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AS A TENANT, IS IT IMPORTANT TO GET INSURANCE?

Gabrielle Côté Auteur Lareau - Gabrielle Côté

The situation You think you don’t have that many valuable belongings. You’ve moved into your first place and you never thought it would be important to insure the equivalent of that suitcase of clothes you own. Don’t be fooled! A home insurance contract First of all, it is important to understand that the home insurance contract consists of two parts: property insurance and personal liability insurance. Insuring your belongings This section of the contract covers the goods you own, such as clothes, electronics, sports equipment, furniture, appliances, in short, everything—even the frames hanging on your walls as well as the tacks used to hold them up! If you are the victim of theft or if a fire destroys your home, would you be able to replace everything you own the very next day? Protection against personal liability Many are unaware Lire la suite…

IS YOUR HOME VACANT? CONTACT YOUR BROKER RIGHT AWAY!

Cynthia Pommainville Auteur Lareau - Cynthia Pommainville

Your home has been on the market for months and you’re being pushed to sell it because you’ve already made an offer on a new one, which is conditional on you selling your old home. In other words, you find a buyer but he can’t buy it right away. Your chance of buying the new home could slip away if you decided to wait longer. Thus, you decide to go for it; you buy the new home and move into it. Is your situation similar to one of the following? Your father, who was living alone, passed away a few weeks ago and neither you nor your brother lived in his home because you each already had your own dwelling. During the estate process, which will take several months, you decide to put the house up for sale because no Lire la suite…

POLLUTION INSURANCE—WHY IT’S SO IMPORTANT FOR CONTRACTORS

Charles-Antoine Carra Auteur Lareau - Charles-Antoine Carra

Environmental consciousness was not always an important issue as it is today. Similarly, purchasing pollution liability insurance has yet to become a priority for companies. However, this will change. Do you know why repair garages are always located near rivers in the countryside? Because old engine oil was disposed of in the water. Seems incredible, right? Yet, it’s true. It sounds surreal because we are more attuned to the environment and have a deeper overall understanding of issues surrounding it. With this awareness comes the need for this particular type of insurance, which is still widely forgotten: pollution insurance. Brian Cane, V-P of ENCON Group, has already written an article on the importance for contractors to purchase pollution insurance. I have summarized for you the main points and his top five reasons for having this specific type of insurance. 1- Lire la suite…

ARE MY SWIMMING POOL AND SPA COVERED?

Gabrielle Côté Auteur Lareau - Gabrielle Côté

With the arrival of warmer weather, several will purchase and install an outdoor swimming pool or spa to maximize on the pleasures of the hot summer days. Thus, with this addition to your dwelling, it is important to notify your broker of this so that he can proceed with making the necessary adjustments to your home insurance and protect you from situations that may occur. Your in-ground pool For starters, the coverage for an outdoor in-ground pool is not the same with all insurers. Some consider the outdoor in-ground pool as an integral part of the building, therefore covering it under the same terms as the building. Others, however, exclude it, meaning that the pool must specifically be covered by way of an endorsement. Your aboveground pool At all times, your aboveground pool must explicitly be mentioned in your insurance Lire la suite…

6 GREAT REASONS TO HAVE UMBRELLA INSURANCE

Caroline Campeau-Schmidt Auteur Lareau - Caroline Campeau-Schmidt

Last week, I wrote about this little-known but very important type of insurance—umbrella insurance. Before reading this article, I suggest you read my previous blog Umbrella Insurance: Coverage to Help you Weather the Storm! in which I cover this insurance in detail. My clients often ask me: “What could possibly go so wrong? Why do I need so much coverage?” As promised, here are 6 great reasons to have umbrella insurance. 1.       Because you sometimes visit the United States The current exchange rate is $0.77 and travelling in the States is not just expensive, it’s also risky. Your $2M coverage is only worth $1.54M, and your $1M coverage is only worth $770K. Americans are known for their lawsuit culture. Lawyers run countless advertisements and are easily accessible. 2.       Because you sometimes travel elsewhere than the United States Medical fees are not covered outside Lire la suite…

Umbrella insurance: coverage to help you weather the storm!

Caroline Campeau-Schmidt Auteur Lareau - Caroline Campeau-Schmidt

When contacting their Lareau broker for an automobile or home insurance quote, people are mainly thinking about protecting their property against fire, theft, and water damage. We all know people who have woken up to water up to their knees or who came back from vacation to find their house had been broken into. Nearly every day, the media shows shocking images of burning houses—but what about civil liability insurance? By definition, civil liability insurance covers pecuniary damages that you may be held liable for as a result of damage to property and bodily injuries caused to a third party. The insurer compensates the third party up to your contract’s maximum coverage amount and legal representation fees are covered on top of the coverage limit. For the claim to be admissible, the third party must of course prove that there Lire la suite…

My guest got injured – When am I covered by my insurer?

Gabrielle Côté Auteur Lareau - Gabrielle Côté

Winter is upon us, and it seems well established! The cold weather makes us feel like cooking comforting meals, which usually means hosting get-togethers and sharing moments with family and friends. Therefore, it’s important for hosts to be aware of situations that could create awkward situations with your guests. Maintaining your premises With the arrival of the snow and cold, you must pay attention to the maintenance of your premises, otherwise you may have to face possible litigation, requiring you to activate your home insurance contract. Stairways, handrails, entrances, and ice accumulation Let’s say you didn’t shovel your porch after a substantial snowfall, and forgot to pour salt on your steps after the snow turned to ice. If a visitor or a delivery person were to have a nasty fall at your doorstep, get injured, require surgery, and be unable Lire la suite…

I was robbed while on vacation, am I covered?

Gabrielle Côté Auteur Lareau - Gabrielle Côté

At last, you’ve been working hard lately, and winter has crept in with its usual greyness. You really need a vacation! You had even planned to celebrate spring break with your kids under the sun this year! Should a robbery occur while you are on vacation, how would your insurance contract help you? Are you covered? Property stolen while on vacation – You are covered, but there might be some limitations In all home insurance contracts, there is an amount of coverage for your personal property, i.e. anything under your roof, like furniture, clothing, sports equipment, jewellery, etc. This clause covers these goods while they are temporarily outside of your home. Therefore, if your suitcase is lost or stolen during your trip, you will be reimbursed in full, based on the replacement value of all of your lost or stolen Lire la suite…

My condo, my own insurance or the syndicate’s?

Gabrielle Côté Auteur Lareau - Gabrielle Côté

  An increasing number of condominiums are being built both in major urban centres and small municipalities. Cities and towns see this as a way to increase population density, and buyers see it as a way of becoming a property owner while investing in real estate. At the same time, buying a condominium may lead to confusion when it comes to responsibilities and loss settlements resulting from damage to the building and your unit. Common and private portions First of all, it is important to distinguish common portions from private portions. In short, private portions are the areas of the building and land owned and used exclusively by the co-owner. For example: your unit, bedroom, bathroom, etc. The Insurance Bureau of Canada (IBC) has created a very practical lexicon to help you demystify condominiums and relevant terms. Who pays what? Lire la suite…

Replacement value, the dealer’s offer or an equivalent offer from my broker?

Charles-Antoine Carra Auteur Lareau - Charles-Antoine Carra

Allow me to set the scene. You walk into your dealership and you make a fabulous purchase. When it comes time to leave the dealership, you enter the Financial Services Manager’s office to deal with some paperwork before you go. That’s when you find out that your expenses are far from over. According to them, you need an extended warranty, a tire warranty, rustproofing, stain protection, an anti-theft device, and a QPF5: replacement insurance commonly known as the dealer’s replacement value. It’s a good product, of course. For a few dozen dollars a month, it guarantees you a new vehicle in the event of total loss of your vehicle. It’s almost silly not to take it. If you say no, it sometimes gives you the impression that you’re upsetting the director of financial services. I’m exaggerating? Not really, as directors Lire la suite…

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