Insurance is a safety net to protect you and your family’s financial well-being in the case of an unexpected loss. It is a legal arrangement that guarantees support in the event of a covered accident or incident.

A deductible is the portion you are responsible for paying in the event of a claim. For example, if your car insurance policy has a $1,000 deductible for collision and there are $5,000 in damages, you will pay the first $1,000 and the insurance company will pay the remaining $4,000.

Replacement cost is the total cost that your insurance company would pay to fully reconstruct your home if it were destroyed. Replacement costs include things that may not be included in the resale value, like the cost and availability of skilled labour, debris removal, extra expense due to more stringent building codes, and more. If you made upgrades or did renovations, talk to your broker to make sure you have the right coverage.

Depending on the coverage you have, you could spend the replacement cost however you wish. With no obligation to rebuild, you could downsize and keep any leftover money. Certain restrictions apply, so call a Bespoke Insurance Broker to see which coverage is right for you.

Your insurance broker will assess your needs based on the details you provide about your home, vehicle or business. In case of home insurance, a complete inventory of your belongings will help you get the right coverage and make it easier to file a claim. In case of business insurance, a detailed analysis of your business with a Bespoke expert will ensure the fullest coverage at the best rate possible.

No matter what business you’re in, it’s essential to have the right protection in place.

Bespoke Insurance Brokers work hard at the science of what we do: we analyze information, assess risk and measure results. We take the time to understand the unique needs of your industry and work alongside you to develop the best solution for your situation.