VANCOUVER, March 15, 2012 /CNW/ - Nearly 90% of BC home insurance
policyholders are paying for insurance protection they don't need or
want, says Square One Insurance. The Vancouver-based home insurance
experts found that out of 1,000 policyholders, 87% are paying for
irrelevant protection with traditional home insurance policies.
"Most home insurance policies were designed in the 1970s, meaning they
provide too much coverage for fine china, silverware and furs, but not
enough for computers, cameras and cell phones," says Daniel Mirkovic,
President & CEO, Square One Insurance. "What this means is that if
there was a loss, many policyholders wouldn't be adequately covered for
some of their most prized possessions."
One of the most notable findings from Square One's sampling is that 87%
of house owners with a traditional policy are paying for significantly
more personal property coverage than is actually needed, and 67% are
paying for detached garages they don't have.
Other notable findings include:
Only 13% of policyholders needed/wanted protection for China, Silverware
Only 14% needed/wanted coverage for Fine Arts;
And, just 8% needed/wanted coverage for Collectibles.
Traditional home insurance policies cannot be truly customized to
individual needs. Coverage, such as the above, is automatically
included, whereas important coverage, like earthquake insurance, is
"Traditional home insurance providers don't take into account the unique
needs of policyholders living in metropolitan cities," adds Mirkovic.
"With real estate prices as high as they are, many of us are 'house
poor' and simply don't need all the coverage for personal property
automatically included in traditional home insurance policies."
Square One advises BC residents to consult their insurance advisor to
ensure they're paying for only the coverage they need and that they're
adequately covered in the event of a loss.
Established in 2011 and based in Vancouver, British Columbia, Square One
Insurance provides Canadians living in urban centres with modern,
relevant home insurance. Square One is one of the few insurance
providers in Canada specializing in home insurance and offering truly
customized policies that can be purchased over the phone and online. For more information about Square One, visit www.squareoneinsurance.ca.
SOURCE Square One Insurance Services Inc.
For further information:
Square One Insurance Services Inc.
Tel: 778.331.6933 ext 104