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JULY 23, 1975 TERRACE BAY NEWS PAGE 7 TIME TO REVIEW EOME INSURANCE A house that cost $25,000.00 to build in 1966, would have a replacement cost of about $43,000.00 this year, and many people are los- ing sight of this fact in their fire insurance coverage. It is estimated that at the present time some 75 per cent of Canadian homes are under- insured and that may be a conservative figure and the reason is chiefly because there is an almost universal resistance to spending the necessary money. There are some policies which contain an inflation guard clause and home- owners with this safeguard may feel protected but few provide more than five per cent in- creased coverage - not nearly sufficient to match accelerating costs. Labour and material costs skyrocketed at a rate of I2% per cent in I973 and may exceed 20 per cent this year. A canadian firm did some research last year and found that only I3 of every IO00 policies examined had been adjusted during the previous six years. They were usually for coverage based on the home's value at the time of pur- chase. A spokesman has said that many people also tend to overlook their personal belongings; people don't realize how great the cumulative value of their furniture, clothes and tools get to be over the years. A fire in the home might not totally destroy the building, but it might mean total destruction of contents, which without adequate coverage, could involve a disastrous loss. And even if a building is not totally des- troyed, most policies do not promise to repla- ce old for new unless the policy-holder carries insurance worth 80 per cent of the property's value. An optional loss settlement clause is found in every dwelling policy. If the policy carries 80 per cent of property val- ue, the insuring company will either pay cash, WANTED Applications are invited for the position of Lab & X-Ray Technican for the McCausland Hospital. Experience in both fields of X- Ray and Lab are required. Apply in writing, sending complete resume and salary expected to: J.G. Nagorski, Administrator, The McCausland Hospital, P.0. Box 697, Terrace Bay, Ontario. POT 2WO less depreciation in property value, for a total loss, or rebuild a property with "mat- erial of like kind and quality", without regard to the age of the building that was destroyed. i Perhaps now would be as good a time as any to dig up insurance policies and have them updated. A few more dollars in prem- iums could mean the difference between sol- vency and ruin in the event of a fire. And a moment of carelessness on the part of a smoker could trigger that. This editorial submitted by C.K. Burgess and Son Insurance Agency. Information published by Canadian Newspaper Company Ltd. WANTED A Secretary is required immediately by The McCausland Hospital. Experience in typing and -general office duties are ess- ential. Apply in writing to the undersigned by July. 31,1975, J.G. NAGORSKI, ADMIN | STRATOR, McCAUSLAND HOSPITAL, P.O. BOX 697, TERRACE BAY, ONTARIO POT 2WO 3 % R&L DRIVE IN 3 NR OPEN SUNDAY to THURSDAY 12 noon to 12 p.m. FRIDAY & SATURDAY 12 noon to 2 a.m. e DEEP FRIED CHICKEN ® ONION RINGS e FRENCH FRIES @ HAMBURGERS @ SOFT DRINKS e SOFT ICE CREAM CONES e@ MILK SHAKES e - TRY OUR SUPERIOR BURGER or KING SUPERIOR BURGER DA no DA