Your Peace Hills Rate
"Hows does Peace Hills determine my property insurance rate?"
Peace Hills is proud to not be a ‘one size fits all provider’. Rating of property policies is based on a number of variables describing the location, building and occupancy of the property. Every day we strive to ensure that the premiums we collect accurately reflect each of these factors. There are many different characteristics, aka ‘rating factors’, that come into play when determining your final premium:
⪧ Age of the dwelling
⪧ Age of the insured party
⪧ Burglar and/or fire alarms
⪧ Claims history
⪧ Construction type
⪧ Coverage limit (the maximum amount your insurance provider will pay for a particular loss, subject to the terms of your policy)
⪧ Credit score
⪧ Deductible (the amount paid out of pocket by you before your insurance provider will pay any expenses)
⪧ Farm size
⪧ Fire protection (distance to fire hydrant and local fire hall)
⪧ Form type (type of coverage elected, ie: all perils vs. restricted)
⪧ Heating type (also, do you have an auxiliary source?)
⪧ Loyalty (renewing your policy with Peace Hills over several years might qualify you for a discount)
⪧ Mainline backwater valve
⪧ Multi-product (do you have multiple policies/locations insured with Peace Hills? If so, you might qualify for a discount)
⪧ Non-smoking household
⪧ Number of families in the dwelling (living in rental suites)
⪧ Number of mortgages
⪧ Number of storeys in the dwelling
⪧ Renovation history
⪧ Roof material
⪧ Septic system
To ensure you are receiving the best premium possible, report any changes to the above factors to your broker as soon as you can. Accurate data is an integral part in the rating process.
"What if I don't know all of this information, or am not comfortable sharing it?"
That’s okay. However, if information is missing or left blank, our pricing model will insert default values based on the most adverse scenario, meaning you may not receive the full benefit of what the true value would entitle you to. For example, if you have a non-smoking household and this information is not captured, your policy will instead be rated based on having a smoking household (the higher rating factor).
"How about my auto policy with Peace Hills?"
Just like your Peace Hills property rate, our pricing model considers a number of variables that make each customer and vehicle unique. The following rating factors are taken into consideration when determining your rate:
⪧ Age of the Vehicle
⪧ Age and Gender of the Driver
⪧ Annual Distance Driven
⪧ Driver Training
⪧ History of Suspension, Lapse or Cancellation of Driver’s License
⪧ Multi-product (do you have multiple policies insured with Peace Hills? If so, you might qualify for a discount)
⪧ Number of Years Licensed
⪧ Number of At-Fault Accidents
⪧ Number of Drivers in the Household
⪧ Number of Driving Convictions
⪧ Principal or Occasional Driver
⪧ Previous Residence
⪧ Third Party Liability Limit
⪧ USA Exposure
⪧ Use of the Vehicle (Pleasure vs. Commute vs. Business)
⪧ Vehicle Manufacturer and Model
⪧ Vehicle Purchase Price
"Is there a cap on Peace Hills rates?"
The impact of new rating information (ie: credit and peril scores) is being phased in over multiple years, however total premium changes are not being capped at this time other than comprehensive auto coverage.
"How will I be notified if my rate changes?”
Your Broker will receive a report from Peace Hills when significant rate changes have been implemented that effect their clients. Please contact your Broker regarding any changes to your rate(s).