Question re Belair Insurance

[AlK]

Shopping around for insurance for our condo and seasonal property. Both proprerties are in stratas
So we are basically looking for contents insurance including water damage.

I got an online quote from Belair and found that their quote was substantially lower than what we are currently paying. I believe Belair is a subsidiary of Intact Financial Corporation.

Any one use Belair or have any experience (good or bad) with them ?
Thanks

 

[Bill 310]

Might I suggest that you hire a general insurance broker who has some professional designations ( CAIB designation I think is one level)
and ask them to go to the market and get you quotes and prepare a written and signed report that outlines the terms and conditions comparison of the various policies (minimum of three contracts) on a line by line basis . You really want to see the contractual differences so that you can make an educated decision.

No one wants surprises at the time of claim

Ask for a copy of your strata policy and give that to your broker to make sure that you understand how the strata policy and your personal policies blend and exclude coverages

Ask what are the discounts if you put your policies all with one insurer.

You will also want to see a report on the companies financial rating.

Ask them if an umbrella policy will benefit you and have them explain it

Ask for the commission and bonus rates paid on each policy, Don't accept standard commission as an answer.

It is far better to know what you have and what you are giving up and gaining by a change of underwriters

Earthquake riders - as I understand it fewer companies now offer this coverage .

You can also ask your broker for the financial reporting and rating on the insurers they are reccomending.

Insurance is always about what the contract says it will pay out for. A written comparison between policies and how they match up with your Strata policy on how claims are paid and the amount paid out is important for you to have so you can make an educated decision.

Note to readers: I did not work in this industry but have been getting this kind of reporting done when requested.

Years ago when we lived in condos I was often on the Strata Council. A thankless and exhausting job.