Two individual recent studies have shown that most Canadians are not clear on the details outlined in their property and auto insurance policies. A study by Canadian Council of Insurance Regulators found that in the event of a natural disaster, many Canadians would not know if their insurance policy covers damage due to flooding, earthquakes, wildfire and severe weather.
With natural disasters and severe weather events on the rise, it’s not a foreign concept in thinking that you may have to deal with something as inconvenient as a flooded basement in the future.
Whereas, a separate report finds many Ontario drivers are not aware of changes made in 2016 to the province’s auto insurance regulations. Overall, many saw their premiums go down and were happy to finally have some relief from the high premiums Ontarians pay, not realizing it should have been a red flag to increased risk.
Our brokers are well-versed in the changes that were introduced and we have been sending out letters to outline the changes. If you are not aware of these, you can see them outlined in the attached brochure.
As always, our brokers are very knowledgeable in your insurance coverages and the options available to you. Please contact your broker if you’d like to discuss your options and review your coverages!