What is the difference between an Insurance Broker & Insurance Agent?

So you have all heard the terms Insurance Broker and Insurance Agent, but do you know what the difference really is?  As Insurance Brokers, we represents multiple insurers and are able to shop each market to ensure that you are getting the best value & coverage for what you are paying.  An Insurance Agent represents one specific insurer only and does not have the ability to offer the same choice that we as Broker’s can offer.

So, what are some of the benefits as we see it to dealing with a broker?  First off, you get choice; Secondly, you can be sure that when we see changes or increases in your policy premiums, we will do the work of making sure your premium & coverage are the best possible solutions for your individual needs.

At Nicol Insurance, we represents several of Canada’s largest insurance companies including, Intact Insurance, Travelers Canada (formerly The Dominion of Canada), Aviva, RSA, Gore Mutual & Economical Mutual as well as Peel Maryborough – an Ontario Mutual specializing in farms & rural properties.

We offer group rates for employees of many local businesses, including members of the Chamber of Commerce for most of our local communities, Bruce Power, Keystone, Tenneco, OARTY, amoung others, through Novex Group Insurance.

Call one of our licensed Insurance Broker’s today to learn for yourself the benefits of dealing with an Insurance Broker!

Why should I complete a home inventory form?

Imagine: You’ve spent a lifetime building a happy and healthy home. You’ve filled it with family, friends, laughter, and memories. But one day you get a call saying your home is on fire, or you come home to messy remains of a break in, and all those things which reminded you every day of how lucky you are were gone. No one can imagine the devastation of losing one’s home and possessions.

Unfortunately we can never predict a loss and should you fall victim to a fire, theft, or other event, it can be incredibly difficult to remember all of your possessions and their approximate values. You shouldn’t need the added stress of trying to remember every little detail of your home, but instead should be focusing on picking up the pieces and healing. This is why it is important to create and maintain a home inventory form. Your form documents all the possessions in your home and their replacement value for the event of this very scenario, which you can provide your insurer.

What is the list and how do I make one?

The list is a document which outlines everything in your home with a brief description of each item including its value. This takes a huge step out of filing a claim. We have created a handy form which you can download and print as many times as you need.

What should I include in my list?

Everything! Go through each room in your home and record each possession. Don’t skip closets, cabinets and drawers, sheds, your garage, or your attic. If you are able, use a camera or video camera to record each room.

I’ve completed the form. What now?

  • Put it in a safe place like a safety deposit box. Do not keep it in your home! Should your home and possessions be lost in a fire, for example, your form will also be lost.
  • Make copies of important documents like the deed to your home, birth certificates and passports, car ownership, insurance documents, bank account and credit card numbers, and tax returns for at least the past 5 years. Keep these copies with your form in your safety deposit box.
  • Don’t just make the list and never think of it again. Review and edit it accordingly each year.

What else should I know?

Your standard home insurance policy will cover the value of your possessions for up to 70-80% of the value of your home. As you fill out your form and calculate the value of your possessions be aware of the value of your home. If your possessions exceed 70-80% of the value of your home it may be a good time to donate the excess or have a yard sale. Speak with your broker to be absolutely sure of your coverage and for more advice regarding how to protect yourself in the event of a loss.