TrustedSaskatoon.com Talk to the Experts – Trusted Finance Show - Questions for a Trusted Saskatoon Insurance Broker
Q: Courtney Saliken: What's a good insurance policy? Is one needed? What do you look for in them?
A: Great questions Courtney. If you have a mortgage, your mortgage agreement states you must have Fire Insurance. This is one of the coverages under a Broad Homeowners Policy. For more extensive coverage, you can purchase a Comprehensive Homeowners Policy. This includes additional coverages, such as Accidental Damage – by falling object in interior or by spillage and staining (i.e. you spill wine on your carpet); Mysterious Disappearance (i.e. you notice your wedding ring is gone but cannot prove how it went missing); Water Escape Due to Melting of Snow and Ice on Roof (snow melts and water enters the interior of your home causing ceiling or wall damage).
It depends on what coverages are important to you and it is something you should review with your insurance broker. Coverages I would definitely look for are Sewer Backup Coverage - has to be stated on your policy to be covered (not an automatic coverage); $2,000,000 liability (basic is $1,000,000). Some people decide they do not want to pay the premium for Sewer Backup Coverage as they do not have articles of any real value in their basements which can be a very costly mistake; I have seen damage amount to over $100,000 for the costs of cleaning up after a Sewer Backup Loss (tearing out and replacing drywall and carpet, etc).
If it is not cleaned up properly you can have a mold issue, which would not be covered under your insurance policy. Increased liability can help protect you if a tree in your yard falls onto the neighbor’s house and causes damage; or if you are renting an apartment and cause a fire that burns the entire building down. Many tenants think they do not need insurance as their personal property is not worth very much, but liability coverage alone is a great reason to get tenant insurance. A basic tenant policy can cost less than $20 a month.
Q: Mike Maille: Is there a type of insurance for people with chronic illness such as Chron’s disease?
A: If a client has Crohn's disease prior to having coverage in place, it would be considered a pre-existing condition and would not be eligible for coverage under our Health Plans we sell as this is a medically underwritten plan. In the event the client was coming off of a Group Benefits Plan through work, we would be able to provide them coverage under our Conversion Plan; the Conversion Plan offers continuous coverage without completing an additional medical questionnaire. However, we are only able to offer this plan within 31 days from being terminated from their employer benefits plan and are only able to convert the coverage they held previous (additional benefits would be subject to medical underwriting).
Most Personal Health Plans are medically underwritten at the time of application, and any pre-existing conditions are not eligible from coverage, but will provide coverage for any conditions, etc that may develop in the future.
You may also be able to look into coverage through the provincial health programs such as the Special Support Program; you can visit their website to learn more athttp://www.health.gov.sk.ca/special-support
I would suggest you apply for both the Blue Choice Personal Health Plan and Special Support Program. The Blue Choice Plan will provide coverage for anything the client may develop in the future and the Special Support Program may cover off cost relating to the clients current medical expenses such as medications and treatments for Crohn's.