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MarkH
Jon, I abbreviated the two-page letter from MY insurance company (not the CORPORATION’S). My apologies, I should have clarified. You can’t compare the two in terms of the legislation. I provide my broker with a copy of the corporation’s policy summary annually and consult him as to whether I need additional coverage. The letter from my insurance company (not the broker) was generic to the owner-clients, not the corporation. I looked at my risks and needs and amended my policy to cover what the corporation’s policy didn’t. The biggest difference is that the corporation’s deductible is high, and I have added coverage to ensure my potential (corporation’s deductible) $50k bill will be reduced to a manageable $500.00.
You could argue that I am overpaying for insurance until some event happens like the massive hailstorms in NE Calgary earlier this year. Some of the hail damage will be covered, but on a depreciated basis, unless owners decided to upgrade their coverage to replacement value. Basement flooding might have been covered if ‘overland’ water had been included in a policy, but that would not cover basement flooding caused by a sewer back-up.
Basically, you must determine what you need and you get what you pay for.
