Why Should I Buy Homeowners or Renters Insurance from this Program?
Home? Condo? Mobile home? Apartment? No matter which type of dwelling you live in, you can take advantage of the Homeowner and Renter Insurance Program special employee discounts1. When you request a quote, you may discover that you could save hundreds of dollars over what you pay now. Here are five more reasons why the program may be best for you:
1The employee discounts are not available from all carriers and are only available to those who qualify. Coverages, discounts, and billing options are subject to provincial availability, individual qualification, and/or the insuring company’s underwriting guidelines.
2Although your current insurer may charge a small mid-term cancellation fee, if the savings are greater than any cancellation penalties, you can switch right away. With the help of a licensed insurance broker from Marsh Canada, just agree on a date to start your new coverage and then notify your current insurer when you wish to switch coverage.
3Subject to applicable laws, underwriting guidelines, policy terms and conditions. The group discount may also be removed on your next renewal.
Why should I buy my home/renters insurance through this program?
The insurance provided through the NTT DATA Services Voluntary Benefits Program is available as part of your employee benefits program. For this reason, there are several advantages to homeowners and renters insurance program:
You can also get insurance for:
This program offers a wide range of coverage at preferred group discounted rates not available to the general public. Because homeowners and renters insurance is based on several factors including the province you live in, the type of construction of your home, and many other factors, this insurance may not give you the lowest premium, but don't you owe it to yourself and your hard-earned money to find out?
Who can apply?
You can apply for homeowners or renters insurance through this program if you are an employee of NTT DATA Services. The property to be insured must be in Canada.
When can I apply?
You can apply for coverage anytime. There are no enrollment deadlines.
Who is the insurance company?
NTT DATA Services and Marsh Canada work with one of Canada's leading insurers: Economical Select. Economical Select® is a member of Economical Insurance, one of Canada’s leading property and casualty insurers. Economical Select® specializes in providing group home and auto Insurance programs to employer groups and associations across the country. Economical Select® is underwritten by Waterloo Insurance Company.
How do I get a quote?
To get a free, no-obligation quote, call our service centre at 1-877-476-6727 Monday through Friday, 8:00 a.m. to 7:00 p.m. Eastern time.
What happens to my home/renters insurance if I leave NTT DATA Services?
When you leave or retire from NTT DATA Services, you can continue your coverage without interruption, subject to applicable laws, underwriting guidelines, policy terms and conditions. However, the group discount may be removed on your next renewal.
Coverage for the structure of your home
This part of your policy pays to repair or rebuild your home if it is damaged or destroyed by a disaster listed in your policy. Most standard policies also cover structures that are detached from your home such as a garage, tool shed, or gazebo. Generally, these structures are covered for about 10% of the amount of insurance you have on the structure of your home. See respective policy for restrictions.
Coverage for your personal belongings
Your furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by an insured disaster. Most companies provide coverage for 50% to 70% of the amount of insurance you have on the structure of your home. This part of your policy includes off-premises coverage. This means that your belongings are covered anywhere in the world, unless you have decided against off-premises coverage. Expensive items like jewelry, firearms, stamp and coin collections, furs and silverware are covered, but there are usually significant dollar limitations for theft or other types of losses. You may purchase higher limits or specifically insure items on an all-risk basis. Trees, plants and shrubs are also covered under standard homeowners insurance. Generally, you are covered for 5% of the insurance on the house — up to about $500 per item, depending on the coverage purchased and the insurance company. See respective policy for restrictions.
This covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets. The liability portion of your policy pays for both the cost of defending you in court and any court awards — up to the limit of your policy. You are also covered not just in your home, but for losses anywhere in the world. Your policy also provides no-fault medical coverage. In the event a friend or neighbour is injured in your home, he or she can simply submit medical bills to your insurance company. This way, expenses are paid without the need to file a liability claim against you. See respective policy for restrictions.
Additional living expenses
This pays the additional costs of living away from home if you can't live there due to damage from an insured disaster. If you rent out part of your house, this coverage also reimburses you for the rent that you would have collected from your tenant if your home had not been destroyed. See respective policy for restrictions.
What's not covered?
Your personal homeowners or renters insurance coverage may vary based on your needs and provincial regulations. For information on your personal options, call Marsh Canada’s licensed insurance brokers.
How much insurance should I consider?
In general, you should consider enough insurance to cover the following:
The structure of your home
You should purchase insurance to cover the cost of rebuilding your home at current construction costs. Don't include the cost of the land. And don't base your rebuilding costs on the price you paid for your home. The cost of rebuilding could be more or less than the price you paid or could sell it for today.
Some banks may require you to buy homeowners insurance to cover the amount of your mortgage. There is often no correlation between the amount of mortgage and the cost to rebuild your home. You should base your coverage amount on the cost to rebuild your structure. Generally, the insurer will never pay more than the cost to rebuild regardless of the amount of the mortgage. Paying for more coverage than you need is a waste of your income. If the mortgage amount is greater than the cost to rebuild your home, consider purchasing the guaranteed replacement cost options, which will satisfy most lenders. Also keep in mind replacement costs and inflation when choosing your coverage amount.
Your personal possessions
Most homeowners insurance policies provide coverage for your personal possessions for approximately 50% to 70% of the amount of insurance you have on the structure or "dwelling" of your home. See respective policy for restrictions.
To determine if this is enough coverage, you need to conduct a home inventory. This is a detailed list of everything you own and information related to the cost to replace these items if they were stolen or destroyed by a disaster such as a fire. Start by making a list of your possessions, describing each item and noting where you bought it and its make and model. Clip to your list any sales receipts, purchase contracts and appraisals you have. For clothing, count the items you own by category — pants, coats, shoes, for example — making notes about those that are especially valuable. For major appliance and electronic equipment, record their serial numbers usually found on the back or bottom.
Additional living expenses
Coverage for additional living expenses differs from company to company. Many policies provide coverage for about 20% of the insurance on your house. See respective policy for restrictions. To determine if this is enough, you can estimate how long it would take you to rebuild your home in the case of total loss and how much your alternative living arrangements will cost. In most cases, you can increase this coverage for an additional premium.
Your liability to others
Liability limits generally start at about $1,000,000. However, experts recommend that you purchase at least $2,000,000 worth of protection. Some people feel more comfortable with even more coverage. You can purchase an umbrella or excess liability policy, which provides broader coverage (including claims against you for libel and slander), as well as higher liability limits.
Can I be turned down?
The homeowners or renters insurance through this program may not be the best for everyone. Therefore, issuance of coverage through this program is not a guaranteed coverage and you may not qualify based on provincial regulations, whether you live in areas prone to severe weather, as permitted by law and the applicable underwriting guidelines, the age of your home, types of coverage you need, the possessions that need to be insured, prior losses, and other underwriting guidelines.
When would coverage begin?
If you are accepted for coverage, your insurance can start the day after you apply for coverage over the phone. It can also begin at a later date you specify. You will receive your insurance policy in the mail.
How would I pay for my coverage?
The most convenient way is by a PAC monthly payment plan…. with no service fees! However, you also can elect to pay by cheque.
How do I change the policy?
Simply make a FREE call to one of Marsh Canada’s licensed insurance brokers. Call 1-877-476-6727 Monday through Friday, 8:00 a.m. to 7:00 p.m. Eastern time.
How do I file a claim?
Call the toll-free number listed in the Contacts section of this website to speak to a licensed insurance broker. Always call as soon as possible. Find out whether you're covered for this loss. Even if the loss appears minor, it is important that you contact your insurance broker.
For after-hours Emergency Claims Service please call the insurance company (Economical Select) at one of the toll-free numbers listed below: