Frequently asked questions.
Have questions about CAA Home Insurance? We’ve got the answers.
After receiving your claim, CAA Insurance will send an adjuster to inspect your property to decide whether you will receive a settlement in order to repair the damage or to compensate you for a total loss.
CAA Insurance will pay the inspection fees for any contractors that we assign. However, a contractor can only be assigned once a claim has been opened.
We will supply you with our recommendations for qualified expert contractors, but the choice of who you hire is ultimately up to you. The insurance contract is not a repair contract; rather, it’s a financial vehicle that responds to the cost of the repairs that need to be done. Of course, we have the right to inspect the damaged property, and we will not pay more for the same repair work than was quoted by a CAA-recommended qualified expert contractor.
There are numerous factors about your home and your neighbourhood that can influence the cost of your home insurance premiums. Here are some of the most important:
- The value of your home. The larger and more expensive your property, the more it will cost to replace your home and belongings.
- The location of your home. If you live in a postal code area that has a higher rate of claims or greater incidents of break-ins and vandalism, you may have to pay more for your insurance.
- Your home’s proximity to a fire station or fire hydrant. For safety reasons, the closer you are, the better the chance you’ll have lower premiums.
- Your electrical system. How your house is wired can impact your premiums in several ways. For example, a home that has knob-and-tube wiring (which increases the potential of a house fire) or fuses instead of circuit breakers will cost more to insure than a house with up-to-date and up-to-code wiring.
- How your home is heated. Houses that use safer heating methods, such as forced-air gas furnaces or electrical heating instead of oil-fired furnaces and wood stoves, come with lower premiums.
- The age of your roof. Houses with newer roofs are less likely to experience costly leaks resulting in property damage and are therefore less expensive to insure.
- The plumbing in your home. Houses with older plumbing systems, including ones that use lead or galvanized pipes, are at higher risk of clogs, leaks and other expensive repairs.
When determining your premiums, insurers will consider many other factors as well, including your insurance and claims history and if you’ve installed a monitored home security system that includes fire, smoke and carbon monoxide detectors. Other items on your property, such as a swimming pool, a hot tub or a detached garage, can also impact your costs.
When CAA Insurance receives your claim, you will be assigned a claims adjuster who will help you through the process. They’ll review your claim as quickly as possible and arrange for a home visit to meet with you and inspect your property. The adjuster will confirm the details of your loss, assess the fire damage and determine if temporary accommodations for you, and anyone living in your home with you, are necessary. You will be asked to compile a list of essential documents and possessions that need to be replaced. The amount of your settlement will depend on the specific insurance coverage you have.
- “Replacement cost” coverage pays the cost of repairing or replacing your damaged items equal to the amount you would need to replace these items with new or similar products.
- “Actual cash value” coverage pays you for the value of your home and damaged items at the time of the fire, taking into account the original price of the items minus depreciation and the condition that the items were in before the loss.
No. A standard homeowners insurance policy does not provide coverage in the event of flood damage. In most cases, however, CAA Water Coverage is available as optional coverage.
If you add CAA Water Coverage to your home insurance, you will be insured against sudden loss or damage to your insured property, as defined by your policy. This includes floods, surface water from sudden heavy rainfall, the rising of the water table or groundwater and even mudflow. Other causes can be the escape of water or sewage from backed-up sewers, drains or septic systems in your home.
Your living expenses, as defined by your policy, might be covered if the extensive damage to your home is a direct result of an insured peril covered by your policy. Ask your agent or broker for more details and to see if this coverage is right for you.
“Replacement cost” and “actual cash value” (ACV) are two common calculations that insurance providers use to determine the amount you’ll receive when you make a claim. The calculation that applies to you will depend on the terms of your policy.
If you have an insurance policy that says it will pay the replacement cost for lost or damaged items, then your insurer will pay to repair your items or replace them with those of similar quality. Replacement cost does not apply to items such as fine art and antiques. You’ll find a complete list of these items in your policy, or you can ask a licensed CAA Insurance Agent or your local broker for details.
If your policy states that the ACV of your items will be covered, the value will be based not on what your possession cost when it was new but what it was worth at the time of the damage. This takes into account depreciation over time. So, if a five-year-old appliance is damaged or stolen, your insurance will pay you the amount that a five-year-old appliance is worth now. If you wish to replace it with a brand-new one, you will have to pay the difference.