Archive for Tenants Insurance

Airbnb Insurance Even More Essential

The sharing economy is growing and Airbnb is one of the most popular in the industry. However, the following article might make you think twice about renting out your own place.

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Samia Bendhamane only found out that her apartment had been robbed by her Airbnb renter when she received a call from police last Friday, Aug. 12. Bendhamane assumes that the robbery took place between Thursday and Friday of last week, with the robber making off with a Canada Goose jacket, a Louis Vuitton purse and a games console.

Anyone who’s been the victim of a robbery knows how awful it feels; it’s not just the loss of material goods – it runs deeper.

But for Bendhamane, things then got weird. On Saturday she discovered that her cousin, Othmane Zniber, had also been robbed… by the same renter.

“Airbnb had hours to alert us to let us know that this guy had robbed my cousin – to let me know and anyone else know that he was a thief. And they did nothing,” Zniber told CBC Montreal’s Daybreak.

Zniber said he is charging Airbnb $8,000 for his valuables and loss of income incurred after having to cancel a visitor who wanted to rent his apartment for 20 days.

It’s just the latest in a string of sharing economy stories that has insurance implications.

“It’s a challenging space for brokers, because most insurance companies are reluctant to insure clients’ homes if they’re renting it through Airbnb,” explains Daniel Mirkovic, President at Square One Insurance. “In most cases, the broker needs to direct the customer to a commercial insurance provider. We do insure homeowners that participate in Airbnb but we don’t resell that product, we sell directly to consumers. There is a higher deductible for crime related losses.”

Mirkovic believes brokers have a responsibility to remind their clients about informing their home insurance provider if they intend to rent their property, otherwise the policy could be void. He also sees a couple of major insurance challenges in the short-term rental space. “There is an Airbnb Host Guarantee, but it’s unclear what type of protection it provides: how does it work with what a client’s home insurance provides – should it replace it?” he says. “The reality is that the Host Guarantee is meant to supplement home insurance and pick up where it leaves off. Home insurance is there to protect against sudden and accidental loss and damage caused by you or your renters. The Host Guarantee kicks in if there is intentional damage by a renter.”

So, in the case of the two unfortunate hosts in Montreal: are their losses covered? “I suspect they would be covered because this was an intentional act by a criminal,” Mirkovic says.

 

Contact a broker at Moller Insurance Ltd. if you want further information on how to protect yourself, your home and your belongings.

Phone: (905) 642-2745

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Why Older Homes Can Be Harder to Insure

Insurance Coverage Issues Affecting Older Homes

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If your home is over 30 years old, your insurance company may require you to upgrade the plumbing, electrical and/or heating systems in your home prior to providing you with or renewing your homeowners insurance policy.

Buying an older home

If you are looking to purchase an older home that has galvanized steel plumbing, 60-amp electrical service, knob and tube electrical wiring, a wood-burning stove or a fuel oil tank, make sure to factor the cost of necessary upgrades into your offering price! Your insurance representative will be able to advise you on what upgrades may need to be completed prior to obtaining homeowners insurance coverage.

Your insurance company’s concerns with galvanized steel plumbing

Galvanized steel pipes, commonly installed in homes prior to 1950, have an average life expectancy of 40–50 years.

Over time, the galvanized steel pipes begin to rust or corrode from the inside out, resulting in reduced water pressure and restricted water flow. This presents an increased risk of leaks or ruptures occurring in the pipes and the potential for flood damage.

Your insurance company may require you to replace galvanized steel piping with copper and plastic piping before providing you with insurance coverage.

The dangers associated with 60-amp electrical service

Insurance companies are concerned that the 60-amp electrical service, common in homes built prior to 1950, poses the threat of overuse and overheating, potentially increasing the risk of an electrical fire and a subsequent claim.

Before providing you with insurance coverage, your insurance company may require you to upgrade your 60-amp electrical service to 100 amps (the standard for new home construction) or install a switching device that allows for the operation of only one major appliance at a time.

The problem with knob and tube wiring

Knob and tube wiring, also commonly found in homes over 50 years of age, consists of parallel hot (black) and neutral (white) wires, separated by knobs (or insulators) and ceramic tubes. Knob and tube wiring is considered a higher risk than contemporary wiring installations mainly because

There is no ground wire (in contrast to contemporary wiring).

Given their age, the wires are highly susceptible to wearing and exposure, presenting a serious safety hazard.

The unintentional contact of the hot and neutral wires may potentially cause an electrical fire. As a result, you may be required to replace all exposed knob and tube wiring with approved permanent wiring material before an insurance company will provide you with homeowners insurance coverage.

Wood-burning stoves can be a hazard

If they are not installed and used properly, wood-burning stoves can pose a serious fire hazard.

To reduce potential risk, your insurance company may require that your wood-burning stove be inspected by a certified Wood Energy Technical Training (WETT) technician and certified by the Underwriters’ Laboratories of Canada (ULC), Canadian Standard Association (CSA) or Warnock Hersey before agreeing to provide you with homeowners insurance coverage.

Similarly, your insurance company may request that you have your wood-burning stove thoroughly cleaned and inspected by a professional sweep or technician at least once each year, prior to renewing your policy.

Why your insurance company is asking you to replace your fuel oil tank

Tanks 25 years or older are highly susceptible to rusting, deterioration and leakage and are considered environmental hazards. If a fuel oil leak occurs and goes undetected, the environmental cleanup for such a situation can be immense. A pinhole leak can spill 750 litres of oil in eight hours and have cleanup costs ranging from $5,000 to $15,000.

Most insurance companies will only insure a fuel oil tank provided it is less than 20–25 years old and has been inspected and certified by a Technical Standards and Safety Authority (TSSA) inspector.

If your oil tank is 25 years or older, your insurance company may require that you remove and replace it with a gas or electrical furnace, prior to providing you with homeowners insurance coverage.

Given the wide range of inspection/upgrade requirements that insurance companies may have, it’s always best to speak to your insurance representative about your specific situation.

Moller Insurance Ltd.

“Insurance Coverage Issues Affecting Older Homes.” Financial Services Commission of Ontario. FSCO, n.d. Web. 16 Aug. 2016.

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Don’t Wait Until You Have A Claim

Don’t Wait Until You Have A Claim

Don’t wait until you have to make an insurance claim for damaged, lost or stolen property to make a detailed list of your household possessions. The added stress and anxiety of the moment will make it difficult to remember and make a record of all your belongings. Instead, take the time to make a home inventory list now!

Take Inventory of Your Home

Here are some helpful tips:

  1. The most efficient way to make an inventory is to go through your house, room by room. This includes your garage, basement, attic and off-premises storage unit.
  2. Write down what’s in each room. Your list should include:
    • Floor material/window treatments
    • Sporting equipment
    • Furniture/cabinetry
    • Outdoor items
    • Appliances
    • Artwork
    • Computer equipment/electronics
    • Antiques
    • CD/DVD, book collections
    • Jewellery
    • Toys/games
    • Collectibles
    • Contents of your closets, cabinets and drawers

When recording items of value, make sure to include the manufacturer (brand), model and serial number (where applicable), as well as the method of acquisition (i.e., purchased, inherited or received as a gift), date purchased or received and cost or approximate value.

  1. It’s a good idea to take photographs or a video recording of each room, with valuable items prominently displayed.
  2. Attach photocopies of receipts and appraisals for valuable items, as well as of important family documents (e.g., your will and testament, house title and deed, birth certificates, passports, credit card numbers, account numbers) to the list.
  3. Store your list, along with any supporting photographs, video and/or documents, in a fireproof/watertight safe or in a secure place away from home, such as a bank safety deposit box.
  4. Finally, don’t forget to establish a simple method for recording all new major purchases and periodically updating your inventory.

For more information contact your insurance broker at Moller Insurance Ltd. or give us a call at (905) 642-2745.

Source: “Take Inventory of Your Home,”(2016, April 05). Retrieved June 08, 2016, from www.fsco.gov.on.ca

 

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Try Our Brand New Quoting Tool TODAY!

Try Our Brand New Quoting Tool TODAY!


You could be 5 minutes away from saving on your insurance!

Getting a single quote for your home or car might seem like a time consuming task. A lot of factors can impact the amount of time it takes to get an insurance quote;for example, how many drivers and vehicles you have of details about the construction of your home. However, www.mollerinsurance.com has now made it easy to get an insurance proposal in 5 minutes or less.

You now have a choice to complete a general 10-second quote or a more detailed 5 minute quote to see where you can start saving. The detailed quote will give you a more accurate estimate though answering a few simple questions. Your answers will then be run through our 18 contracted insurance companies to determine the company with the best coverage to fit your specific needs.

Moller Quote Tool

Once you’ve completed the session, you are given the option to try an additional quote or send the data you have submitted to our insurance specialists to further assist you with any questions.

When you call, we can also inform you of potential discounts and further saving you may qualify to receive.

Try out our new Quoting Tool today and give us a call! (905) 642-2745

 

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Keeping Your Holidays Safe

Preventing Home Break-ins holidayhome

Home break-ins can be both traumatic and expensive. In addition to replacing stolen or damaged property, break-ins cost insurance companies millions of dollars in claims each year, which, in turn, increases your premiums.

By following these three simple tips, you can potentially avoid a stressful and costly burglary:

  1. Secure the Premises: Locking doors and windows at night before you leave your home is the first line of defence against a break-in. Experts recommend using deadbolt locks for added security.
  2. Use Alarm Systems: Using a 24-hour monitored system is statistically proven to lower your chance of a home break-in. As an added benefit, some systems also detect fire or carbon monoxide.
  3. Protect Your Valuables: Create an inventory of all of your valuables and keep them in a safety deposit box or other secure area.

Most burglaries occur during the day, so it’s important to make your home appear occupied at all times. Ask trusted neighbours, family and friends to keep an eye on your house while you are away.

How to Safely Host a Holiday Party

For many Canadians, the holidays are a time to celebrate. However, those throwing a party this season could be unknowingly exposing themselves to a number of risks—risks they may not have even considered.

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  • Food Allergies: Shellfish, nuts and dairy are some of the most common food allergies, and these items are often found in popular holiday dishes. To ensure the safety of your guests, ask them to inform you of any allergies, and consider using labels to list ingredients.
  • Over-serving: Alcohol is a staple at most holiday parties. But, when a guest becomes inebriated and drives home, they could cause damage to property or injury to themselves and others. Be mindful of how much your guests are drinking and never let someone drive home if he or she has been over-served.
  • Decorations: Festive decorations like string lights and candles can create great ambiance for any holiday party, but they can also be dangerous. Never leave lights on or candles burning overnight, as this can cause fires. Ensure lights are in working order and that you aren’t overloading outlets.
  • Theft: You may not always know everyone at your party, so it’s important to take precautions when it comes to your valuables. Keep expensive items locked away and out of sight. Ask your insurer about coverage options for your valuables.

By keeping in mind the above tips, you’ll protect you and your guests from harm and ensure that your next holiday celebration is a success.

 

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