Ice Storm Damage and Your Home Insurance Coverage

A tree fell on my home. Will I be covered?

According to the Insurance Bureau of Canada, a standard homeowner policy should cover damages to homes caused by snow, rain or wind, including damage caused by flying debris or falling branches or trees.
A collapse of a structure, such as your roof, due to the weight of ice or snow is also often covered under a standard home insurance policy.

Will the insurance company pay to remove the damaged branches from my property?

Probably not. Insurance covers damage to your fences, your roof, eaves troughs, windows, porches and outbuildings. But debris removal from your yard, in the absence of physical property damage, will generally be at your own expense. Check with your insurance company to see if they will pay to remove the debris when you file your property damage claim.

5 Tips to Ensure You Have Valid Car and Home Insurance

1. Provide correct information: Always give your insurance professional (agent or broker) the correct information. Providing incorrect information can have a negative impact on your premium, and may also disqualify you from coverage in the event of a claim.
2. Shop around: Each insurance company has their own rates. Get multiple quotes to make sure that you are not overpaying. It’s easy with a website like InsuranceHotline.com. You can get up to 10 quotes in 10 minutes.
3. Making a false claim: If you leave out details or information on purpose, you may be committing insurance fraud. An example of insurance fraud would be telling your claims adjuster that you lost more in the event than you actually did, or exaggerating the amount of your loss.
4. Communicate changes: Let your insurance professional know of things that may have changed in your life. And you may be able to save money too! For instance, if you used to drive to work but now take transit; let your insurance broker or agent know. Have you renovated your home recently? Then make sure you update your insurance professional on these renovations so that you are properly protected under your home insurance policy.
5. Know what you are covered for: You don’t want to be over insured or underinsured. Take the time to review your coverage and make sure that you understand what you are covered for. For example, not all homeowner’s policies will cover you in the event of a sewer back up. This coverage must be added onto some policies at an additional charge. Speak with your insurance professional to make sure that you have the protection you need, or if you need clarity on some of the coverage listed on your policy.

Discounts and deals

You may think that your insurance company will automatically provide you with any discounts you qualify for, but in most cases, they won’t. Your home insurance company may offer discounts for seniors, for homeowners who own their homes outright, or for home improvements that increase safety and security. Unless you ask, you won’t receive the discounts – so make sure you inquire.

Don’t over-insure

Your insurance will only cover your loss – and many homeowners make the mistake of including the price of the land that the home is built on in their replacement cost. You will never be able to claim on this – as the land will remain intact, regardless of what happens to the building. Your home value (for insurance purposes) should only ever be the value of the buildings on the property – leave the land value out of it and you’ll notice significantly lower premiums. Furthermore, if you don’t own any jewelry of note, then removing the coverage may decrease rates.

Increase your deductible

Your homeowner’s deductible is the amount in dollars, of risk that you are prepared to accept and pay in the event that you need to make a claim on your policy, BEFORE your home insurance provider will pay out on any claims.   If you’re finding that the cost of your monthly premiums is increasing annually and you’re looking to save, raising the dollar value of your deductible is an easy way to reduce the risk to your insurance provider, and therefore reduce your premiums.   For example, if your deductible is currently $200, raising it to $500, or even $1,000 can make a really big difference on your premiums – saving you as much as 25% on the cost of your annual or monthly premiums.
Many home insurance providers now offer deductibles that equate to just 1% of your home’s insured value ($2000 deductible on a $200,000 home).   While it may seem like quite a large amount to have to pay if you need to make a claim, the reduction on your premiums may be worthwhile for you.   The important thing is to make sure you have the deductible cost to pay out should you need to make a claim!   Home insurance is a way of sharing the risks (for a small fee) of owning a home that are largely beyond your control with others.   Your deductible is an indication of how much of that risk you’re willing to assume.

6 ways to save on car insurance

1. Keep a clean driving record

Your driving record helps determine your auto insurance rate. Protect your driving record and you could see savings.

• Maintain a conviction and accident-free track record.
• Take the speed limit seriously. In some cases, speeding and other moving violations may mean you pay more.

2. Choose your vehicle wisely

You might find a great deal on a new car right now, but you might have to brace for sticker shock when you buy your insurance policy. Luxury automobiles can be expensive to insure, for example, because they are more expensive to repair and replace.

• Check your insurance rate before you buy. Call or get a quote online from your insurance company before you buy a new or used car.
• Check your car’s rating. Use the Insurance Bureau of Canada’s (IBC) How Cars Measure Up to get an idea of which makes/models could cost less to insure.
• Know what thieves want. Check the IBC’s Top 10 Most Stolen Cars in Canada.
• Help thwart thieves. In some cases, installing an approved aftermarket immobilizer or purchasing a vehicle with one already installed may help lower your premiums.

3. Rethink how you use your vehicle

Insurance rates vary depending on how much you drive and for what purpose. To keep your insurance costs down:

• Don’t take the car everywhere you go. If possible, take public transit or car pool to work.
• Avoid unnecessary long hauls. Keep your annual mileage as low as possible.

4. Review your coverage

There’s flexibility in your choice of coverage limits and deductibles, but you do need to be smart about what you choose:

• Carry as much coverage as you need. If you have an old car, for example, consider canceling or reducing your collision and/or comprehensive coverage.
• Consider who drives your car. If possible, remove any high-risk drivers from your policy.
  • Increase your deductible. You may pay less for insurance if you’re willing to pay a higher deductible should you file a claim.
• Keep your coverage up-to-date. If you’ve installed a safety or theft-reducing device, you may be eligible for a lower rate.
• Combine your home and auto insurance. If possible, carry both your home and auto policies with one insurer. It could lower both premiums.
• Choose one provider for multiple vehicles. You may reduce your overall premiums by insuring more than one vehicle with the same provider.
• Mind the details. Even a small error in your policy (for example, an incorrect Vehicle Identification Number — or VIN) may mean that you’re paying more than you should.

5. Look for discounts

Review your automobile policy annually and hunt for a good deal. And don’t forget to ask about discounts.

• If you’re a member of a professional group or alumni association, you may qualify for special rates with a particular insurer.
• Your employer may have negotiated a group discount with an insurance provider.
• You may be eligible for special rates if you have both home and automobile insurance policies with a single provider.

6. Speak to your insurance provider

As your life changes, so do your insurance needs. If you haven’t spoken to your insurance provider for some time, call to find out about ways to save that make sense for you.

Health

You do your best to get the most out of each day – making healthy decisions and taking care of yourself and the people you love. But as much as we all try to avoid it, an accident or illness can happen to anyone...at any time.

During your working years, it's important to focus on protecting your family income. As you move toward retirement, it becomes more important to protect the financial resources you've worked so hard to build. Health insurance can help you cover the costs of care and recovery so you can focus on what matters most - getting better.