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Video: Do you really need condo insurance? Dec 6th
Condo insurance is what it sounds like: coverage for your condominium. But watch this video to learn exactly what it covers and the difference between your condo policy and the policy of your home owner association (HOA) or condo corporation. It’s worth a few minutes of your time.
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What to do if you’re a victim of bank account or credit card fraud Jan 12th
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We have been defrauded of over $20,000 by someone who was able to make unauthorized e-transfers from our bank accounts. The bank has recovered a small portion of them, and it has refused responsibility for any more. I am at level three of the complaint process, and I am wondering how .... More »
No health insurance? Here’s how to keep dental costs from bankrupting you May 24th
Should you get dental health insurance? (Likely no) Can you haggle over prices with your dentist? (Yes!). The Star spoke to experts about strategies for keeping costs in check..... More »
Compare high-risk auto insurance quotes for Ontario Feb 8th
The cost of auto insurance—which is required for drivers in Canada—can vary widely. Why? Because it’s all about risk. How risky your car is—is it prone to safety issues that could cause an accident? Is it a car-thief magnet? How risky your neighbourhood is—whether you live in an urban or r.... More »
The best travel insurance credit cards in Canada for 2024 + MORE May 19th
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The best travel insurance credit cards in Canada for 2024
Searching for the perfect card? Compare your options with our interactive tool, and filter results based on rewards value, annual fees, income requirements, and more.
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Why is condo insurance going up?
– moneysense.ca
Condo insurance increases have been making headlines. In B.C., there’s been a significant jump in premiums that are making condo-living increasingly expensive. According to online condominium data resource Eli Report, B.C. condos are bracing for insurance increases that range from 25% to a whopping 240% per year (the average budget increase was 35%). Premiums in Alberta have risen at a similarly aggressive pace and in Ontario, prices have risen 8% between 2019 and 2020.
Why are condo premiums are on the rise
What’s fuelling the hike in prices? A perfect storm, according to the December 2020 report from B.C. Financial Services Authority (BCFSA)—and one major culprit is the weather. According to the Insurance Bureau of Canada (IBC), severe weather caused $2.4 billion in insured damage across the country during 2020. The major events included the Fort McMurray floods, Calgary hail storms and wild wind storms in Ontario and Quebec. (And surely, today’s West coast fires will impact future premiums, too)…
