Tips and Advice

Insurance. Simplified.

1.

Insurance can only be sold by a licensed broker, agent or insurance company in Ontario. To find out if your insurance broker is licensed to do business in the province, visit the Registered Insurance Brokers of Ontario website.

2.

When possible, never switch insurance companies midway through the policy. Often times, an early cancellation will lead to some form of a monetary penalty.

3.

If you are away from your home for more than four consecutive days over the normal heating months, you must drain the plumbing or arrange to have your home inspected on a daily basis by a competent individual to ensure that heat is maintained. If freezing-related damage were to occur despite these precautions, you may possibly be covered.

4.

Your insurance company may require you to upgrade your 60-amp in-home electrical service to 100 amps (the standard for new home construction) prior to providing you with coverage.

5.

In order to quote you a premium or sell you an automobile insurance policy, your broker will require some basic information about yourself, your vehicle, your driving record, your current broker/agent/insurance company, and information that pertains to any other drivers of your vehicle.

6.

If you are convicted of driving without valid automobile insurance, your insurance company may consider you to be a “high-risk driver” and charge you higher premiums and even refuse to sell you insurance outright.

7.

Review your homeowners coverage on an annual basis as your policy should accurately reflect the current value and condition of your home as well as any major improvements and/or purchases.

8.

Your insurance company may require you to replace galvanized steel piping in your home with copper and plastic piping before providing you with insurance coverage due to their average life expectancy of 40-50 years.

9.

It is not only the driver but also the owner who is liable when an accident is caused with his or her vehicle.

10.

Auto insurance companies and their agents/brokers are prohibited from requiring you to consent to the collection and use of your credit information prior to providing an insurance quote or offering to renew a policy. Quotes are free with no obligation.

11.

If you are found to be driving without valid auto insurance, you can have your license suspended and vehicle impounded.

12.

Most insurances companies consider the following to be “common exclusions” from a standard homeowners insurance policy: damage caused by wear and tear, rust, corrosion or gradual deterioration; water damage caused by flood, underground water, or water that enters through the cracks in your foundation; damage arising from the freezing of indoor plumbing; damage caused to the exterior of your home as the result of freezing, melting or moving snow or ice, and heaving frost; damage caused by snowslide, landslide, and other forms of earth movement (ie. earthquakes); damage caused by insects and rodents; intentional or criminal acts (ie. fraudulent claims).