FAQ - Insurance Products
- Why should I buy insurance?
- How does insurance work?
- How do I know what insurance to buy?
- How much will my insurance cost?
- What do I do when I have a claim?
- How can I save money on my insurance?
- Do I need to tell you if I make significant changes or additions to my property?
- Do I need to tell you if I decide to use my property for commercial purposes?
Q. Why should I buy insurance?
A. It can take years and a great deal of hard work and money to acquire your familys personal possessions. Where would the money come from to replace your property if it were destroyed? What would you do if a court ordered you to pay thousands of dollars because of damage to someone elses property or injury caused by you. Insurance protects you against financial loss when these kinds of personal disasters happen. And they happen to people just like you every day.
Q. How does insurance work?
A. For an agreed amount (the premium you pay) the insurance company takes on your risk of suffering financial loss. When losses do occur, they are paid out of the total pool of insurance premiums the insurance company has collected from its thousands of customers. In short, the premiums of the many pay the losses of the few.
Q. How do I know what insurance to buy?
A. You should insure any valuable property that can be damaged, lost or stolen. You also need to protect yourself against the costs of property damage or injury you may accidentally cause to someone else.
Q. How much will my insurance cost?
A. The cost of insurance will vary from company to company, based on their estimates of the number of claims expected and the cost to operate the business. When comparing quotes and coverages, always remember that what you are buying is not the piece of paper that you receive, but the service that you get at the time of a claim. Good service may cost a bit more, but it is well worth it when your claim is settled promptly to your satisfaction. That is where Wawanesa shines.
Q. What do I do when I have a claim?
A. Contact your broker or company as soon as possible to advise that you have had a loss. See Claim Process.
Q. How can I save money on my insurance?
A. Increase your deductible. By doing this, you agree to pay a little more of the loss when you have a claim, but your maximum limit of coverage does not change. In exchange for accepting more of the risk on small claims, your premiums are reduced.
Install burglary alarm systems. By taking these precautions to protect your property from loss we offer discounts on your premium. See Premium Discounts for other ways to save.
Q. Do I need to tell you if I make significant changes or additions to my property?
A. Yes. Full disclosure of all details of the risk are needed in order for your insurance to be effective.
Q. Do I need to tell you if I decide to use my property for commercial purposes?
A. Yes. Full disclosure of all details is necessary. Additional coverage will be required to handle the additional exposure of a commercial operation.
If you have any questions, please do not to hesitate to contact your broker for further information.
Wish to learn more about Wawanesa's products?
Please speak with your broker, who can provide details on the products and services best suited to your needs.