. Look for photographs, cash receipts, evaluations, or warrantees.

What makes the Optimal Coverage contract different from other types of homeowners insurance protections offered by National Bank Insurance?

This “all risks” type of insurance for your home and property offers solid coverage and special advantages. Among them are the following: • Replacement value included for your building and its contents • Higher coverage limits on some property With our Optimal Protection you no longer have to worry about predetermined limits. In the event of a total loss, this coverage offers a blanket amount of insurance for replacing the building, your personal property and outbuildings, as well as additional living expenses, free of individual limits.

Why should a tenant buy home insurance?

National Bank Insurance recommends that tenants take out legal liability coverage and to provide for at least minimum coverage even if it seems to you your property has little value. When adding up all everyday items you need in a home (blankets, towels, dishes, clothes, etc.), you should ask yourself: am I ready to assume this financial risk?

A few hundred dollars is a very small investment to ensure your peace of mind. People often underestimate the value of their property. We recommend getting coverage for a value of about $8,000 to $10,000 for each room in the apartment. This amount incorporates furniture as well as all accessories, such as lamps, picture frames, etc.