2. • How Insurance Premiums
Are Set.
• Rate making (aka insurance
pricing, also spelled
ratemaking), is the
determination of what
rates, or premiums, to
charge for insurance.
• A rate is the price per unit
of insurance for each
exposure unit, which is a
unit of liability or property
with similar
characteristics.
3. • Is this a heritage home?
• Typically Carriers will require a referral for buildings
constructed prior to 1966.
4. Insurers keep statistics on claims
across the province, and every theft,
fire and storm is recorded and
calculated into rates. So if you live in
a neighborhood that’s prone to break-
ins or sewer backups, your rate will
reflect that.
5. Size If you live in a three-story house,
chances are you have more stuff than
someone who lives in a small townhouse
– which would mean more to rebuild,
replace or repair in the event of, say, a
fire or flood.
Usage If you run a home-based
business, you’ll pay more for insurance,
to cover office equipment and
inventory. Home insurance policies come
with a personal liability component, too,
so insurance companies look out for
property usages that might present
risks, like trampolines and pools.
6. • Heating/ Last Updated:
• Oil (Quest/Photo):
• Wood Stove (Quest/Photo):
• Any Auxiliary heating?
• Non- Standard heat allowed if professionally installed
Woo Hoo!!!
I’m getting it!
I’m also getting really hot…
Time to leave, and talk heating …
7.
8. • Electrical/ Last Updated
• Copper, Aluminum, Knob and Tube /
Percentage
• Amps: 100 , 200 (60 Amp ok w/ HYDRO
CERTIFICATE)
• Breaker or Fuse box
I don’t really feel like I
know enough about
electrical to ask the
right questions.
Can you guys give me
some suggestions?
9.
10. I’m a little lost with
Plumbing too.
Want to share some
pearls of wisdom?
• Plumbing/ Last updated
• Copper / Percentage
• PVC / Percentage
• Galvanized piping/ Percentage
• PEX/ Percentage
11.
12. • A sump pump is a small pump installed
in the lowest part of a basement or
crawlspace. Its job is to help keep the
area under the building dry and to
prevent it from flooding. Usually,
sump pumps are installed in specially
constructed sump pits. Water flows
into the sump pit through drains or by
natural water migration through the
soil. The sump pump's job is to pump
the water out of the pit and away
from the building so the basement or
crawlspace stays dry.
13. A backwater valve is a one way flow
control valve installed in a drainage
system, that under normal conditions
allows the waste water to drain out of
the system but if a reversal of flow
should occur, the valve will be forced
closed and protect the interior of the
building from sewage backup.
Every year thousands of homes are
flooded with raw sewage and storm
water causing millions in damages that
could have been avoided with properly
installed backwater valves.
14. Better make sure that
water heater stays up to
date!
I HATE COLD SHOWERS
15. This is making a lot
more sense…
But I would still like
more information on
roofing …
Hey… you’re a licensed
contractor; Right?
• ROOF/ Last updated
• Asphalt shingle
• Metal
• Wood shake
• Clay
YES!
Great!
16.
17. Claims, coverage and
deductible The higher your
deductible – the amount you
agree to pay upfront in the
event of a claim – the lower your
insurance rate. A higher
deductible also tends to reduce
the number of small claims you
make, keeping your claim history
clear, which in turn contributes
to keeping rates down.
18. Special discounts There are
a few other ways you may
be able to reduce your home
insurance premiums.
Installing monitored
systems that detect fire
and/or break-ins can usually
net discounts. These
systems can either be
centrally monitored or
locally alarmed. Some
insurance companies also
offer claim-free, mortgage-
free or age-50-plus
discounts.
Multi Line
Security
Sump Pump Backwater valve
Updates
Unfinished Basement
Credit
Mortgage Free
Non- Smoker
Editor's Notes
Each of these provides a different risk based on:
Age
Location
Occupancy
Heat, Electrical, Roof, Plumbing
Vacancy – additional risk
Beaver dam is a joke. Sometimes client calls in and has no idea what they are insurimg- our job to sift out details
There are 11 home insurance rating factors that influence your home insurance premiums. Here is a brief summary of these
1. Replacement cost: the size, composition, construction quality and contents of your property affect insurance premiums the most.
2. Where you live: insurers track the cost, type and number of claims by neighborhood to gain insights to the likelihood of a future claim.
3. Proximity to water: insurers look at how far your home is from a fire hydrant or fire station as this will influence fire damage risk.
4. Claim history: past claims are often an insurer’s best predictor of future claims activity.
5. Electricity: the type of wiring and the way electricity comes into your house is taken into consideration.
6. Pipes: the type and age of your pipes affects premiums – insurers generally prefer homes with upgraded copper or plastic plumbing.
7. Wood stoves: these can be a source of house fires and carbon monoxide poisoning.
8. Age of roof: a roof that is no more than 15 years old is preferred.
9. Other uses: inform your insurer if you have a rental apartment, operating business or there are significant renovations.
10. Other factors: security system, fire alarms, swimming pools or other outside structures.
11: Credit Score: Insurers will look to see if a homeowner has paid her bills on time and check credit scores.
Be Aware: Homes built in the 1970’s typically have aluminum wire
Have there been a lot of thefts in the area
Distance to water and fire halls The closer your home is to firefighting aids such as hydrants and fire halls, the lower your rate is likely to be, because every extra minute of response time can affect the extent of fire damage.
Here is where type of heating can be entered
Typically Central furnace gas is preferred.
However, with questionnaire, pictures, and WETT, ULC, CLA certificate Oil and Woodstove (aux only) can also be written.
Make sure to click “approved”
Heating system Oil and wood-burning heat come with an increased risk of fire, so you may pay more for insurance if your home has one of these systems, as opposed to forced-air, gas or electric heat.
Companies prefer - Copper - 100+ AMP - Breaker
Usually after 1985 homes were made with this updated material
Should a client have Aluminum - to what %? - ESA - U/w approval
http://inspectapedia.com/aluminum/Aluminum_Wire_Identification.php
Electrical system Outdated electrical systems with knob-and-tube or aluminum wiring and 50-amp service have a higher risk of overloading and catching fire. If your home was not built in the last 20 to 30 years, you may need to upgrade to safer copper wiring and 100-amp service before you can get insurance at all.
Companies prefer - Copper - PVC
We need to know when the water heater was last updated
Indicate if the client is on a septic system
PEX – some companies need to confirm manufacturer
Plumbing Modern copper or plastic pipes are generally more desirable, from an insurance perspective, than galvanized or lead pipes, because the latter are more susceptible to leaks and cracks.
Companies prefer - Copper - PVC
We need to know when the water heater was last updated
Indicate if the client is on a septic system
A sump pump is a pump used to remove water that has accumulated in a water collecting sump basin, commonly found in the basement of homes. The water may enter via the perimeter drains of a basement waterproofing system, funneling into the basin or because of rain or natural ground water, if the basement is below the water table level.
Sump pumps are used where basement flooding happens regularly and to solve dampness where the water table is above the foundation of a home. Sump pumps send water away from a house to any place where it is no longer problematic, such as a municipal storm drain or a dry well.
Pumps may discharge to the sanitary sewer in older installations. Once considered acceptable, this practice may now violate the plumbing code or municipal bylaws, because it can overwhelm the municipal sewage treatment system. Municipalities urge homeowners to disconnect and reroute sump pump discharge away from sanitary sewers. Fines may be imposed for noncompliance. Many homeowners have inherited their sump pump configurations and do not realize that the pump discharges into the sewer.
Usually hardwired into a home's electrical system, sump pumps may have a battery backup. The home's pressurized water supply powers some pumps, eliminating the need for electricity at the expense of using potable water, potentially making them more expensive to operate than electrical pumps and creating an additional water disposal problem. Since a sump basin may overflow if not constantly pumped, a backup system is important for cases when the main power is out for prolonged periods of time, as during a severe storm.
There are generally two types of sump pumps — pedestal and submersible. In the case of the pedestal pump, the motor is mounted above the sump - where it is more easily serviced, but is also more conspicuous. The pump impeller is driven by a long, vertical extension shaft and the impeller is in a scroll housing in the base of the pump. The submersible pump, on the other hand, is entirely mounted inside the sump, and is specially sealed to prevent electrical short circuits. There is debate about which variety of sump pump is better. Pedestal sump pumps usually last longer (25 to 30 years) if they are installed properly and kept free of debris. They are less expensive and easier to remove. Submersible pumps will only last 5 to 15 years. They are more expensive to purchase but can take up debris without clogging.[1][2]
Sump pump systems are also utilized in industrial and commercial applications to control water table-related problems in surface soil. An artesian aquifer or periodic high water table situation can cause the ground to become unstable due to water saturation. As long as the pump functions, the surface soil will remain stable. These sumps are typically ten feet in depth or more; lined with corrugated metal pipe that contains perforations or drain holes throughout. They may include electronic control systems with visual and audible alarms and are usually covered to prevent debris and animals from falling in.
Companies prefer - Copper - PVC
We need to know when the water heater was last updated
Indicate if the client is on a septic system
How to Reduce the Risk of Basement Flooding
Flooded basements can result in expensive repair bills and heartaches for homeowners. Learn how a backwater valve, installed below the floor in your basement, and other preventive measures can help reduce your risk of flooding and protect your valuables.
When are backwater valves required
<img class="alignright" title="backwater valve installation toronto mississauga gta plumber" src="http://www.misterplumber.ca/images/280x286xbackwater_valve_installation_toronto_mississauga_gta_plumber.jpg.pagespeed.ic.6buGR6_xV1.jpg" alt="backwater valve installation toronto mississauga gta plumber" width="280" height="286" data-pagespeed-url-hash="527555598"/>Backwater valves are required to protect fixtures and drainage openings that are installed below grade; such as in a basement, where the possibility exists for the municipal sewage or storm water systems to become overloaded and force waste water back through your drains. Backwater valves are also required on any subsoil drainage pipe that connects into the sanitary drain, to protect it from sewage backups.The most common backwater points of entry into your home may be through basement floor drains, water closets, sinks, laundry standpipes and sump pits.
Fullport Backwater Valve
When was the roof last “replaced”
Indicate % i.e.. was it a patch or a complete replacement
Indicate Type
Roof age and warranty A staggering 60 per cent of weather-related home insurance claims are a result of roof damage. The age of the roof, but also its warranty and quality of construction, may affect your rate. Keep in mind that most companies will only pay for the depreciated value of a roof, as opposed to the full replacement value.
When was the roof last “replaced”
Indicate % i.e.. was it a patch or a complete replacement
Indicate Type
When was the roof last “replaced”
Indicate % i.e.. was it a patch or a complete replacement
Indicate Type
