winds blow some siding off your house and a number of shingles from the roof . You call your insurance company to assess the damage , which comes to a total of $ 5,000 . After your deductible , your claim would pay the remaining $ 4,000 to repair the roof and siding . In general , any time you have a loss that significantly exceeds your deductible , you ’ ll want to consider making a claim . That ’ s why we ’ re here — to protect the things that matter most to you .
Are there benefits to policyholders who maintain claims-free status ? Yes , there could be if it ’ s been a long time since you ’ ve made a claim , or if you ’ ve never made one . Your advisor can help you understand your premium and any opportunities for savings that may be available to you .
Since joining AMA inSurAnce in early 2016 , Ted Koleff has worked with the professionals who help AMA members and policyholders put their homes and lives back together . Here , the vicepresident of claims answers some pressing home insurance questions .
What is home insurance ? It protects policyholders and their families from exposure to the costs of unexpected incidents like fire , water damage and theft — not to mention identity theft , an evacuation , or if a person is injured on your property . But it ’ s not a maintenance plan ; it doesn ’ t cover wear and tear or neglect . We ’ ll make every effort to cover the damage if a storm puts a hole in your roof and rain leaks in , but we don ’ t pay to fix damage caused by poor maintenance .
Ask tHe expert
Home , Safe Home What you need to know about home insurance
Ted Koleff , AMA Insurance vice-president of claims
How do deductibles work ? When a claim is made , the policyholder agrees to pay a portion equal to the deductible amount . In general , the higher the deductible ( i . e . the greater the portion of risk you ’ re willing and able to absorb ), the less you pay per year for your policy . If you carry a $ 2,000 deductible as opposed to a $ 500 deductible , you ’ ll likely pay a lower premium , but you ’ ll also probably make fewer claims overall , which helps keep insurance rates lower for everyone .
Are there other things homeowners can do to lower their premiums ? Installing devices like sewer backflow prevention valves , burglar alarms and smoke detectors can significantly reduce the risk of losses , and therefore lower your premiums .
Can you outline a typical insurance claim scenario ? Say you have a $ 1,000 deductible . A storm rips through Edmonton ; high
Why is it important to take an inventory of your home ’ s contents ? When theft or fire impacts your personal property , it can be overwhelming to have to make a list of everything that ’ s been lost or destroyed . Having up-to-date and accessible inventory lists and photos can reduce your stress during the claims process and ensure no items are overlooked .
Why do you need to tell your insurer if you ’ re planning renovations ? Your insurance company insures the home you describe to them . If you alter it without advising your insurer , you could be changing the nature of the risk and the applicable premium , as well as voiding certain elements of coverage in the event of a claim . It ’ s also possible you might not be covered for something that you would be , had you told your advisor to add it to your policy .
What ’ s the most fulfilling part of your work at AMA Insurance ? We help people put their lives back together after something bad happens . Every day , we work to make people ’ s lives easier . I can ’ t think of anything more rewarding than that .
Learn more about AMA home insurance policies , get a quote or report a claim : AMAInsurance . ca / Home
IrIana ShIyan / alamy
10 Fall 2017
AMA InsIder