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Consumers

Let’s face it ... insurance can be confusing

That’s why there’s never been a better time to talk to an insurance broker. 

Insurance is in place to help protect what is important to you and can give you peace of mind in knowing what you value is protected.

How it works

Insurance is a shared pool of risk.  This means that insurance companies are taking on specific risks for a fee so that you are not burdened with the complete financial responsibility of responding to losses incurred through events such as accident, sewer backup, fire etc.. That pool of insurance which is paid to insurance companies is used to assist those that find themselves in claim situations.

Property and Casualty insurance is referred to as general insurance and does not include life or health.  It covers both:

  • Property risk - loss resulting from the damage or destruction of your owned property
  • Liability risk - the injury or damage to others as a result of a person's actions

Why Use a Broker?

A broker can:

  • Offer a wide choice of products and price comparisons from a number of insurance companies
  • Identify risks and give advice on suitable insurance protection
  • Provide clear information and explain the policy details so you know what is covered
  • Support and represent you if you need to make a claim

There is no extra cost to you for all the services that a broker provides. Brokers receive compensation from the insurance company that you place your business with and will be transparent in this regard.

If you don't already have a broker, click HERE for a list of member brokers in your area.

IBANS does not sell insurance, provide quotes or advise on insurance products. For specific insurance information please contact one of our member brokers

 

What is Property & Casualty Insurance?

Property and casualty insurance (P&C insurance) are types of coverage which protect both you and the property you own.

Property insurance helps cover items such as your vehicle or home.

Casualty insurance refers to the fact that your policy includes liability coverage to help protect you if you are responsible for an accident that causes injuries to another person or damages someone else's personal belongings.

 

 

Flooding

Nova Scotians can now apply for financial assistance to help cover uninsured losses following the most recent flooding event last week. The provincial government said Wednesday the Disaster Financial Assistance Program covers up to $200,000 in uninsurable losses per household, small business and not-for-profit organization.

Disaster Financial Assistance Program forms for small businesses, non-profits and residential property owners and tenants who have suffered uninsurable damage or loss from storm flooding can be found using this government link.

Residents are asked to continue to assess damage, keep all receipts, take pictures and video and to contact their insurance companies.

The government notes the program does not replace private insurance and only uninsurable damage is eligible. The application includes a form to be filled out by the applicant's insurance company confirming that insurance was not available for losses.

 

For additional information and questions related to severe flood events visit Nova Scotia Floods – July 2023 (ibc.ca)

 

Wildfires

With the wildfires that ravaged parts of Nova Scotia this summer we are sharing two pdf's from the Intact Centre on Climate Control on Wildfire Safe Communities and Homes.

Other Resources