Home, Condominium and Tenant Insurance

Few things in life are as valuable as your home and your possessions. Protecting what you own is our specialty. We represent a variety of insurance companies, so we can tailor your insurance policy to your particular needs. Whether your home is a small studio apartment or a multi-level mansion, we have the experience and expertise to make sure you are fully covered.

For a competitive, no obligation quote on your home, condominium or apartment, please contact us today.

FAQ’s

1. 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 policy gives you financial protection if your home is damaged or destroyed by an event like a fire, lightning strike or windstorm. Your 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 policy give syou 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 policy. We know home insurance can be intimidating so we will make it as easy as we possibly can for you.

2. What is a deductible?

Good question. A deductible is a set amount which you agree to pay if you have an 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, occasionally it can be waived.

3. What is the difference between a Broad and a Comprehensive policy?

There are several differences between these policies and we would be glad to discuss all of them with you when you apply for home insurance. However, the biggest difference is a Comprehensive policy will cover your belongings for breakage and mysterious disappearance; a broady 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 policy.

4. I rent an apartment – why do I need insurance?

It is a common misconception that renters do not need insurance of their own. It could also be a very expensive misconception. Your landlord has a commercial property insurance policy to protect his building but you need tenant insurance to protect your personal property. If there was a fire in your building that affected your suite (think smoke and water damage), or if there was a break-in, your landlord’s interest (the building) would be covered but your personal possessions would not be. Also, if you were to cause damage to your suite by leaving a tap running while you were out or by starting a fire, your landlord’s insurance company would quickly respond to repair the damage. That company would also pursue you – probably sue you – for the damages you caused. With a tenant’s insurance policy, you would automatically have at least $1 million in liability coverage for such a situation. Your possession would also be covered for a number of perils, including theft, fire and vandalism.

It’s affordable coverage.

5. 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 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.

Contact us for more pertinent information.