IBAO is excited to launch a new, online tool - MyInsuranceShopper Know Your Stuff®, a Home Inventory tool for Ontario consumers. This easy to use software is available on the web for consumers to take inventory of their possessions and track this inventory easily and efficiently, all within digital space. The inventory is stored online where consumers have free access to view or update their inventory anytime, anywhere they wish.
A home inventory will help you itemize your property if you need to make a claim, and it is a good way to test if your overall policy limits are adequate.
IBAO encourages all home owners to make a thorough inventory update of their belongings, including a list of contents, estimate of replacement value and perhaps a photograph or video of each room. This inventory should then be reviewed with their broker. The MyInsuranceShopper Know Your Stuff® inventory tool makes this process convenient, by allowing consumers to store and update their details and within the digital space.
Many people receive or purchase new expensive items and neglect to inform their broker and update their policies. Items, such as expensive jewelry should to be added to your insurance policy to ensure you are properly covered in case of any future claims. You never know when a disaster may strike, but you can be prepared with an up to date home inventory.
IBAO reminds Ontarians that it is common practice for policies that cover personal property, to have special limits on the amount that will be covered for specific items, or items within specific categories. If you require the full replacement or market value to be insured, you will have to arrange for additional insurance with your broker.
Having a list of contents, photos and/or videos of possessions is invaluable for consumers, as well as insurance brokers should you require assistance for lost or damaged possessions. Knowing the value of the contents of your home is vital to being properly insured. Your broker can help you find the tools and resources you need.
In the event of a claim occurring outside of our working hours, please contact your insurance company directly.
The Dominion of Canada General Insurance Company 1 800 561 5522
Economical 1 800 607 2424
Intact Insurance 1 866 464 2424
Jevco (Motorcycles) 1 877 284 8167
Jevco (formerly Kingsway) 1 800 265 5458
Royal & Sun Alliance 1 800 319 9993
Totten Group 1-877-896-0015 or tottenclaims@scm.ca
Individual Mortgage Life Insurance vs Group Mortgage Life Insurance purchased from a Financial Institution
There are generally two avenues available when buying life insurance to protect your mortgage - a policy taken in conjunction with your mortgage through your financial institution or an individual life insurance through a life insurance company. The coverage amount purchased through a bank reduces with the mortgage balance while individual policy coverage remains constant.
The following illustrates seven different areas that are of importance when choosing.
Premiums and Cost. Premiums under bank group plans are the same for each age group; conversely, under an individual policy, premiums are based on a number of factors such as age, gender, personal health and smoking. This means that under an individual policy the client may be paying a significantly smaller premium.
For example, a couple comprised of a) a 51-year-old male who is a non-smoker, and b) a 41-year-old female, who is also a non-smoker, will pay a premium of $234 per month for a $321,000 mortgage with a bank-group plan. Insurance company premiums are $158 per month for the same statistics. Making this switch would result in a savings of $76 per month or $912 per year—or $18,240 over 20 years!!
Similarly, a 40-year-old female non-smoker will pay $59 a month for a mortgage of $295,000 though a bank-group plan, but will only pay $34 per month if she buys her insurance through an insurance company. This results in a savings of $25 per month, $300 per year, and $6000 over 20 years!
Ownership. Under a bank group plan, the lender owns the policy. A personal insurance policy is owned by the insured. This is quite significant because the individual insured under a bank group plan has no power to make decisions to change the policy, while the individual policyholder does have the authority to make changes.
Beneficiaries. With a group plan, the bank is the beneficiary, and the monies are used to pay off the mortgage to the bank. In a personal insurance plan, the individual decides who is the beneficiary. The monies go directly to the chosen beneficiary, who then decides how best to spend it.
Transferability. Your group mortgage policy cannot be transferred to another bank—if, for instance, you would like to take advantage of interest rates. Essentially, you’d have to start all over again by providing medical evidence and now at an increased age! On the contrary, through your own personal plan, you would be able to go to another financial institution for better mortgage rates while your mortgage life insurance premium does not change.
Flexibility. Under a bank-group plan, the insurance decreases as the mortgage decreases, and in fact ends when the mortgage has been paid. The insurance coverage remains constant throughout the individual mortgage payment period but changes can be made to decrease or convert to another plan for life or to change a beneficiary.
Rate Guarantees. Under a bank-group-plan, premiums and benefits are not guaranteed. Lenders can change or cancel policies at any time. Under a personal plan the coverage and rates are both guaranteed; as well, the individual is the only person who has the authority to cancel the insurance plan.
Disability Coverage. Lastly, if you are unable to meet your payments for any reason relating to health, bank-group-plans will only make mortgage payments for up to 2 years!! This is not a good option to have especially if you are disabled for a long period. Individual policy coverage lasts until the policyholder is 65. Banks do not allow disability coverage separately. They insist that it be taken with life insurance, which is an option that some may not want. Additional and separate disability coverage can be purchased for individual policy coverage.
Buying a house and applying for a mortgage is one of the most important purchases one makes. It pays to be as prudent when looking for mortgage insurance also.
The Broker Advantage
With A Broker, Your Needs Take Priority
Agents are authorized to sell only the products of the companies they work for. An independent broker, on the other hand, maintains relationships with several insurance companies. He or she will carefully assess your insurance needs, then search for the product that best meets your requirements. If your circumstances demand it, your broker will negotiate a tailor-made policy for you.
Your broker will make every effort to ensure you receive the most extensive coverage possible for the price paid. In fact, IBAO member brokers are bound by IBAO's Code of Ethics to obtain the best possible coverage for their clients.
Simply put, working with a broker allows you to purchase customized insurance that would be impossible to access on your own, or to comparison shop for the product that gives you the best possible coverage.
(From the IBAO website)
Winter Driving Tips
Be prepared for emergencies - stock your car with a winter emergency kit. Add things like a First Aid kit, ice scraper, snow brush, matches, candles, flashlight, maps, flares, battery jumping cables, a shovel, a bag of sand or kitty litter, a blanket, warm gloves and hats and an emergency HELP sign that you can put in the back window.
Carry your cell phone if you have one.
A blanket is a good idea, and throw an old winter jacket or two that you don't wear anymore in the trunk.
Keep all your car's windows, mirrors and lights clear of snow and ice.
Take an extra minute to clear all the snow and ice from your car. This will help avoid sheets of ice flying off the car and hitting the car behind you.
Check that headlamps, turn signals, and tail lights are unobstructed by snow and ice.
At Heinsoo Insurance Brokers Ltd. we believe in providing you with the right tools to make educated decisions about your insurance coverage. We encourage you to browse the pages and take advantage of the web links that are available in our Customer Care section.
Take the time to go over your policies so that you know what is covered. Make sure that you have enough coverage in the event of a claim. Speak to your broker to discuss any questions or concerns.
Do review your Home Insurance policy to see that you are receiving all the discounts that you qualify for such, as mortgage free, claim free, multi-line, non-smoker, mature or age or alarm discount. Contact our office with any questions about your policy.
Auto Insurance premiums can be lowered with discounts as well. Advise us when you retire, when your children are attending a university more than 100 kilometres from home. With no convictions on your record, you can receive discounts from 5% to 15%, depending on the company.
Bryan Fox C.L.U, CH.F.C., represents Fox Financial Services and will be available by appointment for you to discuss designing individual retirement plans, assessing individual risk tolerance, developing new or analyzing existing portfolios with access to all retirement products and fund companies.
If we can help you set up a Registered Retirement Savings Plan, or if you would like further information about life insurance or financial planning, please e-mail OUR OFFICE or call us at 416.461.0764 for details.
Are you a current client?
If you are a current client, you can use e-mail to our office to advise us of changes to your account / contact information. Feel free to send your questions by e-mail as well. Just click on the button below to contact us.
Coverage cannot be bound unless you speak directly with a RIBO licensed representative of Heinsoo Insurance Brokers Ltd.
Travelling? Company coming?
Are you planning a family vacation or business trip? Maybe someone special is coming to Canada to visit you. Do make sure you're protected. Talk to us today about travel insurance.
Keeping your home in good order makes a lot of sense, since, for many of us, it is the single largest investment we will make in our lifetime.
Here are things that could use attention in the winter:
DECEMBER
Check air ducts.
Check for excessive snow on the roof.
Clean furnace filter and Heat Recovery Ventilator (HRV).
Clean humidifier.
JANUARY
Clean furnace filter and Heat Recovery Ventilator (HRV).
Check furnace fan belt.
Check water heater for leaks.
Test exhaust fans.
Clean humidifier.
Carefully remove snow and ice from roof overhang/vents.
FEBRUARY
Clean furnace filter and Heat Recovery Ventilator (HRV).
Carefully remove snow and ice from roof overhang/vents.
Things to do monthly:
Check and reset GFCI.
Test smoke alarms and carbon monoxide detectors.
Changes to the Ontario Automobile Policy have been made!
As of September 1, 2010, your car insurance options have changed.
As a result of new laws introduced by the Ontario government, you will now have more choice in selecting automobile insurance coverage to best meet your individual needs.
One of our companies - The Dominion - has a new website to help you understand these new options.
To make an informed choice, you need to know what injuries resulting from car accidents can cost and how to choose the Accident Benefits coverage that makes sense for you. Visit their website, and when you're done, contact us to finalize your selections.
CFIB is Canada's largest association of SMEs representing over 100,000 firms. CFIB promotes and protects a system of free competitive enterprise, strengthens the entrepreneurial culture in Canada, and gives independent business a greater voice in determining the laws that govern business and the nation. A non-profit organization, whose members work in all sectors, CFIB is non-partisan and is financed solely by membership dues. As a matter of policy, CFIB does not endorse or promote the products and services of its members.
