Insurance

Property Insurance - Frequently Asked Questions:

Why is there a deductible?

The deductible is the amount that you have agreed to pay towards the cost of each claim you make. The amount of your deductible is a choice that you make to control the cost of your policy. The choice of a higher deductible will lower your premium. Every policy has a deductible. Your insurance policy is meant to respond in circumstances of significant loss and a deductible acts to limit the number of very small claims.

How long does the claim process take?

Every loss is different. For example, the restoration of significant damage caused by a fire may take longer than a claim for a straightforward theft. We make every effort is made to provide you with all the information you need up front in order to move the process along quickly. We will assist you throughout the process and are available to you when you call 1-877-222-1717.

Who will pay for the contractor's inspection fee?

CAA is committed to paying the inspection fees of all contractors that we assign. However a contractor can only be assigned after a claim is set up.

Who chooses the contractor who will repair my damaged property?

We will provide you with recommendations of qualified experts who you may choose, but the choice is ultimately yours. The insurance contract is not a repair contract, but is a financial vehicle that responds to the cost of the repairs that need to be done. Of course we have a right to inspect the damaged property and we will not pay more for the same repair work as quoted on by a qualified expert contractor.

What is Replacement Cost?

Replacement cost for contents means the cost on the date of the loss or damage, of repairing or replacing (whichever is less) damaged property with new property of similar kind and quality, without deduction for depreciation, but not exceeding the applicable amount (s) of insurance as shown on the coverage summary page for any loss or damage arising out of one occurrence, provided. There are restrictions on this coverage that are detailed in your policy booklet.

What is Actual Cash Value (ACV)?

Actual Cash Value is an assessment of value of an item that considers depreciation. In determining depreciation, consideration is given to the condition of the item immediately before the damage, the resale value of the item & the normal life expectancy of the item in question.

What is a named perils policy?

A named perils policy is a policy whose coverage is based on the list of perils noted in the policy.

What is a Comprehensive policy?

A comprehensive policy (also called an All Risk policy) is a policy, which is defined by the exclusions. Basically, a wide range of coverage is provided and the exclusions are used to determine what perils are items are not covered.