FAQs

What is a deductible?

Good question. A deductible is a set amount which you agree to pay if you have a home insurance claim. The amount of this deductible can vary but it is typically around $500.00 and in some cases, depending on the type of claim and amount of loss, it can be waived.

I have some expensive jewelry. If something happens to it, will it be covered under my homeowner’s, tenant or condo policy?

Yes. And no. Yes, your personal property is covered under your homeowner’s, tenant or condo insurance policy, but every policy has certain limits, especially when it comes to jewelry, furs, collectibles, computers and other valuables. To fully cover these items, we strongly recommend you add a Personal Articles Floater (PAF), also called a Rider, to your policy. Typically, a PAF will cover these articles “all risk”, which is more extensive coverage than your policy alone can offer, and it usually does not require a deductible. And a PAF is not prohibitively expensive either. Please consider it for your more expensive valuables.

I’ve never purchased home insurance before – what is involved?

Chances are your home is the biggest financial investment you will ever have so you need to protect it. A homeowner’s insurance policy gives you financial protection if your home is damaged or destroyed by an event like a fire, lightning strike or windstorm. Your home insurance policy will also protect your personal property. Your furniture and electronic equipment, for example, will be covered for certain damages and for theft as well. Also, your homeowner’s insurance policy gives you liability protection for unexpected events, such as a visitor slipping and falling on your property, for which you the homeowner could be responsible.

Don’t worry, at Gemstar we will explain every detail of your home insurance policy. We know home insurance can be intimidating so we will make it as easy as we possibly can for you.

What is the difference between a Broad and a Comprehensive Home Insurance Policy?

There are several differences between these home insurance policies and we would be glad to discuss all of them with you when you apply for home insurance coverage. However, the biggest difference is a Comprehensive insurance policy will cover your belongings for breakage and mysterious disappearance; a Broad policy will not. So if you drop your computer and break it, or if you loose your camera while on vacation, it will be covered under a Comprehensive home insurance policy.