Insurance News!

Insurance News!

As we all know, the world of Insurance is fast paced and always changing. We thought it would be good to update you on some of the new things that are happening in insurance in case they may affect you!

FINES INCREASE FOR DISTRACTED DRIVING

Effective March 18, 2014, Ontario Drivers to face higher fines for distracted driving.
The Ontario Court of Justice will be increasing the set fine to $280.00. Police started issuing tickets in 2010. The set fine was $125 with a $30 surcharge. In March the set fine rises to $225 and the surcharge will increase to $55.
Currently you do not lose demerit points for this infraction.

WINTER WEATHER AFFECTING CLAIMS

There has been a drastic increase this year for claims involving water damage, with
water seepage being the number one cause. Be aware that most property policies DO NOT afford coverage for “water seepage”. Emergency work for these types of claims, which are absorbed by the homeowner, is very costly so preventative measure is your best attack.

We offer these tips:


•check the roof and outside parameters of the home a couple of times a week to monitor snow accumulation
•shovel snow away from basement windows and entryways to avoid water damage and water intrusion; and
•guard against ice damming – when snow from the roof begins to melt, but freezes near the roof’s edge before it can run off, usually caused by warm air leaking from the house into the attic – which prevents water from draining away and can cause water to back up under the shingles and into the home.

SNOWBIRDS BE AWARE

There are stipulations regarding coverage pertaining to water damage. If you are away from your home for more than 4 consecutive days, you must:

a) arrange for a competent person to enter your dwelling each day or
b) shut off the water supply and drain all the pipes

CRACKING DOWN ON INSURANCE FRAUD

The Ontario provincial government has been in the works of making some serious changes to crack down on Insurance Fraud. This is in hopes to reduce the amount the general population pays in premiums every year. The provincial Government introduced the Fighting Fraud and Reducing Insurance Rates Act  . Which works towards lowering fraudulent claims (specifically health care related claims).

If you have any questions regarding the information you just read, let us know and contact us!




Can a Broker Help You To Find Affordable Life Insurance?

Life insurance should be considered essential if you have a family and financial commitments, especially if you are the main or only income earner. If something should happen to you, your family would not only have to cope with their grief, but also have to struggle to meet financial commitments with the loss of your income. An insurance broker will be able to find you the most affordable life insurance policy that is suitable for your needs.

Typically, the most affordable life insurance is called term life. Term life insurance is taken out solely to pay out a lump sum of money should you die. This can be invaluable to your family and gives you the peace of mind that at least they wont be left struggling financially to make ends meet. It doesn’t however pay out unless you die, but it is the cheapest and easiest to understand of all insurance policies.

Of course when taking out any form of life insurance you will need to know how much coverage you need. Generally the amount that you should cover yourself for should be enough to pay off your mortgage, debts, funeral costs and 3-6 months income. You should also take into account inflation and the needs of any children as they grow up. For example, if they wish to go to college or university then extra could be put aside to allow for this. Once your broker knows this amount they can begin shopping for the best coverage and lowest cost life insurance that is best suited for your needs.

While going with a broker for your policy will ensure you always get the best deal you should also be aware of what the policy covers you for and what the exclusions are within it, again a broker can give advice on this.




Benefits of an Insurance Broker

Have you ever wondered if you could be benefit by hiring an Insurance Broker rather than trying to figure out the best policy all by yourself?

When it comes to insurance, we either seek referrals from friends or family, or trust the insurer’s representative when you call for information. A popular perception is that without an insurance broker, one can get a better policy or premium without having to pay for any service charges. However, the gamut of services and benefits that an Insurance Broker can offer you is unquestionably unparallel and worth of every cent paid towards the charges.

  • The first benefit of hiring an insurance broker is the sheer number of options that you can get as an applicant. An insurance broker would have numerous policies available which saves you an incredible amount of time researching multiple companies one at a time.
  • Research, resources and information is essential to selecting the right policy. An insurance broker would be aware of the laws, the insurance companies, trends in the industry and would be able to offer you any insights that you may be seeking. From this perspective, an insurance broker can be a trusted aid at all stages.
  • There is no way to compare various insurance companies and policies unless you get an unbiased opinion. Using online comparison tools may not be able to offer you a perfect reasoning and could be biased or sponsored by a specific company. An insurance broker can offer you an unbiased opinion and select the best policy for you considering your circumstances, expectations and budget.
  • If and when you look at switching insurance companies, an insurance broker can be your best friend. The entire exercise of choosing an insurance policy and going through all the hassles resurface when we intend to switch from one insurer to another. All these tasks can be conveniently accomplished if you have an insurance broker you trust.

Contact us today to find a policy that’s right for you. We’re here to help!




Do I need Renters Insurance?

Many renters we speak to are generally skeptical about getting renters insurance because they are unsure as to whether they really need it or if it is just another expense. Many of us are on a tight budget, so insurance may not seem like a necessity, but it buys peace of mind in the case of fire or theft. Just like all insurance it is there when you need it, but the hope is you never will.

Having renters or tenant insurance can really save you in a pinch. There is so much that can go wrong and since you are not the person that carries the home owners policy you will not get any kind of compensation for your lost or damaged property. Home owners have insurance to ensure they will be compensated for their lost or damaged goods inside their home in case of a fire, flood, burglary, etc… Renters insurance will do the same for the tenants personal belongings not usually covered by the landlords or the homeowners insurance.

Renters insurance doesn’t have to be confusing so you should try and make sure that you get a broker that will explain the different policies available and how each one would work if you were to make a claim. It is for this reason that you will want to pick an insurance broker that you can trust to help you find the right tenant insurance and be there when you need to make a claim.




Differences Between Term and Whole Life Insurance

There are basically two different types of life insurance. There is term life insurance and then there is whole life insurance. All other types will be a variation of these two major types.

Term life insurance is life insurance that is taken out for a certain period of time. If they pass away before expiry of the policy, then the amount of money due to them will be paid to the selected beneficiary. This insurance coverage is taken out for a limited period of time such as 10, 15 or 20 years. If this period expires and the policy holder is still alive then the insurance cover will expire and no benefit will be paid out.

Whole life insurance will last for the entire life of the policy holder and a benefit will be paid out to their beneficiaries upon their death.

For more information on Term, Whole Life and other exciting insurance products contact us today.




Boat, Yacht and Personal Watercraft Insurance Tips

If you need to insure your boat, yacht or other water craft the good news is there are plenty of options available to you. All you need to do is figure out what type of insurance you need for your specific craft, and then determine the best possible place to get the insurance. Some basic coverage options are for the boats agreed value, the replacement cost for total loss, basic liability or indemnity insurance, and coverage for uninsured or underinsured boaters.

How do you know which policy is the one that you need? Well it comes down to a couple of factors. What kind of craft are you insuring? Where do you normally use it? How often do you take your craft out? Once you know the answers to these basic questions you can begin looking at the kind of coverage that you need.

It is a good idea to focus more on coverage than cost. While it is important that you get the best deal for your money you don’t want to sacrifice what you need for what you can afford. Figuring out how much coverage and what type should be your number one priority, then you can begin to look for the best deal. What is the most affordable option for the kind of policy that you need. It is important to shop around and get quotes from several different providers before you decide which one you are going to use.

How do you know which policy is best? We can help! Contact us today to find a policy that’s right for you.




Benefits of Critical Illness Insurance

Many Canadians are not aware that they can take advantage of critical illness insurance. While the government provides basic health care, most insurance companies do not offer extensive protections for Canadians who are inflicted with a serious illness. Worse, there are some insurance companies that will not offer additional insurance over the standard health care should there be a high risk of illness based on family history or certain pre-existing conditions.

The type of coverage offered by critical illness insurance varies based off of the insurance company that you go with. However, there are typically four major types of illness that are covered in the cheapest packages offered. These include cancer, heart bypass surgery, heart attacks, and strokes. Many companies will offer full payouts if clients suffer from one of these illnesses or is unable to return to work. Some companies also offer more extensive packages which can include over twenty different types of critical illnesses. While cancer, heart bypass surgery, heart attacks, and strokes are the most common illnesses suffered, these aren’t the only types that can cause significant health concerns and result in extended absence from work.

There are a few things that Canadians should be aware of when taking advantage of critical illness insurance. The standard healthcare system already provides coverage for most care required by Canadians. What this form of insurance does is offer a lump sum payout should the initial waiting period between the claim and the policy’s maturing be survived. Unlike insurance policies that many are used to, this amount can be spent in any fashion, be it on food, the mortgage, or paying for medications and additional treatments that are not covered by the health system.

When you are selecting the type of critical illness insurance that is right for you, there are a few factors that you should consider. First, consider how high of a risk you are for each type of illness. While insurance companies will many times base premiums off of the amount of risk you incur, it will also help you determine what type of package is best for your needs. Next, consider your general expenses. How much would you need in order to recover from a long-term illness? This will help you select the right critical illness package for your needs.

At Donnell Insurance we are dedicated to helping families acquire the critical illness insurance they need to protect their livelihoods and give them peace of mind should an unexpected long-term illness occur.

For more information on Critical Illness Insurance and a free no-obligation quote contact us today.




Tips on Buying Travel Insurance

There are some things that you need to know about buying travelers insurance. First and foremost is what you are getting for your money. There are a lot of different kinds of travel insurance for different needs, everything from health, to flight cancelation and missed connections to rental car insurance. What kind of insurance you need, and how much you are willing to pay will definitely be a factor. One site suggests that you should focus more on what you are getting and less on what it is going to cost. Obviously you don’t want to over extend yourself, but at the same time picking the cheapest insurance might not be the best route.

When you are looking into insurance coverage you should do some basic investigating. Ask a lot of questions, what will the policy cover, how much will it cost, what are the cancelation policies, etc. If you already have an insurance broker that may be your best bet since you already have a level of trust and a relationship with them. It also helps to get referrals from other travelers. This is especially true if you’ve never bought insurance before. Talking to someone who has traveled regularly and has experienced different types of policies can help you decide which one is right for you.

Did you know that Donnell Insurance offers Travel Insurance? CLICK HERE to check out our plans and options. You can get your coverage details, pricing and buy when you’re ready using our easy 4 step process.




Finding The Right Insurance Broker

When you are looking into finding an insurance broker you want to make sure that you will find one that you trust and will be there for you when you need them. Car insurance, home insurance, and even your business insurance should never be taken lightly and you should always search for the best insurance for a reasonable cost. Some people are on tight budgets so they look for the cheapest insurance broker, but when it comes time to making a claim they feel slighted and frustrated at how they are treated and how their policies were handled. It is for this reason you should look for a insurance broker for more than just what it costs.

Each day we are all bombarded by all the witty advertising from car insurance companies and how switching to their company can save you hundreds of dollars. Don’t fall into these traps. You will really need to ensure you are getting a good insurance broker that will take care of you and your family’s car insurance needs.

When shopping for car insurance you are going to want to go with a trusted insurance broker that you can trust and will be there when you need them. Many don’t have to talk to their insurance company on a regular basis, but when you do they should be there to calm your nerves and take care of you. It is for this reason you are going to want to find an insurance broker that has been established and survived for a few years.

Home insurance is one of the biggest types of insurances you will need to have. When you buy a house you are making a large investment and you will need to protect that investment with the best insurance that you can get. There are a lot of different options and you will need to decide what plan will work best for your home and its geographical location. This is why you should really look into an insurance broker you trust to help you make the right decisions.