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How to deal with the rising costs of auto insurance due to car theft Apr 17th
Looking for a break on car insurance premiums is often top of mind for drivers. And finding ways to reduce that figure is especially important now, when rampant thefts have led to higher insurance costs.
How to lower the cost of auto insurance and prevent car theft
Experts say installing .... More »
The Complete Package: How Much are Benefits and Bonuses Really Worth? Jun 4th
If you’ve ever had to debate the pro’s and con’s of a new job offer, or renegotiate a contract, you know it’s not always easy to evaluate the worth of a potential compensation package. Benefits and bonuses add a lot of complexity to the process; it doesn’t always come down to salary dolla.... More »
The ObamaCare Cleanup Begins + MORE Feb 7th
Early executive action can improve short-term insurance markets..... More »
What is comprehensive insurance and what does it cover? + MORE May 23rd
Comprehensive insurance essentially covers you for things that happen to your car that aren’t caused by you or another driver. Think of it this way: If collision insurance covers you for accidents, comprehensive insurance covers pretty much everything else that could happen to your vehicle. It pro.... More »
TFSA contribution room calculator + MORE Nov 5th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
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Tax-free savings account is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like e.... More »
Are Fort McMurray homes insured for fire?
– moneysense.ca
(THE CANADIAN PRESS/ Mary Anne Sexsmith-Segato)Nothing is as traumatizing as losing your home. That’s what the residents of Fort McMurray, Alta., are having to deal with because of extreme wildfires that have destroyed their houses and caused a mass evacuation of more than 88,000 people. Of course, most homeowners likely had home insurance but what exactly does the policy cover? “Standard polices, which are the policies most average Canadians carry, all cover the rebuilding of the same-size home that was destroyed,” says Adam Mitchell of Mitchell and Whale Insurance Brokers in Whitby, Ont. That’s all.”
But rebuilding on their land in Fort McMurray may not be desirable to a lot of residents of the flame-engulfed community, who may not have jobs to go home to when the fires have cleared. Would standard home insurance policies cover them if they chose to rebuild their home somewhere else? “Unless it’s a higher value home policy, then no,” says Mitchell…
The damage costs from the fire ripping through Fort McMurray, Alta., could reach $9 billion for insurers if the entire town has to be rebuilt, an analyst at Bank of Montreal says.
