Why did my premium go up?
Many factors are taken into consideration with insurance carriers' underwriting guidelines; from past claims to future predictions. A postal code plays a big role. All variables and information regarding your home are correct and updated to provide you with the best suited insurance protection while gaining all applicable discounts.
I’m planning to rent out my house. Will that affect my policy?
Renting your home to a long-term tenant is different than renting your house on sharing apps like AirBnB. If you are renting your space to a long-term tenant Yes. As the homeowner renting, your rental would need to have an endorsement added to your current property policy. As the landlord, your coverage is only on the structure itself and your financial interest in it. Your tenant’s personal possessions are not covered under your policy. Your renters would need to be covered under their own tenant’s policy. This will protect their own personal liability, contents and additional living expenses in case of a claim.
What should I do when i go away? Does someone need to check on my place?
Whether you are going away for the weekend or an extended amount of time, you always want to make sure your: Doors and windows are shut Gates to the backyard are closed All faucets and water sources are shut off Big electronic items are unplugged It is important you have someone you trust check on your home while you are away. You don’t want to come home to a flooded kitchen.
How do I know how much insurance coverage I need on my property?
BKIFG will work with you each step of the way. Whether you are working online or working with an BKIFG broker, we’ll consider your postal code and many other factors about your property. Other factors can include; if you have a pool, finished basement, or business activities on your property.
How can I reduce my home insurance premiums?
Here are some options you have to reduce your premium: Increase your deductible, install a home security system of monitored alarm, let us know if you’re mortgage free, ensure everyone living in your home is a non-smoker, bundle your property insurance and your auto insurance with BKIFG
If I’m doing renovations in my home, do I need to notify you?
Yes. Renovations are one of the circumstances that require you to update your home insurance policy. It is important we know about the renovations made to your home so it is insured to value. In the event of a claim you’ll want coverage for the new updates you made. Before construction starts, call BKIFG to review your renovation project and to discuss requirements for insurance solutions.
What is claims forgiveness?
Claims forgiveness is an optional addition to your home insurance policy. In the event of your first property claim, that claim will be waived as if it never happened, your rates do not increase due to the claim, and you maintain your claims-free discount. Upon your renewal, if you make another claim, it will be treated as your first