Posts Tagged home insurance

Residents Lack “Over Land” Water

Residents Lack “Over Land” Water

Have you heard about the Overland Water coverage that was introduced this past year in Ontario? The article below is a great reason why the new coverage is so important.

 

The heavy rains last Tuesday have caused many residents in Newfoundland and Labrador to file for claims for flooded basements, but the region’s insurance association reveals that many lack proper coverage to deal with the water damage.

“I don’t know what the percentages are, but a lot of people don’t have the coverage, let’s put it that way,” Insurance Brokers’ Association of Newfoundland and Labrador (IBAN) president Kent Rowe told CBC News.

The insurance industry classifies the flooding of basements due to rising water levels on rivers, streams, brooks, ponds and lakes as “over land water damage.” There is a specific coverage for this type of damage, but Rowe pointed out that many homeowners lack the added coverage.

“The over land water flood protection has only been available in this province in the past 12-18 months,” Rowe explained. “Not every insurance company offers it.”

According to Rowe, over land water damage coverage was created in response to the increased frequency and severity of significant rainfalls over the past few years.

“Water damage claims are the number one source of claims in our industry right now,” he said. “It used to be that fire was. Water is the new fire.”

Although many initially missed out on the insurance feature when it first came out, last week’s flooding has convinced several homeowners to finally opt for over land water damage coverage. Rowe said that while it may be a little too late for some, this is a good development—more people are likely to be protected the next time flooding occurs.

CBC News reported that the added coverage could cost $60 to $90 a year in low-risk zones. High risk zones could see costs as high as $2,500 a year. Those who opt for over land water damage coverage should expect higher deductibles, as well.

Call Moller Insurance today to speak to one of our brokers to make sure you have the right coverage! (905)642-2745 or 1(800)603-4279

Source:
Adriano, Lyle. “Residents Lack “over Land” Water Damage Coverage.” Insurance Business. Insurance Business Canada, 17 Oct. 2016. Web. 17 Oct. 2016.

Posted in: Company News, Home Insurance, Insurance, News & Events, People

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The Insurance Side of a Home Explosion

The Insurance Side of a Home Explosion

Insurers Await Cause of Loss in Mississauga Explosion Aftermath

As residents begin to return home following the mysterious house explosion that destroyed swaths of a Mississauga street, uncertainty remains surrounding the blast’s cause.

Pete Karageorgos, director of consumer and industry relations‎ at the Insurance Bureau of Canada, says that’s the burning question for insurers and adjustors, many of whom are awaiting access to affected areas.

“Part of the question that has yet to be answered for the insurers and the community is the cause of the loss,” he says. “The impact and damages are due to an explosion – but explosions don’t just happen. What was the factor that triggered that, and might there be any liability for another third party as a result of that explosion?”

Suspicions of foul play behind the blast have arisen, as it was revealed one of the deceased residents of the house was convicted of murder in the city in the 1980s. Handwritten notes with troubling messages found at the scene are currently being analyzed as evidence by Peel Region Police. Should criminal actions be a factor, it will complicate any resulting claims, says Karageorgos.

“Like any insurance claim, if the cause of loss was due to the intentional actions of an insured, or criminal actions, then the property the insured was affiliated with will likely have its claim denied,” he says. “Neighbouring properties would be fine. But if it was determined that it was an intentional and criminal act, odds are the insurers will deny any coverage.

“If there are mortgages in place and lenders who may have a claim, that would be the next step in terms of assessing who may have a valid claim.”

The full extent of damage has yet to be determined by adjustors, as roughly 69 addresses remain uninhabitable. However, progress should move quickly, stated Mississauga Fire Marshal Tim Beckett to the media, now that response teams have entered the ‘recovery phase’. Sections of the site will be released to residents and insurers over the coming days, allowing adjustors to board up affected houses and being their assessments.

Karageorges adds the incident holds a valuable lesson for brokers, as many area residents, while knowledgeable about who their insurance was with, seemed in the dark concerning their specific policies. “It’s worthwhile for the broker community to note… this really highlights that events like this do happen, and it’s incumbent of those in the industry to continually eduate customers to help them understand what their policies have and cover,” he says.

“As an industry we have to do a better job of educating people because the types of coverages within a policy that people don’t understand such as coverage for the dwelling, the contents, the additional living expenses, there are various layers of the policy that people don’t understand and take for granted.”

Graham, Penelope. “Insurers Await Casue of Loss in Explosion Aftermath.” Insurance Business Canada. Insurance Business Canada, 05 July 2016. Web. 05 July 2016.

Posted in: Home Insurance, Insurance, News & Events

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Advice for DIY Renovations

  Helping You Build Security                                                    ca. 2001 --- Structure Wooden Frame Interior --- Image by © Royalty-Free/Corbis

When undertaking a remodeling project, people often forget to review their insurance needs, too. Whether your additional budget is large or small, you are adding both the value of your home and your exposure to risk. To ensure that your project goes smoothly and that you have the coverage you need, here’s what you need to know.

Advice for Do-It-Yourselfers

If decide to go it alone and manage a renovation yourself, you assume all the risks. A review of your homeowners coverage for liability and property is prudent, as you are assuming more risks and exposures than contemplated by homeowners insurance.

Hiring bona fide subcontractors who can provide you with a Certificate of Insurance or copies of their policies showing their general liability and worker’s compensation coverage is mandatory for your legal protection. Otherwise, if you are hiring subcontractors or paying friends to do the work, you could be subject to worker’s compensation laws, should they become injured while working on your home. If a friend or relative helps out as a favour (no money changes hands) and gets injured, your homeowners insurance typically covers the cost of their injuries, up to your policy limits. It’s important to note that a homeowners policy is not designed to provide primary liability protection for these injuries. If a helper is seriously injured, the domino effect can be financially and emotionally difficult for all who are involved. For an extra layer of protection, it’s a good idea to also carry umbrella liability coverage, which kicks in to provide liability coverage above your homeowners limits.

Top Ways to Save on Your Premium:                          DIY                           
  • Consider raising your deductible
  • Invest in a home security system
  • Update exterior locks to dead bolts
  • Install smoke alarms
  • Select an automatic payment method
  • Monitor your credit rating
  • Ask about our multi-policy discounts
Insuring the Real Value of Your Home

Experts estimate that one-fourth of remodeling projects add at least 25 per cent to the value of a home, yet often most homeowners forget to increase their coverage to protect their investment. Most homeowners insurance policies require 100 per cent of the home’s replacement cost, so it’s important to raise your home’s policy limit before your project begins.

Keep in mind that you don’t need to increase your coverage by the same amount as the cost of renovation. Often, a major cost factor in a home improvement project is labour for tearing out something old. Determining this new replacement can be somewhat complex, so contact us for assistance. We have the latest technology available to assist with this process.

Your insurance partner

Adding to your home is exciting, but poses financial risks. Contact Moller Insurance Ltd. at 905-642-2745 to learn more about all of our home, auto and life personal risk management solutions.

 

 

Moller Insurance Ltd. logo

64 Sandiford Dr Suite 1

Stouffville, ON   L4A 7X5

 

Posted in: Home Insurance, Insurance, People, Work

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