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Insuring your home, and personal possessions When you buy insurance for your home, you're get- ting protection for more than the place you live in, you're personal property is covered as well. Personal property in- cludes such things as clothes, furniture, ap- pliances jewellery and col- lectibles. Even your pet is protected against normal perils, except if it is stolen or hit by a vehicle. Profes- sional equipment such as books, tools and in- struments are usually covered, often limited to $1,000 as long, as they arein your home. While a boat and its trailer are covered while on your premises a recreational vehicle or house trailer, isn't covered in the standard homeowners policy. You can include this in your automobile insurance or get a trailer floater policy. A floater policy provides addi- tional protection of your possessions, especially when they are removed from your home. Usually, the maximum coverage you'll automatically get for your possessions under a homeowner's policy is 60 per cent of the insurance on the building. So if your house is insured for $90,000, the protection on the con- tents would be $54,000 unless you buy more. With a tenant's or condominium unit owner's policy you can select the amount of coverage that suits your needs. Regardless of whatever policy you choose, it's wise to keep valuables such as securities and cash in a bank or safety deposit box. Many policies insure only os REMBX' 1 ,;. An ternational network of independent member brokers Chances are we're going to sell your house. Why not call us first? RE/MAX scugog realty imi 144 QUEEN STREET, PORT PERRY independen' member troker 985-4427 184 OFFICES THROUGHOUT ONTARIO AR MARGARET JOHNSTONE Res. 985-0455 COTTAGES -- 49,900. - *59,900. Western exposure, full furnished, two available on waterfront with land lease terms. For informa- tion call today. GUY LATREILLE Res.: 985-8192. PORT PERRY KENT ESTATES Located on large mature- ly treed lot. 4 bedrooms, 22 baths, main floor family room with fireplace and walkout to deck, large rec room, games room, asking $324,900. NEW HOME BUILT BY STEVE SNIDER COMPANY 3 bedrooms, 2 baths, master bedroom with ensuite bath and walkout to deck, large finished family room with stove setting and walkout. Located on lot 82 x 396 feet, outskirt of Port Perry, priced at $224,900. Call me to view. 1880 SQ.FT. 3 BEDROOM BUNGALOW 2 full baths, 1 acre village lot. Asking $250,000. Call me to view. DON HARPER Res.: 985-3159 ACREAGE WITH PRIVACY! Small acreage 15 min. north of Port Perry. 7 acres clear, ideal homesite overlook- ing 3 ponds. Cedar bush. Over 1000 feet of road frontage. The ven- dor is asking $225,000. To view this 32.9 acre parcel, call me today. A HOME FOR THE PROFESSIONALS This unique 3 bedroom home offers you the most. 5 pc. ensuite bath, jacuzzi tub in rec room, an outdoor hot tub, weight room or exercise room, A/C, intercom, 2 fireplaces plus much more. This home is nestled in amongst large, mature pine trees with over an acre to roam. The vendor offers this home at a listing price of $525,000. Showings are by appointment only. tis th - WATERFRONT - SCUGOG ISLAND Two bedroom home with full basement, aluminum soffits and eaves. 22 x 22' garage/workshop. Quiet setting, ideal starter or retirement home, just listed at $169,900. Don't delay. TWO BEDROOM WATERFRONT winterized cottage with private lot, located on Scugog Island with easterly exposure. Perfect starter up to $1,000 on securities and $200 on cash. Jewellery, watches, gems and furs are protected against loss by theft for a total amount of $2,000 under a standard homeowner's policy. The limit on coin col- lections is $100, and on stamp collections it's $500. Your policy may also have a special theft limit of $5,000 on goldware and silverware. Once you've taken inven- tory of your personal belongings, you may decide that your policy limits aren't high enough. You can increase the total amount of coverage on your contents. If you have items that are especially valuable such as furs, paintings and anti- ques, they should be insured specifically (scheduled). Your agent or broker can assist you in doing this. When you lose personal property, the payment you receive is the actual cash value at the time of loss. This is determined by tak- ing the original value at the time of purchase and reduc- ing it by the appropriate - depreciation. However, you can get replacement cost in- surance from most com- panies if you want it. With this option, your loss will be paid on the basis of the cost of repairing or replacing the item, with no deduction for depreciation. The amount of protection you get on any scheduled item is based on the value of the article when it is in- sured. Usually a supporting evaluation report from a qualified appraiser is need- ed. It's a good idea to keep this evaluation outside your home to protect it from theft or fire; a copy should also go to your broker or agent. The appraisal should be reviewed from time to time to ensure that you continue to be adequately protected. You may require extra coverage for valuable jewellery. After you've had the item appraised, it will be scheduled and insured at the appraised value. It is important to have jewellery appraised by a reputable gemologist. It is wiser to have the appraisal done by a store other than the one where you puchased the item. An appraisal provides a good description which is needed to replace the itenr in case of loss. It is also a guideline for determining the retail replacement value. However, as jewellery is subject to wide fluctuations in market price, an appraisal may not accurately reflect the cur- rent price at the time of a claim when the article is replaced. The same is true for a loss of a stone from a ring. The insurance com- pany will pay for the cur- rent value of the stone and its safe replacement in the setting. But, the company isn't obliged to pay for other maintenance work to the ring. Jewellery losses are settl- ed usually by repairing or replacing the lost or damag- ed item with a similar item. In some cases, the company may choose to give you a cash settlement. Most policies state that the in- surance company is respon- sible up to the scheduled value of the article for repair or replacement. The insurer will only pay for what it costs to replace the article, even if it is less than the appraised value. The normal practice is that the adjuster will refer you to a responsible jeweller for replacement of jewellery. For more information regarding house and per- sonal property insurance contact the Insurance Bureau of Canada, 181 University Ave., Toronto, Ontario, M5H-3M7. Phone No. 416-362-9528. This article is provided by the Ontario Real Estate Association (OREA) SELLING YOUR HOME? Why not try the Real Estate Pages of the Port Perry Star? Phone 985-7383 REMIX County-Town Really Inc.. Realtor An Independent Member Broker Ken Prince Sales Representative Wendy McGregor Sales Representative LEA IVEY BR TT i | Lindsay. Ontario K9V 2W5 IVER DAVEY ER VE BCR ER 2 TR LN BU LY: 1) Fax (705) 324-3673 Toronto Line 686-3711 home for you. Just listed at $125,000. Call me today. Above the Crowd ... RE/MAX Whether you're considering buying or selling .. make your best move ever! Look to the professionals at RE/MAX scugog realty limited. J & LOOKING FOR A FARM? TRY THIS ONE! 97 acres, large farm house, 2 barns with hydro and water, garage, pool and much more 40 mins. to Oshawa. Priced right at $299,900. MLS. 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