BrokerLink is proud to offer exclusive home and auto insurance premiums to GolfNB members. Talk to one of our insurance experts for the right advice.
Debunking common insurance myths
Home Insurance Myth: Your home is always protected while you’re away on vacation or a business trip. False. Most insurers require you to take precautions in order to keep your insurance coverage in place. You may be required to have someone check on your home every day, every couple of days or every week. If you are going away during the winter, you may be required to drain your pipes or make sure your home is adequately heated to prevent your pipes from freezing and bursting – if you don’t keep your home warm and your pipes do burst, a claim may be denied. Ensure that you follow the guidelines in your policy to prevent any issues arising in the event of a claim. To read about more home insurance myths debunked click here.
Auto Insurance Myth: Your personal auto insurance policy will cover the cost of unexpected events while using your vehicle for business activities. False. If you are a business owner and use your vehicle for business purposes, the costs from a claim you incur whilst conducting these activities will not be covered by your personal auto policy. A commercial auto insurance policy is required to cover costs of unexpected events, such as an accident, if it occurs during or due to business operations. To read about more auto insurance myths debunked click here.
Business Insurance Myth: For home-based businesses, home insurance will cover claims for business activities. False. Home insurance will not cover claims related to your business. For example, if a professional painter operating out of their home has their art supplies damaged or stolen, their home insurance would not cover replacement cost of these supplies. It is important to ensure you have separate coverage in place for your home-based business needs. Having a commercial general liability and business property insurance will provide you protection in the event a customer is injured, or there is damage made to your property while conducting business activities. To read about more business insurance myths debunked click here.
Insurance Claim Myth: When I submit an insurance claim, I should inflate the claims costs so I am adequately compensated. False. It is a crime to inflate the cost of a claim. This is considered insurance fraud. The amount of compensation a person receives depends on the terms of their policy and deductibles. Never try to claim additional items or fabricate an insured peril. Insurance adjusters do investigate claims and will review receipts and details of a claim to ensure that individuals are getting the appropriate value for the policy they have. In addition, insurance companies may refuse to sell insurance to people involved in false claims.
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