Additional Information

 

How Do Insurance Markets Value my Property? Reconstruction Cost vs. Market Value

Your homeowner's insurance covers the actual physical building that is your home, along with everything that is in it. The purpose of homeowner's insurance is to make sure that if the worst were to happen, your home would be restored to the same level as before the incident. So, if your home were to burn to the ground, homeowner's insurance would pay to completely rebuild the structure and replace everything inside it.

Homeowner's insurance isn't really concerned with the market value, because so much of it is wrapped up in things like the land, the location and the state of the real estate market. All your insurance company is worried about is what it would cost to recreate your home exactly as it was in that same spot.

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Is Flood the same as Sewer Backup?

A flood can be caused by spring run-off, melting snow, an over-flowing river, lake or stream. Excessive groundwater build up that enters your home via leaks or seepage is also considered flooding. Overland water coverage may be purchased on some policies.

Sewer back-ups occur when massive volumes of water overload a drainage system. Once the wastewater rises above your basement drains, a back-flow into your home results. Sewer back-up may be covered, if sewer back-up coverage has been purchased.

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International Registration Plan

At HAL Insurance, transport companies can obtain IRP (International Registration Plan) licensing through Canadian Transportation Consultants Inc.

CTCI offers IRP licensing services for Saskatchewan & Alberta based transport companies. IRP licensing is required for commercial vehicles that travel outside their home jurisdiction. There are many requirements associated with this type of licensing and the pitfalls and penalties are immense for improper licensing.

CTCI also helps companies obtain DOT & MC numbers that are required to operate as a for hire or private transport company in the USA.

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HAL Insurance is a member of the Regina Chamber of Commerce


HAL Fact

Did you know? When you purchase homeowners insurance the insurance company looks at reconstruction costs not the market value of the property.

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