3 home renovations misconceptions

Three Common Reno Myths:

1) “My home will be covered under my original insurance policy during renovations”

48% of Ontario homeowners incorrectly believe they will always be covered by their original home insurance policy while their home is being renovated, and 27% are unaware that moving out for more than 30 days during renovations requires a policy update.

“Upgrades requiring extensive work, such as adding an extension to your home, may require you to change your entire policy to a building under construction,” said Minor. “And, if you’re not living in your home during renovations, it becomes an easier target for thieves and undetected water damage, which is why your insurer may require you to secure a vacancy permit if you move out for more than a month.”

2) “If my contractor is injured on my property while working, his insurance will cover it”

Contractors are trained professionals, but accidents can and do happen. However, 39% of Alberta homeowners incorrectly believe that if a contractor is hurt on their property while working, they will not be liable.

“If a contractor or their employees are injured on your property, you could be liable for their medical bills, lost wages, or damages for pain and suffering – all out of your own pocket,” said Minor. “When choosing a builder, ask to see their public liability insurance certificate. The amount of insurance coverage they have would depend on the type of renovation, the number of employees and cost of the renovation. The higher the limits of coverage, the more protection you would have.”

3): “Renovations don’t affect my insurance coverage”

Many B.C. homeowners don’t know which renovations can decrease their premiums, but are willing to find savings: 78% said they would be likely to make certain upgrades to their home if they could save money on insurance premiums in the longer term.

“Simple renovations like installing security devices, such as alarm systems and deadbolts, or fixing your weathered roof may decrease your premiums,” said Minor.

On the other hand, many B.C. homeowners don’t know the types of renovations that can impact their premiums: 20% are unaware that upgrading their electrical system or replacing a weathered roof could lower their premiums, and 54% did not know that installing granite countertops or expensive appliances could increase their premiums.

“Anything that may impact the value of your home or probability of a claim will also affect what and how much insurance coverage you need,” said Minor. “Although water proofing your basement may not be as exciting as new stainless steel kitchen appliances, these types of renovations can help protect your home and belongings. It’s always a good idea to talk to your insurance provider to understand more about your coverage.”

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Content taken from:http://www.citopbroker.com/news/mythbusters-home-renovations-5047

FSCO warns of insurance scam

April 9, 2013

 

 Royal Insurance Company and Stock Exchange Insurance aren’t licensed to do insurance business in Ontario, says the Financial Services Commission of Ontario (FSCO).

According to FSCO, the following phone number has been used in relation to this scam: 601-990-6303.

Victims of this scam report being directed to call this number and speak with “Gina” about arranging insurance.

In April 2012, FSCO warned that Royal Insurance was not licensed to do insurance business in Ontario.

FSCO notes that Royal Insurance Company and Stock Exchange Insurance are not affiliated or associated with Royal & Sun Alliance Insurance Company of Canada.

Hyundai and Kia recall 1.7 million vehicles

Recall covers most models from 2007 to 2011

 

Tom Krisher, Associated Press on April 3, 2013

 

 

 

 

 

Korean automakers Hyundai and Kia are recalling almost 1.7 million vehicles in the U.S. and Canada to fix problems with brake light switches.

The recall covers most of the automakers’ model lineups from the 2007 through 2011 model years.

Hyundai Canada said about 255,000 vehicles are being recalled in Canada for the problem, while Kia Canada said just over 106,000 of its vehicles are involved in the recall.

According to the website of the U.S. National Highway Traffic Safety Administration, a faulty switch can stop the brake lights from illuminating when drivers press on the pedal.

Also, the cruise control may not turn off when a driver steps on the brake, push-to-start buttons may not work, and a feature that stops the driver from shifting out of park without a foot on the brake may fail.

“Failure to illuminate the stop lamps during braking or inability to disengage the cruise control could increase the risk of a crash,” NHTSA said in the documents.

Spokesmen for Hyundai and Kia Motors Corp. said Wednesday that there haven’t been any crashes or injuries due to the problem. Both pointed out that the malfunctions don’t occur all the time, and they don’t affect performance of the brakes.

Like many automakers, Hyundai and Kia try to use the same parts in as many cars as possible to get a better price from parts suppliers and make manufacturing simpler. But when something goes wrong, it can cause a massive recall. Both automakers are owned by the same company and use the same underpinnings for their cars and SUVs. The appearance and driving characteristics are different, however.

Hyundai models affected by the brake light switch recall include the 2007 to 2009 Accent and Tucson, the 2007 to 2010 Elantra, the 2011 Sonata, the 2007 to 2011 Santa Fe, the 2008 to 2009 Veracruz and the 2010 to 2011 Genesis Coupe. Kia models include the 2007 to 2010 Rondo and Sportage, the 2011 Optima, the 2007 to 2011 Sorento, the 2010 to 2011 Soul and the 2007 Sedona.

The recall is in addition to a 2009 recall for a similar problem with the brake light switches.

Hyundai and Kia will notify owners and dealers will replace the switches free of charge.

In addition to the problem with the stop lamp switch, Hyundai Motor Co. is recalling about 194,000 Elantra compacts from the 2011 to 2013 model years that were built in South Korea and sold in the U.S. to fix a problem with their air bags.

Hyundai Canada says all Elantras sold in Canada were built in the United States and do not share the problem.

In the Elantra air bag recall, a support bracket can come loose when the side air bags are inflated and cause injuries. In one case, the bracket cut a driver’s ear. NHTSA began investigating the problem last year and traced it to cars that had auto-dimming rear-view mirrors installed after arriving at U.S. ports from South Korea. Technicians installing the mirrors could dislodge the bracket, the investigation found.

In April of 2012, an Elantra owner told investigators a side air bag inflated in a crash and sliced the driver’s left ear. Hyundai said it is aware of only one injury from the problem.

Dealers will install industrial adhesive strips to keep the brackets in place at no cost to the owners. Hyundai will notify owners during the second quarter of this year.

How much does Batman pay to insure ‘The Bat’ vehicle?

A tongue-in-cheek letter from an equally fictitious Progressive Insurance claims agent indicates that the famed caped crusader is paying monthly premiums of more than $258,000.

That’s based on an extraordinary claims history, the letter from Progressive reads.

“We want to point out that the history of claims filed for the Bat Fleet of vehicles points to a tendency toward recklessness, even in light of the dangerous nature of Batman’s profession,” says the Progressive letter to representatives of Batman’s Estate, following the demise of Batman during a recent terrorist attack by his nemesis, Bane.

“Claims in the past five years alone have totalled an astounding $214.7 million, a figure that would disqualify you for coverage by all but the most dedicated of insurers.”

The straw that broke the camel’s back was a $52-million claim for damage to ‘The Bat,’ damaged by an atomic bomb. The claim amount covered specialized features, such as:

•    titanium construction that renders the car bullet- and bomb-proof.
•    a jet engine with high-speed flight capacity.
•    an onboard computer with a direct feed to the mainframe computer located in the Bat Cave.
•    onboard projectiles and missiles, and the ability to self-destruct by remote control in the event the vehicle falls into the hands of criminals such as Bane, the Joker, the Penguin, Mr. Freeze or the Riddler.


By | 28/02/2013 6:57:00 AM

If a meteor explodes in the sky and damages your building, are you covered?

All-Risk policy would offer protection for this rarest of occurrences, say insurers
February 15, 2013

Meteors enter the Earth’s atmosphere as often as five to ten times a year, but few do so as spectacularly as the one that exploded in the sky over Central Russia on Friday.

According to Space.com, it was the largest event of its kind since the Tanguska event of 1908. The meteor entered the atmosphere at a speed over 54,000 kph and according to preliminary estimates exploded with the force of at least 100 kilotons of TNT.

The force of the explosion caused injuries to as many as 1,000 people. Many of the injuries were caused by flying glass from shattered windows. It also damaged approximately 3,000 buildings, including collapsing the roof of a local factory and damaging the walls of the Arena Traktor, home of the local Kontinental Hockey League team.

Property damage caused by a meteor is, however, an insurable risk.

“A commercial property policy provides all-risk coverage that covers property damage and resulting time element loss if there is direct physical loss or damage to insured property unless specifically excluded,” says Timon Mueller, head of property underwriting for the Americas for Allianz Global Corporate & Specialty. “In general, all-risk policies do not have a meteoroid exclusion, therefore direct physical loss or damage to insured property is covered including the resulting time element loss.

Commercial property policyholders in North America would likely be covered in the event of an incident like the one that occurred in Russia. “In the US in general the policies are written on an all risk basis compared to a named perils policy. Named peril policies are more common in Europe,” say Mueller.

Claims from meteor damage are very rare. “This has translated to a low loss history historically for the insurance industry for this peril,” says Joe McKeown, assistant vice president, property, large commercial & specialty at RSA. However there is the potential for large losses from meteorite damage. “We hope the claim experience continues to allow us to provide this coverage to our customers,” he says.

Canadians now require International Driving Permit in Florida

John Stall Feb 14, 2013 07:21:06 AM

A new law in effect in Florida requires Canadians to have an International Driving Permit to drive in that state, in addition to a regular driver’s licence.


The state legislature passed a law requiring all non-resident drivers in Florida to carry such a permit as of Jan. 1, 2013.

The new law applies to drivers renting cars as well.

This is not something a driver has to test for, since he or she can buy such a permit from the Canadian Automobile Association for $25.

It’s a standardized document that translates your licence details into 10 different languages.
There are up to three-million Canadian snowbirds in Florida; however the CAA told the Toronto Star it is trying to get the state of Florida to modify or wave the law for Canadians.

The next legislative session doesn’t take place until March, and the Star reported the soonest any change could take place would be July.

The CAA is urging drivers to get the permit if they are heading to Florida for the March Break.

Direct Link to CAA International Drivers Permit
http://www.caa.ca/travel-documents/idp/

Insurance Institute for Highway Safety names top safety pick vehicles

DAILY NEWS Jan 4, 2013 8:51 AM   
 
The Insurance Institute for Highway Safety announced that 13 vehicles were recently awarded its Top Safety Pick+ award, which went to 2013 automobiles with high scores in IIHS tests.


To be named a Top Safety Pick+, the vehicles must be rated as having good occupant protection in at least four of five IIHS evaluations, and not less than acceptable in the fifth test. They must also attain scores of good or acceptable in IIHS's small overlap test, introduced this year.

"The small overlap test replicates what happens when the front corner of a car collides with another vehicle or an object like a tree or utility pole," Arlington, Va.-based IIHS stated in a press release. "In the test, 25% of a car's front end on the driver side strikes a five-foot (1.5-metre)-tall rigid barrier at 40 miles per hour (60 km/h). A Hybrid III dummy representing a 50th percentile male is belted in the driver seat."

As of Dec. 20, IIHS had evaluated 29 models in that test and named the 13 models which it says provide "the highest level of all-around crash protection."

Top Safety Pick+ Winners for  2013 

Click on the links below to get more detail on each model. 

• Chrysler 200
  (4-door models)
• Dodge Avenger
• Ford Fusion
  built after December 2012
• Honda Accord 2-door
• Honda Accord 4-door
• Kia Optima
• Nissan Altima
  (4-door models)
  built after November 2012
• Subaru Legacy
  built after August 2012
• Subaru Outback
  built after August 2012
• Suzuki Kizashi
• Volkswagen Passat
  built after October 2012