Our Most Frequently Asked Home Insurance Questions
Learn more about home insurance from Ayr Farmers Mutual
These are the most frequently asked questions we receive from Policyholders about home insurance.
- What is the difference between Market Cost and Rebuild Cost?
Market Cost - The amount of money your home can be sold for in the current real estate market.
Rebuilding Cost - The amount of insurance provided to rebuild your home from the ground up if it were devastated by fire, weather events or other insured perils. The amount includes the price of labour and materials.
- Does my policy provide coverage for a student in my household who is living elsewhere while attending university?
Our Homeowners Plus policy includes an extension of coverage of up to $10,000 of the personal property limit for each student residing away from home.
- I operate a business from my house. Does my Home Insurance policy provide coverage for it?
You will need separate coverage for your business. The standard personal home policy doesn't cover operating a business from your home. However, we have a home-based business package to meet your needs. Your insurance Agent or Broker can provide you with the necessary details to purchase proper coverage.
- What potential roadblocks may I face when looking to insure my home?
Items such as an uncertified woodstove, outdated or non-serviced oil tanks, steps/decks with no hand railings, lack of maintenance or housekeeping, commercial operations, and more, all impact the insurability of your dwelling.
- What is an Umbrella Insurance Policy?
An umbrella insurance policy is extra liability insurance coverage that goes beyond the limits of the insured's homeowners, auto or watercraft insurance. It provides an additional layer of security to those who are at risk of being sued for damages to other people's property or injuries caused to others in an accident.
Insurance That Works As Hard As You
Please contact us and Get Started Today! One of our Agents will work steadfastly to provide you with the information you need. Just shopping around? No problem! Our Agents are happy to help provide you with information, so you can make the best decision—For You.