The homeowners challenge for winter weather & Insurance

A guide to help all homeowners face the winter weather and save on their Insurance.

Insurance savings can be achieved in many ways. For all Canadians, winter weather represents a substantial challenge. Homeowners face cold temperatures, heavy snowfall, and ice build-ups, which can become significant causes of property damage. Preparation for winter weather can help reduce the risk of roof damage, water leaks, or frozen pipes, which can help save on insurance costs.

Some of the most extreme winter weather in the world happens in Canada. Canadians are used to two forms of weather occurrences: winter storms and extreme cold. As an example, the Ontario & Quebec ice-storm (1998), was one of the most expensive natural disasters in Canadian history, with over $5.4 Billion in damage recovery. Freezing rain took out hydro towers and telephone lines affecting more than 4 million people in Ontario, Quebec, and New Brunswick.

Consider taking these next steps to get you started:

1) Talk to your Insurance Broker

It is important to talk to your insurance broker about your homeowner’s policy to understand the types of damage covered. Sometimes, specific types of damages are excluded under some policies due to your location.

2) Consider having a building inspector evaluate your home

As each home is different, building inspectors can offer important insight into your home’s capacity to withstand winter weather. Inspectors can provide important information on the age of your home, interior plumbing, and your roof’s capacity to handle heavy snow loads.

3) Your local government

Talk to your local government, they can off offer important advice for homeowners on how to protect their homes from winter weather. Useful sources like the Municipal government websites, public works, utilities, and the building departments can provide useful tips helping you to protect your property.

The Institue for Catastrophic Loss Reduction has created a handbook for homeowners who want to learn more about how to protect their homes from extreme winter weather. The handbook offers "taking action on your own", "Repair or upgrade to-do-list", "Well-thought-out snow and ice protection plan" and offers a chart on "Measuring your risk of winter weather damage", plus additional resources for your consideration.

For your copy of the homeowner’s handbook for Protecting your home from Snow & ice storms Published by: The Institute For Catastrophic Loss Reduction

With insurance rates on the rise, it’s important to realize there are many components that contribute to these increases. If you’re purchasing a new policy or renewing an existing one, these insights will help you understand how your rates are calculated. You can also find more information on how to better manage your insurance costs at mcdermottinsurance.ca

Top reasons for Auto insurance increases

Why did car insurance increase 2020?

Fraudulent claims are increasingly common

Fraudsters who stage accidents to make money contribute to the rising cost of insurance. In Ontario, the Insurance Bureau of Canada reports that fraud cost an estimated $1.6 billion per year ($236. Per driver).

Distracted driving is on the rise

Distracted driving now outpaces drunk driving as a leading cause of accidents and deaths on the roads. Premiums are increasing to offset the costs to these claims

Trends might show your area as a higher risk for collisions, theft or other incidents

Your premiums could increase if analytics show your area has become more prone to risks (like extra traffic congestion or extreme weather events that lead to collisions, for example).

Medical services are more expensive

It’s not just physical repairs that can cause premiums to rise. Accident victims usually need medical services like physiotherapy to recover, which cost more every year.

Autonomous features mean safety, not always savings

Newer vehicles now offer a wide range of autonomous capabilities like adaptive cruise control and park assist to keep you and your passengers safe. The flip side? They also use complex computers and sensors that cost more to repair.

Windshields now have built-in technology

New advance driver assistance systems make windshields more expensive to replace. Recalibrating a car’s computer system following a windshield replacement also adds to labour costs.

Front and rear bumper sensors are pricey

Even a tiny fender bender can require a bumper replacement, and many repairs require the car’s computer system to be recalibrated for the sensors to work. Those extra labour costs can really add up.

How to save on Auto Insurance

Although costs are rising, there are way to save premium dollars

• Higher deductible
• Conviction / Claims –free discount
• Renewal Discount
• Multi-policy discount

Why did car insurance increase 2020? Ask our Brokerage about more detailed information on rising costs, discounts and ways to save or visit mcdermottinsurance.ca

With insurance rates on the rise across the country, it’s important to realize there are many elements that contribute to these increases. Whether you’re purchasing a new policy or renewing an existing one, these insights will help you understand how your rates are calculated. You can also find more information and save on your home insurance at mcdermottinsurance.ca

HOME INSURANCE TOP REASONS FOR RATE INCREASES

Extreme weather events and catastrophes are more frequent

As floods, forest fires, storms and other weather events become more common, they cause extensive damage. This results in more costly claims. For more information on catastrophic losses in Canada, click here.

MUNICIPAL INFRASTRUCTURE IS OLD

A higher demand for water and outdated municipal infrastructure make for more frequent sewer backups. These are causing higher damage-related claims.

NEIGHBOURHOOD TRENDS MIGHT PUT YOU AT GREATER RISK

As neighbourhoods grow, demographics and risks change. For example, if there is a new commercial development near your home, or if a new subdivision emerges, this might alter municipal infrastructure. These are factors insurers look at when assessing risk.

EMERGENCY SERVICES, SKILLED TRADES AND PERSONAL BELONGINGS ARE MORE EXPENSIVE

Inflation to goods and services means higher prices for things like labour costs for repairs and emergency services. This means claims payments become more expensive, too.

NEW FEATURES ARE ECO-FRIENDLY, BUT NOT BUDGET-FRIENDLY

Solar panels, energy-efficient doors and windows, high-efficient appliances are all good choices for our environment, however, if damaged, they could be more expensive to repair or replace.

MODERN HOMES COST MORE

Home prices rising, high-end features like hot tubs and pools can drive up replacement costs and liability claims.

FINISHED BASEMENTS NEED MORE COVERAGE

Finished basements cost more to repair, if there’s a sewer backup or other damage, due to higher-priced building materials.

HOW TO SAVE ON YOUR HOME INSURANCE

Although costs are rising, there are way to save premium dollars

• Higher deductible
• Claims free discount
• Renewal discount
• Multi-policy discount

Ask our Brokers about the methods available to you at mcdermottinsurance.ca

An Insurance Broker represents you, whereas an Agent represents the Insurance Company

Simply put, brokers provide advice, choice and advocacy for the insurance consumer.

Brokers are licensed professionals whose primary purpose is to help their clients find the insurance protection that is right for them. They provide expert, unbiased advice on insuring your home, car or business.

A broker works for you, the consumer, not the insurance company. This means you have more personal advice, more choice, better pricing and a representative that’s on your side in the event of a claim.

Coming soon!

Coming Soon!

This is an article about car insurance for our new blog