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HOME INSURANCE POLICY - now excludes terrorism and cyber-risk???

Klubmasta Will

TRIBE Member
any insurance experts out there? i just got my home insurance policy renewal from Meloche Monnex and it seems they have added new exclusions for loss/damages caused by 'terrorism' and 'cyber-risks'.

are all the major insurers doing this? is any insurer NOT doing this?

are the exclusions negotiable or will insurers simply cite company policy and tell me to take it or leave it? i'm not overly nervous about terrrorist attacks or anything, i just don't like my insurer slipping exclusions into my home insurance policy, especially when it could potentially try to stretch the definition of 'terrorism' to cover things not traditionally thought of as terrorism.

anyone else facing this issue? any suggested solutions or recommendations for other home insurers?
 
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Ditto Much

TRIBE Member
damn did they give a discount now that they are reducing coverage?


(oh wait insurance company obviously they didnt)
 

quantumize

TRIBE Member
I was surprised how many homeowners in woodbridge were not covered in August of 2005 when there was flooding.

What does home insurance cover, it seems like with all the provisions that it covers very few events
 

acheron

TRIBE Member
you should ask your insurer for their definition of 'terrorism' ...

btw your policy should already have exclusions for sedition and riots so this isn't so surprising.
 

LeoGirl

TRIBE Member
quantumize said:
I was surprised how many homeowners in woodbridge were not covered in August of 2005 when there was flooding.

What does home insurance cover, it seems like with all the provisions that it covers very few events
yep. I called my insurance company last year to inquire about the same - they said that I was not covered and when I asked if I could get coverage they advised that Flood insurance (by "acts of god") are not offered.

now I'm moving to the 22nd floor in an apartment building and caught myself tossing and turning the other night thinking about that fault line that goes through Lake Ontario - what if?

ch33se
 
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AshG

Member
quantumize said:
I was surprised how many homeowners in woodbridge were not covered in August of 2005 when there was flooding.

What does home insurance cover, it seems like with all the provisions that it covers very few events

here's the coolest part about it - the water damage home policies refer to doesn't actually cover the one major cause of water damage; floods.
 

AshG

Member
Klubmasta Will said:
any insurance experts out there? i just got my home insurance policy renewal from Meloche Monnex and it seems they have added new exclusions for loss/damages caused by 'terrorism' and 'cyber-risks'.

are all the major insurers doing this? is any insurer NOT doing this?

are the exclusions negotiable or will insurers simply cite company policy and tell me to take it or leave it? i'm not overly nervous about terrrorist attacks or anything, i just don't like my insurer slipping exclusions into my home insurance policy, especially when it could potentially try to stretch the definition of 'terrorism' to cover things not traditionally thought of as terrorism.

anyone else facing this issue? any suggested solutions or recommendations for other home insurers?

Will, i'm seeing my dad tomorrow night - see if this is a new industry wide thing or just specific to certain companies or even specific policies.
 

quantumize

TRIBE Member
this really is bullshit.

There is a business owner on highway seven and martingrove. He spent every dolar he had renovating his banquet hall. It looked beautiful and he was booked solid for a year. The renovations were completed the week b 4 the flood.

Then his place flooded and everything was ruined. He lost everything and the insurance would not cover anything. He has been in business 30 years. He closed in April.
 

AshG

Member
quantumize said:
this really is bullshit.

There is a business owner on highway seven and martingrove. He spent every dolar he had renovating his banquet hall. It looked beautiful and he was booked solid for a year. The renovations were completed the week b 4 the flood.

Then his place flooded and everything was ruined. He lost everything and the insurance would not cover anything. He has been in business 30 years. He closed in April.

i def. sympathize.
its by no means an uncommon oversight for many policy holders.
generally i'm a fan of the position that it's the policy holder's business to know what is/n't covered by their policy, but...

with this issue in particular, it behooves agents to be crystal clear about the limitations of the policy. i'm sure a lot are, but just from hearing so many stories like this, you gotta know this is something that should be discussed as a matter of special consideration.
 

Klubmasta Will

TRIBE Member
acheron said:
you should ask your insurer for their definition of 'terrorism' ...

i have it. its "an ideologically motivated unlawful act or acts, incuding but not limited to yadda yadda"

the core definition is too ambiguous for my liking, as it's capable of being stretched by wanker-adjusters.

AshG said:
Will, i'm seeing my dad tomorrow night - see if this is a new industry wide thing or just specific to certain companies or even specific policies.

hey, thanks man, that would be awesome.
 
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coleridge

TRIBE Member
Municipalities are not supposed to let any construction occur within any 100 year flood plains. They also require all new development to control water up to the 100 year level, not allowing any water to pond above a foot, or any water to flood basements. This is the fundamental design principal that engineers abide to. Much of the flooding that occured last summer shouldn't have and really the municipalities and conversily the engineering firms should be held accountable.
 

kyfe

TRIBE Member
Terrorisim has always not been covered as far as i know it's a pretty standard exclusion so they may have changed the wordings only,

cyber risks is a new one though.

Exclusions are not negotiable, for things like this you'd be looking to Lloyds of London or another specialty insurer for coverage in addition to your property insurance.

Also the defintion will be defined in the policy wordings
 

The Kid

TRIBE Member
I worked in the legal dept. for TSX the year following 9/11... I can't remember the exact figures but their insurance went up a ridiculous amount the following year with all sorts of extra terrar provisions, pretty crazy... their insurance increased by millions...

i can't decide what i hate more, banks or insurance companies...
 

Klubmasta Will

TRIBE Member
kyfe said:
Terrorisim has always not been covered as far as i know it's a pretty standard exclusion so they may have changed the wordings only

i think insurers have always excluded 'acts of war', but specific terrorism exclusions are new, at least in canada.

http://realtytimes.com/rtcpages/20020425_carates.htm

http://www.bankrate.com/brm/news/insur/20030324a1.asp

^ both of the above articles explain the problem without offering any solutions.

here's an article on the new cyber-risk exclusion:

http://www.crime-research.org/library/mi2g.htm
 
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