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52 years ago · by · 0 comments

Insurance Checklist for the New Year

Make a resolution to review your insurance policies and coverage!

Has Covid changed your habits?

Many people significantly changed their lifestyle this year and these changes should be reviewed with your broker.

  • For example, many people have had their driving habits go from what at first thought of as  on a “temporary basis” to a more permanent basis moving forward. Some no longer use their autos to commute at all.
  • You may now have a permanent office at home and may now have clients coming to visit you at the house.
  • Do you have business contents and equipment at home that may need to be properly insured?

An updated review with your broker can make certain that any new arrangements are properly updated and noted with their insurer to avoid any potential surprises down the line.

Homeowners/Rental Insurance

  • Update Your Home Inventory
    Part of your renters or homeowners insurance is designed to cover your personal possessions if you face a covered loss — but only up to your policy limits. That’s why it’s important to maintain a current record of all your belongings. Did you receive some expensive gifts this year, such as jewelry or art? Or maybe you finally invested in that big-screen TV. Now is the perfect time to reassess all your belongings and update your home inventory so your coverage limits meet your needs. Most basic home insurance policies have standard limits for big-ticket items like electronics, art, jewelry or sporting equipment. You may need special coverage, so call your broker to discuss changes for your policy.
  • Evaluate Your Homeowners Insurance
    Maybe your resolution last year was to renovate your kitchen, or perhaps you finally finished your basement. A finished basement may not only increase the cost to rebuild your home, but it may also require additional coverage to protect items from water damage. Hot tubs, swimming pools, trampolines — all fun additions to make, but additional liability also comes with the territory. All of these updates would affect how much your home is worth, so check in with your broker to see if you should increase your coverages.
  • Consider Umbrella Insurance
    Think of umbrella insurance as an extra layer of protection for your home, auto and other primary liability coverages. An umbrella policy offers coverage for those unexpected instances where your primary coverage exceeds its limit. You might consider a personal liability umbrella policy if you:
    • Drive a car or participate in carpools
    • Have dogs
    • Travel
    • Own or use a boat, ATV, snowmobile or other recreational vehicle
    • Have a swimming pool or trampoline
    • Own a rental property
    • Coach youth sport teams
  • Does your policy provide enough coverage for landscaping or outdoor appliances?
    Installing a new sprinkler system, a larger storage shed, a new pool or hot tub, or buying a substantial backyard grill or riding mower are outdoor changes that may require a homeowner’s policy upgrade. Updating landscaping and purchasing new lawn equipment or outbuildings can be significant investments that should prompt a coverage review.
  • Do you qualify for discounts?
    An annual insurance review can also be an important opportunity to ensure you are receiving all possible discounts on your homeowners policy. For example, you may qualify for a discount if you have installed a security system, a smoke alarm or a hail-resistant roof. Additional discounts may apply if you insure both your car and home with the same insurer, if you don’t have any claims, or if no one in your household is a smoker.

Auto Insurance

Have you had any changes to your driving habits? If so, let us know to ensure your auto policy will cover you in case of an accident. Also take some time to check your auto insurance policy by following the guidelines below:

  1. Are my auto insurance coverage limits enough?
    One of the biggest mistakes someone can make when it comes to car insurance is being underinsured. Liability is the part of the policy that pays for any injury or damage if you cause an accident. If your liability insurance is too low, it is possible that you could be sued for any damages above your liability limits.
  2. Am I covered if a driver hits me and they don’t have car insurance?
    Look for uninsured motorist coverage on your policy or coverage summary. This type of coverage helps protect you financially in the event you’re in an accident caused by a driver who doesn’t have car insurance. It’ll even protect you if you’re the victim of a hit-and-run or if you’re hit as a pedestrian.
  3. Review your deductibles for comprehensive and collision coverage.
    This is the amount you will pay if your car is damaged or totaled without fault of another driver. Raising or lowering this amount can affect your premium.

An annual insurance review is something that can go a long way to protecting what is likely your biggest investment. We can help make sure this is a New Year’s resolution you actually cross off your list.

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52 years ago · by · 0 comments

Covid-19 Leads to Surge in Home Fires

The surge in people working from home has brought an increase in home cooking fires – Ontario alone saw a 65% increase in fatal home fires since January compared to this time frame in 2019. Similar increases are being seen across the country and the numbers are alarming. This applies not just to single-family homes, but also to condominium buildings and multi-tenant buildings.

“You are seeing a spike in residential fires in condos and rental units because people are at home more and cooking more,” said Jeff McCann, CEO of Apollo Insurance Solutions Ltd., in a recent interview with Canadian Underwriter.

Since COVID-19 was declared a pandemic this past March by the World Health Organization, millions of Canadians who normally work from their office have been working from home.

Some get distracted when they are trying to cook, said Michele Farley, president of FCS Fire Consulting Services Ltd. “Some people are putting cardboard in ovens and putting items such as metal in the microwave oven that should not be there. One fire department has advised consumers to take their pizza out of the box before heating it.”

At a time like this, it is critical to share fire safety reminders:

  • Ensure all occupants know what to do in case of emergency;
  • Have a plan to escape from a fire and a pre-arranged meeting place outside;
  • Always be alert when cooking;
  • Only smoke outdoors; and
  • Always use a safe method of extinguishing cigarette butts – such as putting them in an ashtray and not discarding cigarette buts in a planter.

About 4.7 million Canadians who do not usually work from home did so during the week of March 22 to 28, Statistics Canada reported earlier. When those who usually work from home were included in the statistics, 39.1% of the labour force, which is 6.8 million Canadians, worked from home that week.

Learn more about how to how to prevent and be prepared for a house fire.

Source: Canadian Underwriter

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52 years ago · by · 0 comments

Do Canadians need Earthquake Insurance?

Do Canadians need Earthquake Insurance?

According to the Earthquake Model for Canada, a report produced by AIR Worldwide for the Insurance Bureau of Canada, the risk of a major earthquake is considered the highest in Vancouver, Victoria, Montréal, Ottawa and Québec City.

In fact, after Vancouver, Montreal is considered the city with the highest earthquake risk in Canada based on its location in a moderate seismic zone!

Standard Insurance: What is covered?

Earthquakes of magnitude 5 or greater can cause severe damage, so it’s important to properly understand what coverage your home insurance contract entitles you to.

  • Homeowners and renters insurance does not cover earthquake damage.
  • However, losses from fire and smoke following a quake and, if such a fire makes your home unlivable, the additional living expenses incurred while you live elsewhere during repairs are all covered.

There are many steps you can take to prepare for an earthquake. That said, the only way to financially protect your family and home against earthquake damage is to buy earthquake insurance. Earthquakes and their direct consequences are not covered by a standard homeowner’s insurance policy, unless sufficient specific coverage is added to it.​

What does Earthquake Insurance cover?

  • Earthquake insurance covers loss or damage caused by the tremor or shaking from an earthquake.
  • If you own a house, your earthquake insurance will typically cover loss or damage to your building and your personal property. It can also cover any additional living expenses you incur if you’re unable to live in your home while it’s being repaired.
  • If an earthquake breaks a gas main and starts a fire, the resulting fire damage would likely be covered under a standard home insurance policy. Your coverage will depend on the legislation in your province or territory.
  • If you own a condo, your condo (or strata) corporation is responsible to insure the building. But to cover your personal property and additional living expenses, your individual condo policy must include earthquake insurance. It may also cover assessments made against you because of a shortfall in your condo corporation’s insurance.
  • And if you rent your home, earthquake insurance on your tenant policy will typically cover your personal property and additional living expenses.
  • In certain circumstances, homeowners who are unable to return to their home as a result of insurable damage are entitled to additional living expenses.
  • Earthquake coverage is available for your place of business. To mitigate losses to your business in the event of an earthquake, you can purchase business interruption insurance.

Contact us to discuss your specific needs, as always, We’ve Got Your Back!

Additional Resources:

Earthquakes Canada – Eastern Canada

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52 years ago · by · 0 comments

When Can You Claim for Water Damage Coverage on Home Insurance?

Water damage is one of the leading causes of home insurance claims but do you really understand your insurance policy? For example, do you know if:

  • a sewer backup is covered by home insurance?
  • a leaking toilet is covered by insurance?
  • water damage from a leaking roof is covered by insurance?

The answer to whether these are covered or not depends on:

  • the source of the damage
  • the type of policy you have
  • if the water damage is accidental and sudden or gradual.

Types of Water Damage

water damage claims

Standard homeowner policy what’s covered?

If water damage is sudden and accidental, there’s a good chance you are covered by most standard home insurance policies. Some basic water damage coverage is included in a standard home policy while other sources of damage might not be covered unless you add an endorsement to your policy. A standard homeowner policy will include:

  • Damages caused by the weight of ice, snow or sleet. This can cause roof collapse or water damage, among other problems
  • Discharge and overflow of water from a plumbing fixture or system, even if it is an accident
  • Tearing apart, cracking, burning or bulging of a steam or hot water heating system.
  • ​Sudden and accidental bursting of plumbing pipes and appliances
  • Freezing of plumbing and pipes*.

* Some policies may contain exclusions for coverage of freezing of pipes if you left your home unheated during the heating season or if you did not shut off the water when you went away. These types of clauses are specific to various insurance companies so just be sure and ask before you plan to be away from your home for any length of time.

Standard homeowner policy what’s NOT covered?

  • Water that backs up through sewers
  • A widespread flood is generally not covered by home insurance policies
  • Gradual damage resulting from infiltration or seepage even if the owner was unaware such as
    • Plumbing, faucets or pipes leaking over time causing damage to the walls, ceilings or floors
    • Water damage caused by seepage coming in from cracks in the foundation, or at the exterior of the house allowing water to enter your home
    • Flashing, tiles, shingles or deteriorating parts on the roof that indicated signs of needed repair
    • Mould, rot or corrosion

Know your coverage options

You can add additional coverage, or endorsements, for certain risks that are not automatically included under your policy. The most popular are those for sewer backup, water seepage and for swimming pools and spas.

Sewer or Septic Back-up – Coverage in the event water back up from the sewer or septic system and flows into your home. More about water damage types

Water and Sewer Lines – Coverage to repair or replace your water service line and/or sewer line due to a loss resulting from a leak, break, tear, rupture or collapse of the line. Why you need it

Overland Water – Coverage for water damage caused by lake/river overflow, heavy rain or rapid snowmelt that enters your home from a point at or above ground surface

Above ground water –  Optional coverage for damage caused by water entering your home suddenly and accidentally through the roof or perhaps an open window above the ground (ex. Ice damming, heavy rain or melting snow entering through the roof shingles for example).

Ground Water –  Optional coverage for damage caused by water entering your home suddenly and accidentally through a basement wall, foundation or floor at ground level or below ground level (ex. Heavy rain, melting snow, water from a gutter downspout)

Swimming Pool and Spa – coverage for the above-ground or in-ground pool and its equipment. May also cover the deck or platform to which it is affixed and which is not attached to your home.

 

Understanding What Water Damage Coverage You Need

The most difficult thing to deal with when you have water damage can be figuring out if you’re covered. Questions? Call or email us to find out what is covered (and what is not…) on your policy type.

 

sources: The Balance, Insurance Bureau of Canada

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52 years ago · by · 0 comments

Why are my insurance rates going up?

Have ever asked yourself “Why are my insurance rates going up even if I haven’t made a claim?”

We’ve teamed up with the Broady Windsor Group to help explain.

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What is insurance?

Insurance is simply a pooling if funds, made available to the contributors of that fund, should they ever need.  In a nutshell, we throw our premium into a pot. Now, there are, of course, rules to claiming. If you claim you are a homeowner, yet you have a hydraulic lift in your garage and do mechanics on the side, you are going to have a problem. True story.

Insurance, by definition, is really the business of risk. The industry is very comfortable with volatility, obviously, but the game really is pricing for risk.

Think about the price your son pays for his auto policy vs the price your daughter would pay if all of the variables are the same. Same car, same age, same driving history. Your son is going to pay more. The probability of him having a claim vs she is greater. Thus the pricing for risk.

So, this concept of risk is broken down into pools. For instance:

  • Commercial business is a pool of risk
  • Fire is a pool of risk
  • Climate is a pool of risk
  • Cyber is a pool of risk
  • Inflation and liability are huge pools of risk

The trick is to price each pool accordingly. In some instances, despite all effort, the pool cannot be priced. Capital cannot be deployed where the probability of loss is excessively high, such as an annual flood.

Your insurance company goes out and purchases reinsurance from a re-insurer. In this way, there is a pooling of the risk on the insurer side thus no single insurer,  just like no single homeowner, gets stuck holding the bag in the event of a catastrophic loss. (As an aside, in Canada we have very rigorous regulation and the property and causality market is very strong).

The insurance industry’s number one challenge, globally, is the changing pattern of climate or weather.

The flux that we are seeing in the global market reminds me very much of the flux which followed the tragedy of 9/11. Underwriters and actuaries across the plant were faced with the question, how do we underwrite, price the risk, of something we could never imagine? Australia? The melting ice cap?

A similar situation is upon us. How do we underwrite a once in a hundred-year occurrence, which happened twice in three years? Considerable resources are being deployed into trying to figure out how to manage the risk of water. We hear much of wild fires, wind, snow and drought. All of this has rocked the foundations and the bottom line, which, of course trickles down to all we purchasers.

What we know, is the frequency and severity of weather-related catastrophes have increased by a factor of 4 or 5 over the last 30 years. Think about that for a second. 20 years ago there was one water related coverage to purchase should you be inclined, it was called sewer back up coverage. $25 bought you $25,000 of coverage in the event that a sewer backed up.

Today, we often see the price of water related coverages greater than the price to insure your home should it burn down. Back to pricing and risk.

Let’s take a quick look at some of the catastrophic events, insured damage from flood, rain, snow and wind as per the insurance bureau of Canada.

In 2019 the cat losses totaled 1.3 billion dollars. As with 2018, which saw cat losses at 1.9 billion, there was no single event in 2019, yet a host of smaller, severe events coat to coast.

  1. $250 million on Halloween 2019 hitting Quebec and Ontario ( who remembers the ‘let’s cancel Halloween idea?’). Montreal and Niagara’s were hardest hit in terms of wind and water.
  2. $208 million in flooding damage in Quebec and New Brunswick During April and May as high water levels on the Ottawa and St. John rivers breeched. As an aside, 6000 homes were effected in Quebec.
  3. $181 million during 2 hail storms in western Canada during July and August.
  4. $114 million during 2 winter storms in the GTA and eastern Canada.
  5. $105 million resulting from hurricane Dorian in Atlantic Canada which saw 155km/ hour winds in Halifax.

And these are just the losses which cracked the $100 million line. There were a host of events. We won’t even go to the Fort McMurry fire of 2016, the costliest disaster in Canadian history at $10 billion.

And these are only the Canadian events, globally the insured losses from catastrophes reached $86US BILLION IN 2018 and $53US BILLION LAST YEAR…so yeah, pooling makes sense and allows local markets to provide the ‘availability ‘at a reasonable cost.

Who do you think is paying for this? Back to the pooling of funds designed to pay claims.

As the pool required to pay for these events continues to increase, thereby does your insurance rates.

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52 years ago · by · 0 comments

Why are my Premiums going up?

Have you noticed your premiums/rates increasing? But why is that? You haven’t had a claim? You haven’t done anything differently since last year, but it still seems to be happening?

These changes are being driven by the new ‘hard market’, characterized by a high demand for coverage and a reduced supply, which the Canadian insurance industry has been moving towards since 2018.

We want to help you understand this subject. Eyton-Jones Assurance is in a unique position to help you navigate the challenges of a hard market. Our strong relationships with a wide variety of insurance providers gives you more choice when it comes to insurance products, and our brokers can help you find the best rates for your situation.

What is a ‘hard market’?

In the insurance industry, a ‘hard market’ is a time when insurers are paying out more in insurance claims than would be typical, forcing the industry as a whole to raise insurance rates. This is done to ensure they can stay profitable in order to support clients and payout claims going forward. It may also lead to restricted coverage on select policies and more stringent underwriting practices.

The following are some of the factors driving the market and causing the shift into a “hard market”:

  • Increased frequency and severity of weather events such as floods, hurricanes, and earthquakes.
  • Fraudulent claims – One study showed that almost $250 out of every driver’s auto insurance premiums was going towards paying for the illegal activity of fraudsters.
  • Cost of Auto Repairs – Auto repairs are becoming more expensive, for both vehicle owners and insurers, due to the extent of technology installed in newer vehicles.
  • High Housing Costs which typically leads to an increase in the size of the insurance claim when something is damaged.
  • Distracted Driving – From 2016 to 2018, the number of distracted driving-related accidents across Canada increased by 23%

When this happens, Insurance Companies become choosier with what risks they take. A company that wrote motorcycles last year, may decide that they are no longer comfortable writing this class of risk the next. Where in 2018 we had 20 options, in 2019 there may only be 3 companies writing that business, and with only 3 competitors instead of 20, prices tend to increase.

It also means that risks that are renewed, will renew at higher premiums. When an Insurance Company writes policies for cheap, but then pays out for several claims, they need to recoup their losses in order to maintain afloat in order to continue to pay claims on the risks they remain on. As frustrating as this may seem, it is important so that they don’t go out of business, and clients don’t land up uninsured.

The good news is hard markets don’t tend to last as long as soft markets. While we enjoyed 10+ years of a soft market, the hard market is only expected to last a few years before companies are back to competing for your business.

How we can help in a ‘hard market’

As insurance brokers, Eyton-Jones Assurance is in a unique position to help customers navigate the challenges of a hard market. Here’s how we can help you:

  1. We Offer You More Choice

Our team works hard to build relationships with different providers across the province, so we understand the unique benefits of each provider and the nuances of their various policies. With so many options to choose from, it becomes easier for us to match you with the policy that will provide the best value for your current situation.

  1. We Ensure That You Are Getting The Best Rates

Insurance rates today are based on a larger number of variables than in the past, which means that information has become key. Remember that, as a broker, we work for you — not the insurance providers.

It’s important for you to keep us up to date on your situation – even a small change in your employment, your vehicle, or your living situation may lead to savings in insurance premiums.

If you want to ensure that you are getting the best insurance rates for your situation, talk to one of our brokers today.

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52 years ago · by · 0 comments

8 Space Heater Safety Tips

Heating equipment is the second leading cause of home fires in the United States, resulting in hundreds of deaths, thousands of injuries and millions of dollars in property damage. 

Portable electric space heaters can be a convenient source of supplemental heat for your home in cold weather. Unfortunately, they can pose significant fire and electric shock hazards if not used properly. Fire and electrical hazards can be caused by space heaters without adequate safety features, space heaters placed near combustibles, or space heaters that are improperly plugged in.

Safety should always be a top consideration when using space heaters. Here are some tips for keeping your home safe and warm when it’s cold outside:

  • TEST: Make sure your space heater has the label showing that it is listed by a recognized testing laboratory.
  • READ LABELS: Before using any space heater, read the manufacturer’s instructions and warning labels carefully.
  • INSPECT heaters for cracked or broken plugs or loose connections before each use. If frayed, worn or damaged, do not use the heater.
  • NEVER LEAVE UNATTENDED: Turn it off when you’re leaving a room or going to sleep, and don’t let pets or children play too close to a space heater.
  • FOR HEAT ONLY: Space heaters are only meant to provide supplemental heat and should never be used to warm bedding, cook food, dry clothing or thaw pipes.
  • PROPER PLACEMENT of space heaters is critical. Heaters must be kept at least three feet away from anything that can burn, including papers, clothing and rugs. Also, place space heaters on level, flat surfaces. Never place heaters on cabinets, tables, furniture, or carpet, which can overheat and start a fire.
  • LOCATION: Locate space heaters out of high traffic areas and doorways where they may pose a tripping hazard.
  • NO EXTENSION CORDS: Plug space heaters directly into a wall outlet. Do not use an extension cord or power strip, which could overheat and result in a fire. Do not plug any other electrical devices into the same outlet as the heater.

 

More Safety tips from CSA International

source: Electrical Safety Foundation International (ESFI)

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52 years ago · by · 0 comments

8 Ways to Lower your Homeowners Insurance Premiums

Homeowners insurance comes with options, and the best way to navigate those options is to know what they are.

  1. Shop around, then enlist help

    • Finding the biggest discount isn’t just for cars and airline tickets. “Start by looking to see if there are any companies that offer discounts,” says Cory Gagnon, associate financial adviser, The Beacon Group at Assante Wealth Management Ltd. in Calgary, Canada. “An insurance broker or financial planner can be very helpful in these situations as they have access to databases that allow them to source a wide variety of companies.
    • This is where the Eyton-Jones team really shines. Our brokers are pros at saving people money on their rates with many of the top insurance carriers in the country. We’ve been in business for over 60 years and we’re happy to help you benefit from all those years of experience.
  2. Raise your deductible

    • As with other forms of insurance, you can save big on your policy if you simply increase your deductible. This can shave a significant amount off of your annual premium, however, if you have a casualty you will be responsible for it until it reaches the higher deductible limit. Thus, you should be able to handle that additional amount before agreeing to the higher deductible. Given that an insurance company may severely penalize customers who file typically goes up when you make a numerous claims, a silver lining of the higher deductible is that you will file fewer claims.
  3. Don’t confuse what you paid for your house with rebuilding costs

    • One of the most important things that a homeowner should know is the difference between replacement cost versus actual cash value.
    • Replacement Cost will insure you for the cost that it would take to replace your home and all of the other personal property in it.
    • Cash Value (ACV) is the actual value of your home and does not take into consideration zoning permits or removal of damaged property and is more often used by investors and not homeowners.
    • If, for instance, a laptop you bought for $1,000 is stolen, with replacement cost insurance, you will get $1,000 for a new laptop. With ACV, you’ll get the current market value for the laptop — which will most likely be far less, since it has probably depreciated over time. ACV premiums generally cost less, but you’ll likely pay more out of pocket after a loss.
    • The land under your house isn’t at risk from theft, windstorm, fire and the other perils covered in your homeowners policy. So don’t include its value in deciding how much homeowners insurance to buy. If you do, you will pay a higher premium than you should.
  4. Improve your home

    • Sometimes little changes and improvements to your home can lead to lower premiums. Some insurance companies offer lower rates for a variety of factors having to do with the structure and build of your home, including the type of wiring, plumbing, and structure material. If you are in an older home, making an investment in upgrades to some of these core elements will make your home safer — for example, less threat of pipe bursts, electrical fires — and thus lower your insurance premiums and saving you money in the long run.
  5. Stay with the same insurer

    • Consider buying your homeowners and auto insurance policies from a company that offers both and bundling them together. Some companies offer discounts ranging from 5% to 15% if you buy both types of coverage from them.
    • Some companies offer longevity discounts if you’ve been with them for several years. Typical discounts are 5% if you’ve been with the company for three to five years, and 10% for six years or more. If you’re over 55 and retired or disabled, you may qualify for additional discounts.
  6. Improve your home security

    • Most providers offer discounts for centrally monitored smoke and fire detectors (those monitoring systems that notify emergency services outside of the home). Companies will vary on the items and the amount of discount they will give for other items like deadbolt locks and security camera systems – we can help you get the most from these discounts.
  7. Understand your policy and it’s limits

    • Your home is your biggest investment. Make sure it’s adequately protected from risks you cannot afford to cover yourself. Providers will send several explanatory pages with your policy. Take the time to review these pages and call us if you have any questions or are unclear..
    • Check to see what supplemental coverage you may need. This is especially important if you live in an area that experiences severe weather situations, such as tornadoes, hurricanes, earthquakes, sinkholes, wildfires, or floods. Some items like wood privacy fences, pool or patio screen enclosures, and freestanding sheds may not be covered in the event of a loss. If you made substantial improvements or major purchases make sure you have enough coverage to offset replacing those items.
    • It makes no sense to buy insurance to protect yourself against risks you are unlikely to encounter. For example, earthquake coverage in a non-earthquake zone, or a jewelry floater to your policy if you don’t own expensive jewelry. However, don’t skimp on coverage that’s essential, such as wind, fire or flood insurance.
  8. Keep Your Information Up-to-Date

    • Review your policy and the value of your possessions at least once a year – you want your policy to cover any major purchases or additions to your home. But you don’t want to spend money for coverage you don’t need.
    • Life events are another easy way to snag a few additional home insurance discounts. For example, if you’re single and getting married, you could be eligible for a married discount. And, in the unfortunate event of the death of a spouse, a widow/widower is eligible for a discount as well.
    • Contact us to discuss any changes in your situation that occurred during the year. Make sure you’re addressing any new insurance needs and removing any coverage that’s no longer necessary.

 

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52 years ago · by · 0 comments

10 Factors That Typically Affect Your Premium

​​​​​Risk factors determine your home insurance premium. Insurers analyze risks to figure out how likely it is that you – and others in the same circumstances – will make a claim.
  1. Replacement cost. The size, composition and contents of your property affect the cost of your insurance the most. The larger your home and the more contents you have, the more they cost to replace. In addition to the square footage, insurers consider the quality of construction used to build your property, which can vary greatly.
  2. Where you live. Insurers track the number, type and cost of claims by neighbourhood. By referencing past experiences, they understand your neighbourhood’s unique circumstances and how likely it is that you may make a claim.
  3. Proximity to water. Insurers look at how far your home is from a fire hydrant or fire station. If you live in an urban area, this is generally not a concern. If your country property is far from water, it will influence the cost of your home insurance. The sooner a fire can be put out, the lower the cost of restoring your home.
  4. Your personal claims history may have an impact on your premium. Past claims are often an insurers’ best predictor of future claims activity.
  5. Electricity. Insurers consider a number of factors such as type of wiring and the way electricity comes into your house. They are on the lookout for:
    1. Knob-and-tube or aluminum wiring (especially if it has deteriorated or become damaged) that can increase the chance of fire. Insurers may:
      1. Ask for a guarantee that a home does not have this kind of wiring
      2. Give you time to remove it
      3. Inspect the condition of the wiring to ensure it’s safe
    2. Breakers that pose less risk than fuses
    3. A minimum of 100-amp service. A lower amp can lead to overloading and fire.
  6. Pipes. Galvanized or lead piping usually means your plumbing is older, which makes it more likely to crack or leak. Insurers generally prefer homes with upgraded copper or plastic plumbing.
  7. Wood stoves. These are a common source of house fires and carbon monoxide poisoning if they are not properly installed and maintained. Insurers may want to inspect them. Before buying or renting a home with a wood-burning stove, or installing one, consult your insurer.
  8. Age of roof. Insurers generally prefer your roof to be updated within the last 20 years. Some policies will pay only depreciated values, for example 25% of the replacement cost, for damaged roofs that are near the end of their designated service life.
  9. Other uses. Advise your insurer if you’ve built or plan to build a rental apartment, start operating a business or make any other significant alterations to the structure or the way you use your house.
  10. Other factors. Insurers want to know if you have security and/or fire alarms, and if they are monitored by an outside service. Advise your insurer if you have a swimming pool or other structures such as pool houses.

Do You Want Basic or Full Coverage?

Once the above factors are considered, you can choose the types of coverage you’d like. Your decisions will influence your premium. We can help you evaluate your coverage options to find the best fit. Just give us a call!

source: Insurance Bureau of Canada

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52 years ago · by · 0 comments

Insurance companies likely to ignore Quebec flood map gaffe

Quebec flood map gaffe

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Company informations

Eyton-Jones Assurances Inc.

186 Sutton Place, Suite 120
Beaconsfield, QC H9W5S3

Contact details

E-mail address:
info@Eytonjones.ca

Tel : (514) 695 6772 or 1-844-519-6416
Fax : (514) 695 3925

MON-FRI 9-5 EST