Insurance Tips

Oct 31, 2018

Closing up the cottage?
During heating season your insurance policy stipulates that you must shut off the water and drain the pipes, unless you have a competent person check every 4 days (or less) to ensure the heating is being maintained.

Oct 23, 2018

Parking your summer cruiser for the winter?
If you are about to store your summer car and pull out that winter beater, be sure to park it in a safe place. If you remove all coverages except for comprehensive ("Fire & Theft"), you will have no coverage should there be a collision by a "Hit & Run" vehicle.

Sep 17, 2018

Driving outside of Canada
As a driver from Canada who has insurance, your car policy covers you for incidents occurring in Canada, the US and on a vessel travelling between ports of those countries (so don't drive to Mexico, unless you arrange for insurance there).

Sep 15, 2018

Watch out for those Special Limits
Most property policies have "special limits" for luxury and specialty items such as jewellery, furs, boats, coin and stamp collections, and business property. One can purchase special riders for these items for an additional premium. An up-to-date appraisal is often required. Every company has different limits, therefore always read your policy wording carefully.

Sep 01, 2018

Moving?
Make sure you inform your insurance company. Odds are your car insurance rates will change when moving from urban to rural areas (and vice versa). Of course, your home insurance will also be affected.

Aug 25, 2018

To claim or not to claim...
If financially possible, it is in your best interests not to make "small" claims. Any claim, no matter how small, has the potential to affect your deductibles, rates and overall insurability.

Aug 15, 2018

When it rains, it pours
Liability claims often exceed $1,000,000. Therefore you should consider buying an Umbrella Policy, which increases your liability limit (up to $5,000,000 may be available). It is called an "umbrella" since it covers most of your potential exposures, such as cars, properties, boats and snowmobiles.

Aug 08, 2018

Don't have receipts for all your belongings?
Most people don't. However should there be a claim, the adjuster may ask for receipts. A good way to protect yourself would be to take a video of all your belongings and store it in a safe place. It's also a good idea to write down serial numbers of electronic and computer equipment.

Aug 01, 2018

Four Mandatory Types of Insurance

Do you drive mainly in Ontario? If so, you should know there are four types of insurance all drivers must have to operate on a vehicle on its roads. They include: Third Party Liability for bodily injury and property damage (minimum $200,000), Standard Accident Benefits (top-up benefits are available), Direct Compensation (deductible is optional) and Uninsured Automobile Coverage.

Jul 31, 2018

What does All Risk mean?
Just because a policy is an "All Risk", it does not mean that every claim/ scenario is covered. There are numerous exclusions that are part of every property policy....that goes for house, condo and tenants.

Jul 30, 2018

Is your older car in great shape with low mileage?
You should consider getting your car appraised. When your insurance company "writes off" your vehicle, they settle based on "book value". If your car is worth a lot more, a recent appraisal will be worth its weight in gold.

Jul 29, 2018

Thinking about renovating?
Your home insurance policy states homeowners must contact their insurance company and inform them of any "home improvements" made that cost $5,000 or more. Also note that there are many exclusions that apply, once a house is considered as being "under construction". When in doubt, call your insurance broker.

Jul 28, 2018

Do you have a home office?
Make sure you let your insurance company know about it! Business property and activities are generally excluded from your home insurance policy. Ask about our Home Business Extension Endorsement.

Jul 27, 2018

Renting a car for business or pleasure?
Ask your Ontario insurance broker about OPCF #27, "Liability for non-owned autos". This coverage could save you some money for rentals in the US and Canada.

Jul 26, 2018

Getting married?

Home insurance policies have limits for jewellery coverage. Expensive rings should be insured separately on a "Jewellery Rider". Note that only the bride-to-be can insure the ring, since she is the owner.

Jul 25, 2018

Is your son or daughter attending University away from home?
Most Ontario insurers allow discounts if the occasional driver under age 25 attends university/college away from home. Usually the distance from home must be 250Km or more.

Jul 24, 2018

2-door versus 4-door
Generally speaking, 2-door vehicles are more expensive to insure than 4-door vehicles, since they are considered more sporty (and thus prone to more accidents). Of course, the above "rule of thumb" applies to vehicles of similar value.

Jul 23, 2018

Speeding in the USA
FYI: Some states exchange driver information, such as convictions, with the Ontario Ministry of Transport. Therefore they can affect your insurance rates.

Jul 23, 2018

Who's at fault?
If you're not sure who was at fault in an automobile accident (in Ontario), consult the Ontario Fault Chart which can be of great help. Contact the Ontario Financial Services Commission for more info.

Jul 23, 2018

Self-employed?
If you are self-employed and have no personal "Accident, Death and Disability Policy" (e.g., Group Benefits), you should consider increasing your basic Accident Benefits coverage, which is part of every Ontario automobile policy. Ask your broker for more details.

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