Unless you buy it separately, you DON’T have Condo Insurance!

Prospective Condo buyers often think that because the word “insurance” is built into a list of items covered by their “condo fees” that they don’t have to worry.

The Condo Corporation will often have insurance for the overall building and common areas, like elevators or front lobby – but this insurance will only offer limited protection for your unit, personal belongings, upgrades or your legal liability to others.

Personal condo unit owners insurance is needed to protect your personal property, parts of your unit not covered by the Condo Corporation’s insurance and to protect you against liability if you unintentionally cause property damage or bodily injury to others.

Many condo owners don’t know or incorrectly assume their building’s insurance will cover damage to another unit from water or fire that originated in their unit.

Asking the right questions about insurance liability when purchasing a condo can help keep condo owners out of serious financial risk.

Condo Insurance 101
Here are some helpful tips and key questions to ask your condo board or the management company when buying a condo:

Policy Coverage:

• What does the building’s insurance policy cover and not cover?
• Do they require all owners to purchase personal condo unit owners insurance?
• Do they have an outline that explains what portions of your unit are not covered by their insurance?
• How long has it been since the condo corporation’s insurance premiums went up, and how frequently do they go up?
• Has the cost of the condo corporation’s insurance premiums ever gone down?
• What is the deductible on your condo corporation’s policy for damages to the building’s common areas?
• Has the condo corporation ever raised the deductibles on their insurance?

Policy Claims:

• Who is responsible for damages to your unit as a result of flooding or fire that occurs in a neighbour’s unit?
• Who is responsible for the cost to replace items stolen from common areas like the lobby or exercise room?
• Who is responsible for repairs if your car is damaged in the parking lot?
• Who is responsible for damage caused by flooding of your storage locker?
• Once you have answers to these questions, speak with your insurance broker to ensure you have the right coverage for your needs.
• Condo insurance through Wyatt Dowling includes:
• Coverage for betterments and improvements, including upgrades (built-in sound system, custom counters, etc.) to your unit that may exceed standard condominium corporation insurance limits;
• Unit Contingent Coverage which insures your unit so you are protected if your condominium corporation’s insurance is insufficient; and,
•  Loss Assessment Coverage (to a standard limit) to cover major property and liability losses on common property (i.e., swimming pool, laundry room, fitness room, etc.) when a special assessment is levied against you and other unit holders. This provides protection in the event you are assessed a portion of loss due to the corporation’s deductible. 

Choosing the right amount of coverage for your personal belongings
When choosing the amount of coverage for your personal belongings, you should determine what it would cost you to replace everything you currently own in your unit. It’s a good idea to keep a home inventory list of all of your personal belongings, room by room. Expensive possessions like jewelry, furs and antiques may require extended coverage to cover their full value. Check with your broker to learn more.


About Wyatt Dowling Insurance Brokers
Wyatt Dowling Insurance is one of Winnipeg’s leading providers of home and auto insurance, serving Manitoba for over 70 years. The company strives to have customers “Leave your worries at our door.” Wyatt Dowling is committed to making a positive difference in the communities in which it operates and has partnered with organizations such as CNIB (Canadian National Institute of the Blind), United Way and various others. To learn more about Wyatt Dowling, find out more about condo insurance or get a quick and free online quote visit www.wyattdowling.ca/condo/

Water Damage in Manitoba

Prevention Tips for Your Home

Unexpected weather is a major source of claims throughout Manitoba. As water damage to property is one of the largest concerns related to weather activity, we have compiled a number of prevention tips to help you reduce your risk of loss.

Exterior Home Protection

Protecting the exterior of your home is important during rainy seasons. Disconnect your downspout from your weeping tile or sewer drain. Extend it so that water is directed away from your home’s foundation. You should also check the lot grading around your home, a gentle slope away from the foundation will help divert water away from your property. Ensuring water from your weeping tile is directed to a sump-pit and pumped out using a sump-pump is important to protect your home from flooding.

Hiring a licensed plumber to conduct a detailed plumbing investigation on your home minimizes any threats to the system and your safety. Avoid pouring fats, oils and grease down household drains, they may congeal and clog your plumbing. During heavy rainfall, reduce household water-use to help prevent overloading your sewer system. Use water alarms to detect leaks and overflows. Install near water heaters, dishwashers, washing machines, sump-pump and other areas that could be a potential risk.

Sump-pump Selection tips

It is also important to select the right sump-pump for your home, ensuring that the motor is large enough to support it. It is also recommended that your sump-pump has its own outlet and circuit breaker, as well as a battery backup in the event of a power failure. Make sure your backwater valve is maintained and cleaned on a regular basis. Installing a mainline backwater value guarantees that your plumbing is protected, including the catch basin. Avoid storing items directly on the basement floor, and move valuable items and important documents from the basement to the upper floors. Use a water alarm to detect water build-up in your sump-pump. It is also important to seal creaks in foundation walls and basement floor to reduce your risk of infiltration flooding.

Rebates

Rebates may be available from your local municipalities. For example, The City of Winnipeg and Province of Manitoba have introduced a basement flooding protection subsidy program. Manitoba Hydro also offers various programs such as the Residential Propane and Oil Furnace/Boiler Replacement Program and the Power Smart Residential Loan.

Please contact Wyatt Dowling Insurance Brokers to discuss these preventative tips and your additional coverage options.  Leave your worries at our door.

Sage Creek is now open!

Wyatt Dowling is very pleased to announce the opening of our Sage Creek office – another location where you can leave your worries at our door.

The Wyatt and Dowling organizations merged in 2009 to bring together our joint commitment to excellence in customer service. Now, Wyatt Dowling Insurance Brokers is Winnipeg’s largest independent, family insurance broker.

We’re very excited to open our Sage Creek location, where we will continue to exceed customer expectations with customized insurance solutions.

Wyatt Dowling Insurance Brokers is proud to offer you the best insurance solutions for your needs, from home insurance to drover licensing, financial services to travel insurance, and much more.

We are a family managed company, and we are dedicated to serving Sage Creek families, including supporting you during the claims process.

Put Wyatt Dowling’s knowledgeable, experienced, professional team to work for you.

Visit us online at: www.wyatdowling.ca, in person at our new location: 101-50 Sage Creek Blvd, or give us a call at 204-949-8668.

Keeping Your Home and Family Safe This Summer

Wyatt Dowling, your Red River Mutual brokerage, wants to ensure that your home and family are kept safe this summer.

Spending time outdoors is one of the highlights of summer. However, there may be several dangers in your back yard that you are unaware of.

• Check your deck for rotten boards, popped out nails, and wobbly steps. Railings should be secure and at least 3 feet tall, with no more than 4 inches between them.
• Prevent trips and falls by installing adequate lighting along pathways and stairs. Outdoor lights are also a deterrent to burglars, especially if they are equipped with motion sensors.
• If you have a fire pit in your back yard, keep a fire extinguisher or hose nearby and establish a 3-foot safety zone around the pit. It is also important to make sure the embers are fully extinguished after a fire so they do not reignite.
• Place your BBQ at least 10 feet from your house or other flammable objects. Regularly check the gas valves, hoses, and connections for leaks.
• Create shaded areas in your back yard and always have sunscreen available so you are protected from harmful UV rays.
• If you have a pool, provide constant supervision for young children, flotation devices, and install a fence that is 4 to 5 feet high.

For more safety tips visit preventingloss.com or speak to your Wyatt Dowling Insurance Broker.

Loss Of Use Coverage

Having a car is a substantial convenience. Just ask anyone who doesn’t own one. For some people, owning a car is even a necessity.

But what would you do if you were without your car for a day, a week, or even a month?

If you get in an accident, you never know how long post-accident repairs will take. Predicting the future availability of your car is tricky – and you can’t afford to leave that prediction to a crystal ball. Loss of use coverage with Autopac takes away the guesswork.

Loss of use coverage provides you with a vehicle when yours is in for post-accident repairs. Doesn’t that sound better than rolling the dice on your auto insurance?

Take a look at loss of use insurance options on the MPI website and leave your worries at our door.

Mortgage Insurance From Your Bank Could End Up Costing You More

When you buy mortgage insurance, you do so to protect yourself, your family, your home and your future.

But what if the protection you thought you were providing to your family in the event of sudden illness or death wasn’t what it seemed?

On the surface, mortgage insurance seems like a great idea – in the event of illness or death, your spouse would have the additional support of an insurance payout to make the mortgage payments and keep a roof over your family’s heads. Plus, filling out the form at your bank at the time of the mortgage signing is affordable and easy! But is it worth it?

The truth is, insurance companies notify many people that they don’t qualify to receive their insurance payouts – even if they’ve been paying premiums.

“How is that even possible?” you might ask.

Basically, the ‘simple’ forms you fill out and sign at the bank are designed to be completed with the help of an insurance agent – but agents aren’t always available for consultation when you buy mortgage insurance from the bank.

Mortgage brokers and mortgage professionals aren’t trained to know about the insurance they sell.

Decreasing coverage/increasing cost is another thing to watch out for when purchasing mortgage insurance from a bank.

When you think about it, you’re paying the same amount every year for insurance – but your mortgage amount keeps decreasing. That might not be a big deal, until you find out that your payout – if you even qualify for it – is based on the most recent, and lowest, value.

In the end, the apparent ease and affordability of getting mortgage insurance from your bank could end up costing you a lot more in the long run, and not just financially.

That’s why we’re here – to help you get the protection you want and deserve.

Come on in and leave your worries at our door.