The insurance industry is constantly evolving and changing, with new coverages being added all the time. At Generations, we take the time to get to know you and ask the right questions. We offer a broad selection of choices to suit your specific needs:
- Mobile Homes
- Secondary Residences
- Rental Properties/Absentee Landlord
- Personal Umbrella
- Home Based Businesses
- Antiques & Classic Vehicles
- Real Estate Fraud Protection
- Travel Insurance
- Boats & Jet Skis
Frequently Asked Questions
1) Peace of mind. With the right type and amount of insurance, you can be protected from the risks inevitable in everyday life.
2) Makes it easier to obtain credit. Lenders may be more willing to extend your credit if they know that proper insurance is in place.
3) Helps to prevent loss. Brokers and insurers work to help prevent loss with information and advice on road safety, anti-theft, fire prevention and fraud reduction.
4) Frees up capital. Because insurance protects your assets, you do not have to put money aside in case of future losses.
1) Automobile insurance, which covers vehicles and their equipment for accidents and theft.
2) Property insurance, which protects home and business assets and property from perils such as fire, theft and accidental damage.
3) Liability insurance, which protects people who are responsible for injuries or damages to third parties.
We’ll aim to get you the best coverage, price and service.
Our brokers can comparison shop to find good rates or special insurance products. We negotiate on your behalf for competitive premiums – even if it means approaching several companies to find the right solution.
We can offer objective advice. Because your broker doesn’t work for the insurance company, he or she can also assist you with objective advice if you have to make a claim.
You’ll get informed help when you need it most. The insurance industry has its own language of terms, legal issues and subtle details. You need a knowledgeable expert at every stage of the process to interpret all the rules and what they mean for you. Your broker’s advice can also be invaluable as your insurance needs change and your requirements become more complex. If there is anything you don’t understand, don’t be afraid to ask us. We are here to help.
- Information about you
- Names of the drivers of the vehicle to be insured. This usually includes all licensed members of your household since it is assumed that they will use the car. Provide their names as shown on their license, the number of years licensed and the percentage of time they will use the vehicle.
- Insurance history for up to 10 previous years must be provided, including any cancelled, declined or refused insurance.
- License history of all listed drivers must be provided for the preceding three years, including suspensions, cancellations or lapse
- Information about the vehicle
- Full information about the make, model and year are required as well as the Vehicle Identification Number or VIN. Also include the details of a lease or loan if you have one, the purchase value, whether new or used, and the value of any modifications to the vehicle. If any other party has a financial interest in the vehicle this should be recorded so they are protected in the event of a loss.
- Information about your coverage requirements
- Finally, you will need to provide information of how the vehicle will be used. Is it for pleasure or business? If it is for commuting, what is the daily estimated distance? What will the annual distance be? If for business use, will you be carrying paying passengers, renting the car out to others or transporting
- You will also need to indicate your choices regarding your coverage, for example, your preferred deductible, liability limit and coverage for any special situations, including storing the car or driving in the U.S.
- Don’t over or under-insure. Under-insure and you might be left carrying the cost of damage, theft or loss of property. Over-insure and you will be paying more than you have to. Your broker can help you find the right balance by examining your assets, your risk profile and your insurance history.
- Set deductible and liability levels right. One way to control your premiums is to set a higher deductible, which means you accept more risk for covering small losses. Insurers tend to have deductibles ranging from $300 to $1000. Ask your broker to explain the cost implications of different deductibles.
- Stay claims-free. One of the best ways to minimize premiums and obtain discounts is to avoid making claims. One of the best ways to do this is to reduce the risk factors that drive claims.
For your vehicle:
- Avoid car accidents by driving defensively and never while impaired
- Install an anti-theft system and never leave valuables in the car
- Keep your driving record clean
In your home:
- Consider a home security system
- Install smoke and carbon monoxide alarms
- Have a properly rated fire extinguisher and keep it properly maintained
- Clear the snow and ice off your walk
- Install good quality locks on your doors and windows
- The registration of a fraudulent mortgage against your property; or
- The registration of forged or fraudulent sale documents for the sale of your property.
- The forged documents are used to transfer title, without your knowledge or permission. The fraudster can then either sell, or obtain a mortgage on the property and disappear with the proceeds.
If you are a victim, you could:
- Incur significant costs and time in regaining your title, or defending your ownership rights against others
- Have to deal with the payments and cost relating to an innocent lender, whose mortgage debt was registered on your property by the fraudster who stole your name and title
Generations Insurance offers a TG HomeSafe™ fraud protection policy from Travelers Guarantee Company of Canada. Here’s how TG HomeSafe™ protects you:
- The Policy Amount is based on the property’s present market value. As your home increases in value, coverage increases automatically, to a maximum of 200% of the original Policy Amount.
- The Policy* is effective on the date the Policy is issued, and continues for as long as you, or your estate, own the insured
- The Policy Coverage responds immediately, if your home becomes the target of real estate fraud or forgery.
- Travelers Guarantee Company of Canada will defend your ownership interest in the insured property from actions or claims from third parties, arising from fraud or forgery.
- The Policy Premium is based on a reasonable, one-time charge, which is as low as $275.00, (plus applicable taxes), for a home up to $500,000.00. Higher coverage limits are available for an additional premium
- Coverage is available for many types of residential properties, including single family homes, condominiums, cottages, residential rental (up to 6 units), vacant land, rural and leasehold lands.**
*For the actual terms and conditions of the TG HomeSafe™ Policy, contact your broker. **TG HomeSafe™ is not currently available in the Province of Quebec.
- Building insurance covers the main dwelling, garage and any out-buildings. (Not applicable for condo owners and tenants.)
- Contents insurance covers the cost of replacing furniture, carpets and personal possessions. Valuables such as art, jewels and furs may require additional coverage. Note that most contents are insured even outside the home, for example, if stolen while you are on a trip.
- Liability policies insure against the costs incurred if, due to negligence, you are held responsible for an act causing injury or property damage to others.
You can save money by scaling down your policy, but be careful not to under-insure. There are three general policy categories, and your broker can help you choose the one that’s right for you:
- Comprehensive policies cover the building and its contents for normal risks to which a home is exposed. Some risks will be excluded, such as acts of terrorism or flooding.
- Basic/Named Perils policies help you save by letting you carry more of the financial risk. You will be covered for just the perils that are specified, for example, lightning and explosion.
- Broad policies takes a blended approach by providing named perils coverage on big items such as your dwelling and all-risks coverage on contents.
Proper maintenance can help prevent loss and damage to your home, plus save you time and money later. This checklist is a great guide for keeping your home in good repair and safe condition.
It can be difficult to remember what possessions you have and an approximate value of each item. Completing an inventory will be helpful should you suffer a loss such as a theft. Plus, it will help you and your broker to determine if your policy provides adequate coverage for all of your belongings.