Insurance policy getting you down? There are always sound insurance alternatives.
Latest News
Home insurance isn’t immune to inflation. Here’s how experts say you can lower those costs Jul 19th
Simply shopping around to different companies and double checking the coverages you actually need can save you cash at renewal time.... More »
Review: Turo, the Airbnb of cars Feb 15th
Owning a car is notoriously expensive, but did you know you can actually make money with your car? Turo (formerly RelayRides) bills themselves as the Airbnb for cars is a service that allows you to rent out your car for cash!
That’s right, when you’re not using your vehicle, you can rent it out.... More »
Do You Have Enough March Break Travel Insurance? + MORE Mar 15th
March break is here and with it comes the first real opportunity to get away. Before you board your plane or drive across the border, don’t forget about the importance of travel insurance; 41 per cent of Canadians say they’re concerned about needing medical attention when travelling, according.... More »
What to know about credit card travel insurance as an Air Canada strike looms Aug 16th
After carefully planning a summer vacation, the last thing on your mind should be finding alternate transportation. But some travellers could be left scrambling as the clock ticks down to a possible work stoppage at Air Canada. The airline says it will gradually suspend its flights starting Thursday.... More »
What to do if you’re a victim of bank account or credit card fraud Jan 12th
Ask MoneySense
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 »
CMHC Mortgage Rule Changes 2012: 1 Year Later
– ratesupermarket.ca
It was July 2012 when the Canada Mortgage and Housing Corporation made sweeping rule changes to mortgages that limited affordability to high ratio buyers, and those looking to take equity out on their home. The new rules were brought info effect to cool hot Toronto and Vancouver markets, despite concerns they may have a chilling effect on the overall economy as well. Now, 12 months later, how have those changes impacted the overall housing market?
How Have Mortgages Changed For The Consumer?
A year ago, it got harder to get a mortgage in Canada. The new rules reduced the maximum amortization to 25 years (previously 30) for high-ratio buyers, and reduced the maximum loan-to-value ratio on refinances to 85 per cent. As well, home purchases over $1 million dollars no longer qualified for mortgage insurance, and new limits were placed on gross debt service ratios and total debt service ratios at 39 per cent and 44 per cent, respectively.
The Real Estate Impact
The goal of these new rules was to try to chill overvalued markets and make sure the Canadian real estate industry wouldn’t head into a huge bubble destined to burst…
Wet basement? Sewer backup coverage may pay for loss
– thestar.com
A low-priced addition to a home insurance policy can help pay for basement damage when a storm causes sewer water to back up into your home.Water damage tips
– moneysense.ca
After Toronto’s latest bout of severe weather, we thought we’d remind homeowners that water damage isn’t always covered by home insurance policies. Still, homeowners who have experienced flooding should be prepared to make a claim with a fighting chance, just in case. TD Insurance has issued tips for affected homeowners in Toronto after the company came under fire for reportedly denying claims to Calgary area residents in recent days. First thing is first: protect yourself from electrical hazards in flooded areas by turning the electrical supply off and wear gloves, rain boots and a mask to protect yourself in cases of sewer backup. Next, lift any undamaged valuables away from the water source and call your insurance company’s claims hotline. Be sure to take photos of damaged items before arranging for emergency repairs and/or alternate accommodations. Last but not least, keep detailed invoices and receipts to submit to your insurer upon request.
Residential property prices in Canada are showing no signs of slowing down, a survey by Royal LePage suggests…
Eight U.S. big banks to face higher capital requirements
– theglobeandmail.com
Federal Deposit Insurance Corp. to boost leverage ratios to 6 per cent for JPMorgan Chase & Co , Citigroup Inc, Bank of America Corp, Wells Fargo & Co, Goldman Sachs Group Inc, Morgan Stanley, Bank of New York Mellon Corp and State Street Corp.
