5 Reasons Why You Need Tenants Insurance

It is no secret that insurance is vitally important. Car, life, home or medical insurance coverage is necessary to protect you in the case of emergency or an accident. Yet, many renters fail to purchase tenants insurance. Similar to home insurance quotes, the quotes for tenants insurance (also renters insurance) depends on many variables. However, the good news is that tenants insurance tends to be far less expensive than many other types of home insurance policies, because it doesn’t include coverage on the actual building (which tends to be the bulk of home insurance costs). Considering the relatively low cost of tenants insurance, not carrying coverage is an unnecessary risk. Here are the top misconceptions about renters insurance and why you need a policy to protect you:

1.    My landlord’s insurance policy will cover me.

While your landlord may have insurance coverage on the building where you are renting, that insurance is in place to protect the structure and the landlord’s own personal liability in case someone is injured on the property – not your possessions. As a renter you should carry your own tenants insurance to protect your belongings from potential risk.

2.    The upgrades I’ve made are covered by my landlord’s policy.

While your landlord’s insurance policy protects improvements that they’ve made – it doesn’t cover the improvements you’ve made. So if you’ve installed a new closet organizer or made other changes to your living quarters that are damaged in the event of an accident (i.e. fire), don’t expect to be compensated. Only your tenants insurance can provide you with that coverage.

3.    I don’t own that much – I don’t need to insure my possessions.

Though you may not think your possessions would present a significant loss to you, take an inventory and you’ll see how quickly the value adds up. You don’t need to have big screen televisions or expensive art and jewelry – books, electronic media, and small kitchen appliances add up quickly! At the relatively low cost of tenants insurance, coverage to protect your belongings from fire or theft will help give you the peace of mind and comfort you need.

4.    If I’m careful I don’t need to have liability insurance.

Accidents happen. That’s why we need insurance. Though you may not intentionally injure someone in your home, or you don’t plan on causing damage to a friend’s or neighbour’s property, there is always a possibility that you could. Having third party liability insurance (which is forms part of your tenants insurance policy at a low cost) will protect you from accidents which could cause damage or injury to another’s property and end your relationship with them if you can’t afford to rectify the damage out of pocket.

Have a dog? Even if your dog’s never bitten, third party liability insurance will let you rest easy. In the case of an unfortunate event where your dog hurts someone else, their medical expenses and any other awards will be covered by your insurance policy, rather than you trying to find the money to compensate the affected person(s).

5.    My landlord will look after me if I have to vacate my apartment.

Your landlord isn’t responsible for paying your living expenses in the event when you can’t continue to live in your rented dwelling while an insurance claim is being settled or repairs are being made. This includes cases of fire, theft, vandalism, etc. A commonly missed advantage to tenants insurance is that, similarly to home insurance, your insurance provider will help to cover your living expenses while repairs are being made in the case of an accident, (i.e. fire). This will ease the financial burden to you while the claims process progresses and repairs are being made, and keep you in the lifestyle that you are accustom to.

Tenants insurance (renters insurance) is a flexible and affordable way for renters to achieve peace of mind and protect themselves and their possessions. Drivers and homeowners wouldn’t consider going without car and home insurance, and with the relatively low costs for tenants insurance, renters should also insure themselves against loss.

TOP 10 Worst Roads in Ontario

1. Dufferin St. (Toronto)

2. Bunting Rd. (St. Catharines)

3. Burlington St. E. (Hamilton)

4. Stanley Ave. (Niagara Falls)

5. Kraft Creek Rd. (Timmins)

6. Lawrence Ave. E. (Toronto)

7. Carling Ave. (Ottawa)

8. Finch Ave. w. (Toronto)

9. Kingston Rd. (Toronto)

10. Bayview Ave. (Toronto)


Toronto has five of the top-10 worst roads in the province, according to the annual survey from the Canadian Automobile Association.

Six of the roads were in the Greater Toronto Area and Hamilton.

Dufferin St. was bumped to No. 1 on the list for 2012, the first time it has been ranked No. 1. However, this is the sixth time that Dufferin St. has cracked the top 10.

The CAA reports that 80 per cent of those who voted for Dufferin St. complained about potholes and crumbling pavement.

The other Toronto roads on the list include: Lawrence Ave. E. at No. 6, Finch Ave. W. at No. 8, Kingston Road at No. 9 and Bayview Ave. at No. 10.

The other jarringly travelled roads making the top-10 list were Bunting Rd. in St. Catharines at No. 2, Burlington St. E. in Hamilton at No. 3, Stanley Ave. in Niagara Falls at No. 4, Kraft Creek Rd. in Timmins at No. 5, and Carling Ave. in Ottawa at No. 7.

During the four-week long campaign, the CAA registered nearly 10,000 votes from across the province.

The association said in a statement it will present the list and make recommendations to both the provincial and municipal governments.

The CAA and the Ontario Road Builders Association are calling on drivers throughout the province to raise awareness about the need for improved infrastructure by voting for Ontario's worst roads.
Last year, the worst-road torch was passed to Pelican Falls Rd. in Sioux Lookout, a rugged town of 5,300 situated halfway between Thunder Bay and Winnipeg.

The road was called a dusty two-lane gravel road with potholes the size of grizzly bears.
Two years ago, Steeles Ave. at Bathurst St. was judged the worst road, but moved down to No. 11 last year. It took $15 million in repair work to get Steeles off the worst-road list, where it had languished for two years.

Curtis Rush Staff Reporter

Published On Wed May 02 2012 

10 most worry-free used cars

Here's a news flash: it isn't easy finding a good, reliable used car. While it's true they no longer rust like Russian freighters, the truth is today's models are complex and rely on a lot of technology -- such as airbags and numerous computers -- that can make repairs and upkeep a pricy routine.

Domestic products are a hodge-podge of good and bad, European models are very dear to maintain beyond the warranty period, and even the Asian manufacturers have been caught cutting corners, especially since transplanting their factories in North America. Ask your neighbour how many transmissions her Honda Odyssey has spit up.

First-time buyers and newcomers to Canada have the hardest time navigating the used-vehicle listings and car lots in search of a good buy. For them, and you, we've put together our very best bets as reliable transportation. Like a certain brand of timepiece, these 10 can take a licking and keep on ticking.

To see the full article and detailed explanations on each car on MSN auto click here

10. 2006-09 Ford Fusion

 

 

 

 

9. 2002-06 Honda CR-V

 

 

 

 

 

 

8. 2005-06 Saab 9-2X

 

 

 

 

 

 

7. 2006-10 Kia Rio

 

 

 

 

 

 

6. 2003-06 Mitsubishi Outlander

 

 

 

 

 

 

5. 2002-06 Hyundai Elantra

 

 

 

 

 

 

4. 2003-08 Toyota Corolla

 

 

 

 

 

 

3. 1999-2005 Mazda Miata MX-5

 

 

 

 

 

 

2. 2003-08 Pontiac Vibe

 

 

 

 

 

 

1. 2000-05 Toyota Echo

 

 

 

 

 

 

February 24, 2012 12:32 PM | By Mark Toljagic for MSN Autos

 

Busy long-weekend for OPP on the roads

Although provincially there were eight deaths on OPP-patrolled roads and highways over Canada Road Safety Week, which ended May 21, locally speeding seemed to be the bigger problem

 (KAWARTHA LAKES) While most were soaking up the gorgeous long-weekend weather, Kawartha Lakes OPP officers were kept busy monitoring local roads.

An officer clocked a vehicle exceeding the speed limit by 52 km/h on Highway 35 Friday (May 18), OPP say, leading to a racing charge being laid against 30-year-old Ami Abdelsayed of North York, who is scheduled to appear in Lindsay court July 10.

The following day, an officer laid another racing charge under the Highway Traffic Act after stopping a vehicle travelling 140 km/h in a posted 80 km/h zone on Highway 35, near Fleetwood Road. Kendall Meen, 24, of Newtonville is scheduled to appear in Lindsay court June 12.

The same day, an officer patrolling Garnet Graham beach in Fenelon Falls saw a man with an open bottle of alcohol, OPP say, leading to a charge of having open liquor in a public place under the Liquor Licence Act being laid against Matthew Bell, 27, of Cambridge.

Regardless of the above charges, Kawartha Lakes OPP may have gotten off easy, with the OPP reporting a total of seven people killed in seven separate crashes on OPP-patrolled roads and highways over Canada Road Safety Week last week.

“The number of tragic fatalities could have been much higher had we not increased our visibility and enforcement throughout the province. Sadly, even one death on our roads is one too many,” said OPP Commissioner Chris Lewis.

OPP laid about 8,000 charges during the Victoria Day long weekend alone. Of the total charges, 244 were for distracted driving, 6,358 were for speeding, 108 were for impaired driving and 698 others were for seat belt infractions.

Over Canada Road Safety Week, OPP laid 9,971 speeding charges, 1,262 seat belt charges, 837 distracted driving-related charges and 159 charges related to alcohol or drug impairment.

Why fewer car thefts doesn’t mean cheaper car insurance

Comprehensive insurance isn’t the most expensive part of your auto coverage 

  Dramatic declines in car theft will not likely translate into cheaper car insurance, drivers may be sad to learn.

Diligent police work and new anti-theft devices have cut thefts by half, or about 9,800 cars per year in the Greater Toronto Area, for instance.

But when it comes to insurance, nearly a third of all car owners already pay nothing because they have no theft coverage, and those who do, pay very little for it.

The average premium for what’s called comprehensive coverage — for everything from theft to broken glass — was only $107 per car in Toronto, Peel and southern York regions in 2010, down from $134 in 2006.

This compared with a total average premium of $1,877 per car in the Toronto area in 2010, according to the General Insurance Statistical Agency.

Yet, as high as those premiums were, insurers reported paying $643 more per car for injury accident benefits than the $755 they collected from premiums.

This left a staggering gap of $1.22 billion, enough to buy 40,700 cars at $30,000 each.

It’s still unknown whether changes to auto insurance and other measures implemented starting Sept. 1, 2010 — including a $3,500 cap on treatment of most minor injuries — will close that gap.

Bryan Yetman, former president of the Insurance Brokers Association of Ontario, said “the real challenge is eliminating fraud in injury-related claims. If that can be done it would have a much more significant impact on insurance rates in Ontario. Everyone can take an active role in stopping that if they know someone who is committing insurance fraud.”

According to Joel Baker, president of MSA Research Inc., a Toronto-based insurance industry analyst, “insurers are still justifiably wary (about reducing premiums) as there are still major uncertainties about trends in the Ontario auto insurance market.

“Accident benefit claims dropped in 2011, but third-party liability bodily injury claims are on the rise. In addition, there is concern about whatever the regulatory definition of catastrophic impairment will be, among other things.”

The provincial government is considering whether to change the definition of an injury so catastrophic that a person should be eligible for up to $1 million of accident benefit coverage.
The limit for less severe injuries can be $50,000, $100,000 or $1 million, depending on the option chosen by the driver.

The Financial Services Commission of Ontario announced recently that it had approved an application by Co-operators General Insurance Co. of Guelph to reduce rates for policies renewed after March 26 by a province-wide average of 1.94 per cent, and after April 15 by 4.46 per cent. Eight other insurers were to reduce rates by less than 1 per cent, while five others increased rates.

Torstar News

Insurance tips for home buyers

You’ve told your Facebook friends, your banker and your mom: You’ve found the house of your dreams. But have you told your insurance broker?

Henry Blumenthal thinks you should, even before you buy. The vice-president and chief underwriter of TD Insurance has seen homes with problems so bad they would have increased the buyer’s insurance premiums or even invalidated their home insurance.

“I was working on a file where a home inspection revealed that the basement had experienced water damage several times and it would cost over $75,000 to fix. After speaking to us, the potential buyer learned that the home was in a zone where we receive frequent water damage claims and, because of its location, would be susceptible to water damage even after the repairs,” Mr. Blumenthal says. “This is a perfect example of how an insurer’s unique insight helped a buyer make his decision. In this case, he decided not to purchase the home.”

Insurers are primarily looking at two factors when assessing risk: the frequency with which a particular problem occurs and the potential magnitude of the loss associated with the problem.

If you’re in the market for a new home, here’s some advice from Mr. Blumenthal that could help you make your buying decision:

Water is no friend to a home.
Water damage is the most common home insurance claim. For a better understanding of how water can get in and what it can mean for your insurance and your wallet, show your home inspection report to your insurer.

An alarm system will save you in more ways than one. Looking at a house with an alarm system in it? Not only will you and your home have added protection, but it can save you money with discounts on your home insurance premiums.

Accidents do happen.
Consider your liability exposure in a home. Is there a pool that isn’t properly fenced? What about uneven concrete that could cause someone to trip and fall? The more hazards there are on a property, the more your liability protection will cost.

Location, location, location.
Depending on the location of the home, your insurer can identify whether additional riders will be necessary to make sure you are adequately protected.

It needs a little work.
If you’re buying a fixer-upper, flag this for your insurer. When you add value to your home, your insurance policy needs to reflect the increased replacement coverage cost.

Don’t judge a book by its cover.
If your insurer isn’t comfortable with an item after reviewing the home inspection report, you should take a closer look before you buy.

Just a phone call away. When you’re making a purchase of this magnitude, take the time to do your research and speak to your insurance expert. You will have peace of mind knowing you are making a fully informed decision.

Dianne Nice
Globe and Mail Update
Published Monday, Jun. 28, 2010 6:00AM EDT
Last updated Tuesday, Jun. 29, 2010 3:34PM EDT

Is your home based business covered under your home insurance policy?

©Insurance Bureau of Canada. All Rights Reserved. A home business: great idea - do I need more insurance? Running a business out of your home? Watch this video to find out how this affects your insurance needs and make sure your business is protected.