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4 Ways To Lower The Cost Of Home Insurance

Posted by on Feb 3, 2016 in Uncategorized | Comments Off on 4 Ways To Lower The Cost Of Home Insurance

Owning a home is sure to bring you a great deal of pride. This is possibly the largest investment you will make in life and should be one that you work to maintain. It’s ideal to have the right amount of home insurance on your property to avoid some potential financial disasters. This coverage can be expensive, and you’ll want to know some of the most effective ways for you to keep it down. Think before filing a claim The number of claims you file on an annual basis can cause your insurance to increase. It’s important to think before giving your insurance agent a call about minor damage. For instance, if you broke a window while mowing, this may be something you should fix on your own. The chances are your deductible will cost more than the actual repair itself. Install a security system Putting a system in your home that alerts you or your local police department of any intruders can help lower your costs. Security systems these days offer some features that can make using this much easier. Some common features of the more modern systems include a direct call to the authorities when there’s a break-in at your property. Other features include being capable of using a remote control to alarm and disengage your system for convenience. Maintain a good credit rating Keeping your credit score high is important when it comes to cutting the cost of your coverage. Your insurance company will take a look at how you’ve paid your bills to find the best payment option for you.  It’s ideal to keep a credit score of 720 if you want to get the most savings on your home insurance for the short and long-term. Pay in full If you can, it’s a good idea to pay your bill in one lump sum. Your insurance company may offer you the option to make monthly installments, but this will come at an additional cost to you. This is because of the extra administrative fees that are associated with doing more paperwork when you pay monthly. It’s ideal to keep home insurance on your property at all times. This will provide you with the peace of mind you need by knowing you are covered in the event you need to be. Be sure to talk to your insurance agency, such as Caiger-Watson Insurance Brokers Property Insurance, about more ways to lower the overall costs of your home insurance today....

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Do You Need Motorcycle Gap Insurance?

Posted by on Sep 18, 2015 in Uncategorized | Comments Off on Do You Need Motorcycle Gap Insurance?

If you take out a loan to purchase your motorcycle, there’s a risk you may end up owing more on the bike than it’s worth due to depreciation. This can be a serious problem if you ever wreck your bike, because the insurance company will typically only give you the depreciated value of the vehicle, leaving you with the balance left on the loan. Gap insurance can help eliminate this liability by paying the difference between the loan amount and the market value of the motorcycle at the time of the accident.  Before you whip out your checkbook, though, here are two things to consider to help you determine if gap insurance is right for you. The Rate of Depreciation Like cars, motorcycles begin depreciating the moment they’re driven off the lot. However, the rate of depreciation varies widely between manufacturers and sometimes even models. For instance, one bike lost a little over 48 percent of its value in 2008 while another only lost 17.5 percent over the same time period. Before deciding to purchase gap insurance, research how much depreciation you can expect during the first years of ownership. If the value of your bike stays in line with the amount you owe on your loan, then you probably don’t need gap insurance. On the other hand, if the market value of your ride drops dramatically, then you may want to get the extra insurance. Collision Coverage Settlement Type If you purchase comprehensive or collision insurance coverage, you’ll have the option to choose the way the insurance company determines how much to pay for your bike if you total it. There are three options: Actual cash value – The insurance company will give you the current depreciated market value of the bike. Replacement cost – You’ll receive the replacement value of your bike, and you won’t lose money for depreciation. Agreed value – With this option, you and the insurance company comes to an agreement about the value of the motorcycle before the policy goes into effect, and this is the amount you’ll be given if you total your ride. You can eliminate the need for gap insurance if you pick the replacement cost or agreed value options for your settlement type, because these two choices provide the biggest chance of avoiding being hit with depreciation. Gap insurance can help protect your finances if you are unfortunate enough to get into an accident shortly after buying your motorcycle. However, consider your situation carefully to avoid purchasing something you don’t really need. For more information, contact Klondike Insurance Agency or a similar...

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3 Ways to Reduce Auto Insurance Rates

Posted by on Aug 26, 2015 in Uncategorized | Comments Off on 3 Ways to Reduce Auto Insurance Rates

Are you looking for ways to reduce the cost of your monthly auto insurance premium? If you want to avoid losing coverage, then there are viable options to lowering the cost of your insurance policy, without the worrisome need to cut your coverage. Here are a few great ways to reduce the cost of your auto insurance rates. Update Your Insurance Policy Profile If your personal information has changed since signing up for your policy, such as the distance between your home and job, your employer, and the type of vehicle you drive then you can likely receive discounted insurance rates. So, if it has been awhile since you have updated your profile then definitely see if your new employer has any promotional discounts with your insurance provider, as well as seeing if you can obtain lower rates if the distance between your new home and job site are closer together. Having a job that is closer to your home can result in lower rates, as this means you spend less time on the road, which makes you less of a liability for your insurance provider. Keep Points off Your Record Traffic violations can easily increase the rates of your insurance policy, as this may give your insurance company that idea that you are not a safe or responsible driver. If you do find yourself getting pulled over and getting a ticket then you may want to attend a safety driving class right away. Attending a safety course may void any tickets on your record, which will allow you to have a clear record, which will help prevent you from receiving increasing insurance rates due to driving mistakes. Add Household Members to Your Policy If your siblings or parents need a new policy, consider requesting them to join your current plan. Many insurance companies will offer lower rates to those who have added drivers on the policy as an incentive for gaining more of your business. This is a great opportunity to save, as not only will you save on your policy, but the person you have added to your plan will save also. By taking advantage of these opportunities, you will find that you are able to receive a more affordable insurance rate, without having to eliminate some of your must have coverages. Not only will this help you save money and prevent you from losing coverage, but it will ensure you are getting the most out of your auto insurance policy, which is most important. For more information, talk to a professional like Meyer’s Insurance Ltd auto...

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Should Your Landlord Include Your Property In Their Home Insurance Policy?

Posted by on Jul 8, 2015 in Uncategorized | Comments Off on Should Your Landlord Include Your Property In Their Home Insurance Policy?

When you rent a home, you get some benefits that you wouldn’t receive if you actually owned the place. Dealing with broken air conditioners, clogged toilets, and mowing the lawn is all the domain of the landlord – and their wallet. You might assume that maintaining insurance for everything on the premises is also the landlord’s duty, but unfortunately that’s not the case. When you are a renter, you are responsible for insuring all of your personal possessions. Keep reading to learn more about why renters insurance is necessary, even though your landlord has home insurance. Home Insurance Coverage A standard home insurance policy in Canada has several different general coverage areas. These include: Liability Insurance: Liability coverage pays for financial damages that visitors to the home may suffer. For example, if a visitor to the home were to trip and break their leg on unsafe stairs, the liability insurance would cover medical costs related to that injury. It is important to note that a home insurance policy covers only the landlord’s visitors, not yours. Building Insurance: As the name implies, this type of insurance pays for damages to the house that are caused by situations like natural disasters or vandalism. This usually includes only the main structure on a property but may include outlying buildings like greenhouses or gardening sheds. Contents Insurance: The contents insurance covers all the home contents that are owned by the policy holder and their family. Contents insurance includes furniture, art, appliances, and virtually everything within the home. Renters Insurance Coverage Much of the confusion over landlord home insurance happens because the homeowners policy does include contents coverage. However, there is a very clear distinction when it comes to coverage of the contents in a home: If something belongs to the landlord, it’s covered. If it belongs to a tenant, it’s not covered under the landlord’s policy. As long as you make a comprehensive list of everything that you own, it is easy to get the renters coverage you need. A professional insurance company, like Cambridge Insurance Brokers (Preston) Ltd, can recommend the right policy size for your situation when you provide them with this list. A renters policy is usually based on the total net worth of your possessions. If your property is stolen, destroyed, or damaged, your renters insurance will compensate you for the losses. Similarly, your landlord’s home insurance policy will compensate them for any losses they suffer. But it’s your job to make sure that you – or more specifically your belongings – get the necessary coverage via a renters policy...

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Car Insurance Basics: Excluded Drivers

Posted by on Jun 18, 2015 in Uncategorized | Comments Off on Car Insurance Basics: Excluded Drivers

As your family grows, so do the number of licensed drivers living under one roof. For many Canadian automobile owners, this means adding new drivers to their existing car insurance policy is a frequent chore. But, in some cases, there may be someone in your home who you believe doesn’t need to be added to your policy. Is it time to ask your auto insurance provider for an excluded driver endorsement? Who Qualifies as an Excluded Driver? All car insurance providers in Ontario are already required to offer excluded driver endorsements, but who qualifies as an excluded driver in your home? This term refers to anyone who you do not want to carry liability coverage for and who will not operate your vehicle under any circumstances. For example, a roommate who has their own insurance coverage and doesn’t operate your vehicle should qualify as an excluded driver.  Who Must Be Listed on Your Policy? In reality, anyone who can and will drive your vehicle should be listed on your car insurance policy. For insurance providers, that can mean anyone who has the ability to drive regardless of whether they have a valid license or not. Even if someone living in the home will “never drive the car,” they could be needed to do so in an emergency situation. Some car insurance providers may consider someone eligible for coverage even if they only live with you part time, like a stepchild or college student. Other persons who may be required to be listed on your policy can include co-signers like a parent or grandparent who live in a separate home.  Should You Exclude a Specific Driver? If someone has a bad driving record and listing them on your policy will cause your insurance rates to spike, it may be a good idea to exclude them from the policy altogether. Just remember that anyone excluded from your policy will not be protected under your liability coverage in the event that they drive your vehicle and get into an accident. Depending on your insurance provider, you may be asked to submit proof of insurance for any drivers not listed on your policy. In some areas, excluded drivers have zero coverage, but in other provinces, limited liability coverage for excluded drivers may be required. As a rule of thumb, it is always a good idea to check with your insurance provider on which options are available to you before making any changes to your current...

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Protect Yourself from Business Income Interruptions

Posted by on May 22, 2015 in Uncategorized | Comments Off on Protect Yourself from Business Income Interruptions

Small businesses often run on a very tight budgets. It doesn’t take much to throw the business off and make it so it will start to fail. That’s why any kind of business interruption can be deadly. If you are a small business owner, one of the smartest things you can do to protect your business is to get business interruption insurance.  What Is Business Interruption Insurance? This kind of insurance is also called income insurance. That’s because its focus is the income that you lose due to unforeseeable circumstances. It is designed to help you keep going until you get your business back on its feet and running again. What Does Business Interruption Insurance Cover? This insurance covers losses due to disasters. Disasters include a large range of things, such as income loss from natural disasters that will cause you to close, like hurricanes and tornadoes that do enough damage that your business can’t open. Disasters can also be defined as things like fire and flooded buildings. Most business interruption insurance policies will also cover theft. Losing business equipment can either mean a significant loss of income or losing your full income. The insurance can help you get new equipment to get everything back up and running. You may be able to replace your equipment with the same models or something equivalent to what you already had, or you may be able to get upgraded equipment. It depends on your policy and what riders you may have added.  What Doesn’t Business Interruption Insurance Cover? This kind of insurance is not liability insurance or property insurance. What that means is that you have to have separate policies for that. Someone getting injured at your place of business doesn’t lose you income. Being sued isn’t classified as a business interruption. While your business income insurance will cover the income you lose from disasters, it won’t give you the money to rebuild any physical space that your business uses. If you have a fire, you will have to talk to the insurance company that holds your property insurance and the company that holds your interruption insurance. You may be able to get both of them from the same company, which can help save you some money. Small business owners have enough to worry about. You shouldn’t have to worry about what will happen to your income if your business has to close for some disaster or theft. Talk to an business insurance agent about getting business interruption...

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Choosing The Right Level Of Coverage For Your Vehicle In Ontario

Posted by on Apr 16, 2015 in Uncategorized | 0 comments

Car insurers have a wide range of options for Ontario drivers seeking to both meet the minimum requirements mandated by their province along with coverage for specific events. Many companies make this easier by offering packages that bundle the coverage required by law along with popular extras, but it is important to be aware of options individually to choose the ones that best suit your needs and budget. Minimum Insurance Requirements The Financial Services Commission of Ontario states the following types of coverage are required for all car owners: $200,000 of liability coverage, which pays another party for damages and injuries for an at-fault accident Accident benefits that cover medical expenses for you following a car accident, regardless of who is at fault Direct compensation and property damage for your vehicle and its contents Uninsured coverage to cover medical and vehicle damage costs following an accident caused by a driver who does not have auto insurance Although a typical insurance package will provide you with at least the minimum coverage required, you may want to consider extras to either increase the maximum payouts mandated by law or those that supplement different needs following an accident. The Perils of Car Ownership Province-mandated coverage protects you against losses during a car accident, but there are other situations in which your car may be damaged that may not be covered. These are called perils, and you can buy extra coverage to compensate you for many of them including: Earthquakes Explosions Fire Vandalism Flying objects Many insurers allow customers to pick and choose which situations they would like covered. Also, you can buy a single add-on called comprehensive coverage that protects against a number of different perils. When considering this, ask your broker what exactly is covered as it can vary depending on the insurer. Getting Back on the Road Following an accident, you may be left without a working car until repairs are complete, or you might need to take unpaid time off work as you recover from any injuries. Thankfully, you can add coverage to both pay for car rentals and the majority of your salary for a specified period following a serious accident. If you are interested in these and other enhancements, check with your insurer to see how much is covered and for how long. Deductibles vs. Premiums Before deciding on the best insurance options for you, take a step back and see how they will affect your premium and deductible costs. If you prefer to pay a high deductible in the event of a loss, this has the benefit of lowering monthly costs, for example. Also, some extras may have deductibles of their own, so the higher out-of-pocket cost may not be best in the long run. Although all policies must have a minimum level of coverage, you can buy protection from many of the scenarios that are not covered. However, these will add to the cost of your monthly premium and may also increase your deductible. Speak with an insurance broker (such as one from Northgate Insurance Centre) today to see how to best protect you and your...

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All Risk Home Insurance: Key Exclusions

Posted by on Mar 20, 2015 in Uncategorized | 0 comments

Most homeowners have a so-called “all-risk” insurance policy. This type of coverage insures your property against any risk except for those specific exceptions, or uninsured perils, named in the policy itself. It’s crucially important for homeowners to know what risks are typically not covered by the average all-risk policy. Here’s a look at some of the main exclusions in these common home insurance policies.    Flood Flood coverage is separate from an all-risk policy. If you live in an area that is prone to flooding, then you will need to purchase coverage specifically for this purpose. One type of flooding that homeowners need to keep in mind is sewer backup. If a sewer line backup discharges a flood of wastewater in your home, you might assume that your insurance policy covers this possibility, but usually it does not. You need to contact your agent and have the coverage written into your policy.  Earth Movement A second key exclusion involves earth movement. This includes both earthquakes and landslides. Just as with flood insurance, if you live in a region that has earthquakes or landslides, it’s essential to purchase a separate home insurance policy to protect you from these hazards or have the coverage added to your current policy as an endorsement. In some cases, you might be covered by damage from earth movement, as long a covered peril is the immediate cause. For instance, if an earthquake causes a fire in your house, the damage from the fire is usually covered.  Insects Structural damage to your house due to insect activity is generally not covered by an all-risk homeowner’s policy. This is especially relevant if you live in a humid climate, where termite populations often thrive. In these situations, having preventative maintenance done by a professional extermination firm is almost always a good idea. In some instances, the firm may offer you a termite bond. This is similar to an insurance policy, as the exterminator agrees to pay for any termite damage that occurs during the life of the contract.  Small Animals In some cases, small animals might enter your home through holes in the roof or siding and cause damage. These types of issues are almost always excluded, so keep up your home maintenance and don’t allow animals, such as squirrels, raccoons or bats, to obtain access points into your residence.  Read your home insurance policy carefully to be certain you know exactly what perils or hazards are covered. If you have any questions, check it out  here or contact your insurance agent for more...

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Shopping For Homeowners’ Insurance? Consider These Four Extra Coverage Options

Posted by on Mar 6, 2015 in Uncategorized | 0 comments

A typical homeowners’ insurance policy will cover the structure of your house, its contents, and liability to other people. However, these are not the only risks you face in your home. Here are four examples of additional coverage to cover some little-known risks: Inflation Protection This extra gives you the opportunity to keep up with inflation. Without it, you are only entitled to the amount specified in your policy, which may not be enough to indemnify the risk assured because the inflation may have eroded your money’s worth. Consider an example where you insure your home contents for $10,000. Suppose the contents are stolen sometime later when the inflation is high, and the money cannot replace the stolen contents. In that case, you will have to top up the cash with your money. If you have inflation protection, however, the amount is adjusted to be in line with the current value of the figure. Building Code Upgrade If your house is damaged, then you may find that there are building codes that you have to meet during the reconstruction or repair process. These are ordinances that were not in place when the original house was built. For example, you may find that your roofing material is required to withstand a certain temperature level for a specific duration. Unfortunately, these new codes may cost more than your coverage limit. This is likely to be the case if your house is relatively old. With building code coverage, your insurance company will top up the money needed for the new ordinances.   Rental Income Protection These days, many people make extra money out of their homes by renting out extra houses or rooms. If you are one of those people, then you stand to lose a lot of money if damage occurs in your home, and your tenant has to move out. Luckily, some insurers have an optional coverage for this type of situation. If you buy this extra, then you will be reimbursed for the duration of the repair in which a tenant cannot live in your place. Identity Theft Coverage Identity theft can happen to anyone, but you are particularly at risk if you are a heavy social media user, wealthy or prefer paying with cards to cash. This has given rise to some homeowners’ insurance companies offering identity theft coverage. Some of them offer preventive and restorative services while others only offer the latter. The insurance money will help you to pay for the damages associated with identity theft such as lost wages and attorney fees. These extras may have different names depending on your carrier. They may also come with different terms and conditions, as well as limits. It is up to you to scrutinize them thoroughly and purchase the ones you need when looking for homeowners insurance St...

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Tips For Buying Property Insurance

Posted by on Feb 2, 2015 in Uncategorized | 0 comments

Keeping your property safe from damages can be an impossible task because there are a seemingly countless number of threats that can randomly strike. Luckily, it is possible to purchase property insurance that is designed to protect you from the financial problems that these damages can cause. However, choosing a property insurance plan can be a complex and important task, but many new homeowners may feel overwhelmed by this process. Following a couple of simple tips will help ensure that you make a smart choice when it comes to choosing an insurance plan for your property.   Carefully Review The Deductibles Of Potential Plans  When disaster strikes your property, you may be under the impression that the insurance policy will pay for the total cost of repairing the damages. Sadly, this is not the case, and most policies have a deductible that must be met before the coverage will start paying for repairs. However, it should be noted that the amount of the deductible can vary widely depending on the details of the policy.  As a result, it is vital for you to carefully review the deductible section of any insurance policies that you are considering purchasing. When a deductible is too high for you to afford, you will not be able to enjoy the full protection of your policy. However, performing this simple comparison before making a choice can help ensure that you have a policy that is of a practical help when disaster strikes your property.  Review The Temporary Housing Clause If you are unfortunate enough to be forced to vacate your home for an extended period of time due to damages, the costs of lodging can quickly become financially crippling. Sadly, there are many people that do not realize that their insurance may be able to pay for many of these costs of housing your family.  However, some policies are more generous than others. While there is a strong chance that you may never need this coverage, it can prove to be a lifesaver if your home ever suffers severe damage. As a result, this is not a type of coverage that you should overlook, and you should always ask the insurance agent about how the carrier handles this type of claim.  Protecting yourself against the financial losses that can result from major damage to your home or real estate is an essential task for any property owner. However, if you have never had to purchase this type of insurance, remembering to carefully compare the deductible amounts and the temporary housing clauses will help ensure that you avoid some routine problems when you are needing to file a claim on your policy. Consider bundling your policy with car insurance to make your rates even more...

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