As insurance brokers, we at Lane’s are your allies in the insurance world. It can be a confusing and intimidating industry where consumers feel they don’t have much control, but by working with an insurance broker, your insurance reins are back in your hands.
A regular insurance company only sells one product – their own – while insurance brokers have access to the policies of several top-notch providers to give you the choice you deserve. We stand by each and every policy we provide at Lane’s, which our knowledgeable insurance brokers have thoroughly vetted.
When you work with us, we do the legwork to find you the best insurance policy for your auto, home, condo and business needs. Our pledge to provide consistent customer service continues on after that. We are here to answer any questions you have about your coverage and keep the conversation open at all times. We don’t expect you to understand your insurance policy on your own, and are always here to take your call. When you don’t need us, we strive to keep you informed of all the updates in the business you need to know about through our weekly blog.
How insurance works
When you purchase insurance, your premiums are calculated based on the amount of risk companies take on to cover your home, business, or possessions. All the money is placed into one large pool, which is then used to pay the claims of those who filed that year.
The main portions of your insurance policy
In general, insurance policies are divided into four main sections.
The Declaration outlines:
- All the risks that are covered.
- The limits of your policy, for example, how much you will be paid per incident.
- The amount you owe yearly.
- Others who have interest in the policy, for example, any lenders.
- A list of all the endorsements added to the policy.
- A list of any alterations to the policy.
Insuring agreements include all that is covered for a valid claim, such as:
- The losses that are covered.
- The property that is covered.
- The perils that are covered.
Policy conditions describe the obligations of the policyholder to maintain their coverage. If certain stipulations are not met, such as paying your premiums on time or keeping your rental property occupied, insurance companies reserve the right to cancel your policy at any time.
Exclusions and special limits include the property and perils that are specifically not covered by your policy. Hail damage to an older roof in need of repair or valuables you did not let your insurance company know about may fall into the exclusion category. Special limits indicate the amount the policy will pay if certain valuable items are involved in a home insurance claim. The most common special limits are for items like cash, jewelry, collectibles, sports equipment and high-end electronics.
Questions to ask a potential insurance provider
If you think you have found an insurance provider that will be able to meet your needs, remember that you are still in the driver’s seat. You have every right to have your questions answered thoroughly and clearly, which is yet another benefit of using an insurance broker. We have nothing to hide about the policies we provide, and guarantee their breadth and depth of coverage.
- If you are unfamiliar with the company you have found, check to find out if they are properly licensed in Alberta. The Government of Alberta provides a complete list of insurance providers who are licensed in the province, as well as a list of those that are no longer licensed. The lists are provided through the Alberta Superintendent of Insurance.
- Inquire if the policy you have been offered is at the lowest possible price, which is something we as insurance brokers do for you. Simply asking should open the door to a conversation about how you can lower your premiums.
- Always ask if there are any discounts you can access, whether because of your profession, your alumni status, safety features you have added, and so on.
- Your deductible is the amount you pay when making an insurance claim. The idea is that they stop people from making unnecessary claims, which would make insurance wholly unaffordable for everyone. For car insurance, deductibles are usually $500. For home insurance, deductibles are often $1,000 or higher. By raising your deductible, you may be able to lower your premiums.
- Cancellation rules differ from insurance company to insurance company. If there’s a possibility you may be cancelling your coverage for reasons such as moving to a different province or getting rid of a vehicle, ask what you can expect come cancellation time. Some allow customers to cancel with no penalty, others apply a small penalty, and others may ask that you pay the premiums for the year in full regardless.
- Claims services should be available 24/7, every day of the year. Accidents rarely happen when it’s convenient, and you need to know someone will be there for you when you need them.
- For car insurance in particular, accident forgiveness may be an option for your first accident, or after you have had your policy for a certain amount of time. In essence, accident forgiveness clauses mean that your car insurance won’t go up after your first claim, which is an excellent incentive for insurance buyers.
Trust Lane’s Insurance for the best coverage at great rates
Lane’s Insurance has staked out a well-deserved reputation for service excellence, offering flexible and varied coverage options at highly competitive rates with value-added service and outstanding claims support. As long as Lane’s is your insurance brokerage, you’ll know your broker, and more importantly, we’ll know you. Contact us at our Calgary, Edmonton, Banff or greater Alberta offices to see what we can do for you.
