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MOVING SEASON—HOW DOES AN INSURER DETERMINE PRICING FOR MY NEW HOME?

Charles-Antoine Carra Auteur Lareau - Charles-Antoine Carra

Historically, moves always happen on July 1st in Québec. Although this has been part of our reality for many years (since 1974), it has not always been the case. The July 1st date was set by the government to avoid problems related to school changes. Prior to this date, May 1st used to be moving day but imagine the nightmare of kids having to get used to a new school right before year-end exams. So you’re moving and you’re wondering if your premium will increase or reduce in your new area? An insurer’s rating will vary depending on a great number of factors specific to each person. For instance, your age, your experience, your job, your insurable belongings, the state of your home, your credit score and other factors will be taken into account to calculate your premium depending on the insurer. However, Lire la suite…

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…

EXCAVATION WORK, A COMPLEX OPERATION

Charles-Antoine Carra Auteur Lareau - Charles-Antoine Carra

We hear the ol’ folks say… “In my days, we dug using a pick and shovel and the problems were endless. We’d roll up our sleeves and work hard.” Today, everything has changed. Even oranges have disappeared from Christmas stockings. Even so, we keep digging. We keep digging and although we regularly trade in picks and shovels for mini-excavators, the operation has not streamlined much. Nowadays, we’ve traded in an operation much less manual for one that is a little more complex. With time, our ground has become more elaborate and is composed today of layer upon layer of underground infrastructure. Gas lines, water lines, telephone wires, fibre optics, cables, old oil pipes… And just because you’ve seen a man on his little digger, you think you’re up for the task of digging your future uni-stone walkway? Or you think 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…

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…

Becoming a landlord

Charles-Antoine Carra Auteur Lareau - Charles-Antoine Carra

It’s not complicated. The cost of living is too high, and you realize that your employment income certainly won’t guarantee you’ll have the retirement of your dreams, so you become an investor. You have two options: the stock market or real estate. As the stock market fluctuates way too much and you don’t trust the major decision makers, and as you’re better with a hammer than a calculator, you’ve chosen real estate. It’s much simpler and safer. It’s a simple formula, to make money in life, you have to own property. Let’s backtrack to the end of my last blog. You’ve flipped a house and the gamble paid off: you respected your budget and timeline. Now you have to sell your showpiece, but nostalgia has given you a lump in your throat. You put soooo much energy into this great Lire la suite…

Is flipping the idea of the century?

Charles-Antoine Carra Auteur Lareau - Charles-Antoine Carra

It seems easy, fun, creative, artistic, and brings couples closer. No, we’re not talking about a couples’ Zumba class—we’re talking about house flipping! House flipping is when you buy a house that is in need of some TLC, fix it up over the course of a few weeks or months, and then quickly sell it, turning a profit. Specialty channels are flooded with them, contractors seem to be making a fortune, the media is incessantly writing about them—house flipping is on everybody’s lips. Flipping is all the rage and maybe you think that now you could put your extra spare time to good use and put your skilled hands, basement renovation experience, unparalleled spatial and temporal vision, savings, and friends to work flipping a house. So now you’re the owner of a 1960s bungalow with a fuse box, aluminum wiring, Lire la suite…

Airbnb’s excellent, but incomplete, host guarantee

Charles-Antoine Carra Auteur Lareau - Charles-Antoine Carra

Last week I was quoting Airbnb, a leader in the emerging sharing economy. The company provides a way to connect travellers around the world so they can find a home base in a desired location, often at a lower price than hotels and as functional as their own home. It’s a different way to experience a new place you’d like to discover. There’s just one catch—the insurance. That’s before mentioning that Airbnb offers a Host Guarantee, which states the following: “Always included for Eligible Booking. Your peace of mind is priceless. So we don’t charge for it. Every eligible booking on Airbnb is protected by our Host Guarantee at no additional cost to you. Sleep easy. You’re worth it.” Airbnb is clear about its Host Guarantee on several points: it is not an insurance policy and it does not replace Lire la suite…

Airbnb does not mix well with insurance, unless…

Charles-Antoine Carra Auteur Lareau - Charles-Antoine Carra

You probably already know how this works, but if not, let me summarize it for you: At the moment, apps and Web sites that enable you to generate income with your vacant residence are trendy. Airbnb, the best-known company and possibly the most effective in the field, might help you discover new places around the world as part of your next vacation. Meanwhile, you could pay for part of your trip by renting your house in say, Laval, to another user who wants to visit family. This service is generally easy to use, affordable, and technologically advanced, hence its success. The good thing about this method is that, if you report your income, it’s perfectly legal. Depending on the province, you may need to contact the ministry of tourism to find out if you need a permit to rent your Lire la suite…

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