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Fire insurance
Below are estimated
costs of very generalized policies that show
the differences between being “fire hall”
protected and totally “unprotected. These
were prepared by Carolyn Cartier, CIP
Johnston Meier Insurance Peachland
www.jmins.com
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Hello Cliff,
I have researched the rates for three
companies that we currently deal with but it
will give you an idea of the difference in
premiums between being “fire hall” protected
and totally “unprotected”.
I am giving you examples based on a
“Cadillac” policy (Comprehensive) with $500.
Deductible.
There are varying discounts depending upon:
1) age of client - up to 20% for over age 50
2) age of home - normally 10% but as high as
26% for brand new home
3) claims history – from 10% to 20% for 3 to
5 years claims free
4) mortgage free – 10 to 15%
5) other business (ie camper etc) – up to
15% depending on company
6) alarm systems – from 5% for local to 15%
for monitored
7) Deductible discount – 20% for $1,000.
with a “cap” and a bit more of a discount
for $2,500. deductible.
Now there can also be surcharges for such
things as heating primarily with wood.
Most of the companies have a “cap” on
overall discounts – Usually 50% to 60% and
one has no cap. So when you are looking at
the overall “base premiums” you can see how
they would be affected by some or all of the
discounts.
And, all are “package policies” – in most
cases, the building limit is simply doubled
to give coverage for contents/outbuildings
and additional living expense.
Company Number 1
$400,000. Fire hall protected = $2,999.
$500,000. Fire hall protected = $3,879.
$400,000. No fire protection = $5,974.
$500,000. No fire protection = $7,668.
Company Number 2
$400,000. Fire Hall protected = $2,061.
$500,000. Fire Hall protected = $2,336
$400,000. No fire protection = $5,266.
$500,000. No fire protection = $6,583.
Company Number 3
$400,000. Fire Hall protection = $2,631.
$500,000. Fire Hall protection = $3,288.
$400,000. No fire protection = $5,747.
$500,000. No fire protection = $7,185.
So there you have it! If you would like to
review any of this, please feel free to call
me.
Carolyn Cartier, CIP
Johnston Meier Insurance
www.jmins.com
5878C Beach Avenue, Peachland, B.C. V0H 1X7
(250) 767-2500
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