How to go about securing the best policy for your insurance in Canada.
Latest News
Home insurance: Are you covered for wildfires, floods and other climate-related disasters? Jan 19th
In 2024, severe weather caused record-breaking property damage across Canada. Home owners and insurers are reeling from the impacts of multiple disasters, including floods in Toronto, Southern Ontario, British Columbia and Quebec; the wildfire in Jasper, Alta.; and a hailstorm in Calgary. Together, .... More »
How does flood insurance work? + MORE Jul 18th
Flood insurance offers you, as a homeowner or renter, financial protection in the event of damage to your living space due to a flood. It may sound simple enough, but it often gets confused with water damage, and the two are significantly different when it comes to coverage. And since instances of f.... More »
What is short-term disability insurance? + MORE Apr 1st
Short-term disability (STD) insurance is a term you may have encountered while filling out employee paperwork when you start a job. But what exactly does it do? It provides income for someone over a short period of time if they can’t work because they’re ill or injured, have been in an accident,.... More »
One snowbird’s $35,000 travel insurance surprise: Mayers Apr 28th
A Toronto man felt unwell in Florida but waited a week to go to a hospital. His claim for a two-day stay was later denied..... More »
How much does life insurance cost in Canada? + MORE Mar 24th
Life insurance is often touted as the financial safety net we all need, but what if it’s an added expense you’re not sure you can afford? If that’s your thinking, you’re far from alone—a 2019 study showed that most Canadians are underinsured, with 49% having never purchased life insurance.... More »
How to avoid the underwater mortgage
– moneysense.ca
(John Lund/Getty Images)Q: I’ve read a lot about the possibility of first time home buyers ending up with an underwater mortgage? I’m not sure what this is, but it doesn’t sound good. Can you explain what an underwater mortgage is and how to avoid it?
— Trying to be responsible, Calgary, Alta.
Answer from Robert McLister, mortgage planner with Ratespy: No homeowner wants an underwater mortgage. It means you have negative equity—i.e., you owe your lender more than your home is worth.
If you’re making a small down payment, it’s easy to become submerged. Imagine you’re buying a $400,000 home with only 5% down, for instance (that works out to $20,000). The day you close that mortgage you’ll owe $393,680 including mandatory default insurance fees. That’s a whopping 98.4% of the purchase price.
Now imagine unemployment soars and incomes drop or people just stop buying as many houses, which sends the market into a 20% correction. Suddenly you owe about $390,000 on a property worth only $320,000…
Newly released figures show jobless
Canadians are waiting days for answers
to their employment insurance questions,
and a month or more to find out if they
are going to receive benefits.
Canadians are waiting days for answers
to their employment insurance questions,
and a month or more to find out if they
are going to receive benefits.
Business Highlights
– canadianbusiness.com
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Starwood takes improved bid from Anbang
NEW YORK (AP) — Starwood called off a $12.2 billion buyout agreement with Marriott in favour of an offer from a group of investors led by the Chinese insurance company Anbang.
The decision came after Anbang upped its offer for Starwood by nearly $370 million Friday, bringing the total to more than $14 billion. Starwood, which owns the Sheraton and Westin hotel brands, has to pay Marriott $400 million to end the deal.
Chinese companies have parked a lot of money in U.S. assets in recent years, seeing it as a safe bet.
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Market finishes 5th week of gains, turning S&P 500 positive
NEW YORK (AP) — Another strong gain for stocks Friday extended the market’s recovery from a dismal start to the year to a fifth week in a row.
The Standard and Poor’s 500 index closed up for the year for the first time. The Dow Jones industrial average turned positive Thursday. Both had been down more than 10 per cent for the year a little more than a month ago…
Starwood takes improved bid from Anbang
NEW YORK (AP) — Starwood called off a $12.2 billion buyout agreement with Marriott in favour of an offer from a group of investors led by the Chinese insurance company Anbang.
The decision came after Anbang upped its offer for Starwood by nearly $370 million Friday, bringing the total to more than $14 billion. Starwood, which owns the Sheraton and Westin hotel brands, has to pay Marriott $400 million to end the deal.
Chinese companies have parked a lot of money in U.S. assets in recent years, seeing it as a safe bet.
___
Market finishes 5th week of gains, turning S&P 500 positive
NEW YORK (AP) — Another strong gain for stocks Friday extended the market’s recovery from a dismal start to the year to a fifth week in a row.
The Standard and Poor’s 500 index closed up for the year for the first time. The Dow Jones industrial average turned positive Thursday. Both had been down more than 10 per cent for the year a little more than a month ago…
Starwood and Columbia Pipeline climb on deals, Adobe rises
– canadianbusiness.com
Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and the Nasdaq stock market:
NYSE
Starwood Hotels & Resorts Worldwide Inc. (HOT), up $4.18 to $80.57
The hotel chain accepted a $14 billion buyout offer from a group led by Anbang Insurance Group of China.
Columbia Pipeline Group Inc. (CPGX), up $1.33 to $24.84
TransCanada Corp. agreed to buy the company for $10 billion, or $25.50 per share, in an attempt to expand further into the U.S.
Tiffany & Co. (TIF), up $2.07 to $72.19
The jewelry retailer had a difficult fourth quarter, but its profit was larger than investors expected.
JPMorgan Chase & Co. (JPM), up $1.73 to $60.48
The bank said it will buy back another $1.88 billion in company stock, and got a boost from rising oil prices.
Textron Inc. (TXT), up $1.20 to $36.17
The weakening dollar could make Textron’s products, including Cessna small planes and Bell helicopters, more affordable overseas.
Bank of America Corp. (BAC), up 39 cents to $13…
NYSE
Starwood Hotels & Resorts Worldwide Inc. (HOT), up $4.18 to $80.57
The hotel chain accepted a $14 billion buyout offer from a group led by Anbang Insurance Group of China.
Columbia Pipeline Group Inc. (CPGX), up $1.33 to $24.84
TransCanada Corp. agreed to buy the company for $10 billion, or $25.50 per share, in an attempt to expand further into the U.S.
Tiffany & Co. (TIF), up $2.07 to $72.19
The jewelry retailer had a difficult fourth quarter, but its profit was larger than investors expected.
JPMorgan Chase & Co. (JPM), up $1.73 to $60.48
The bank said it will buy back another $1.88 billion in company stock, and got a boost from rising oil prices.
Textron Inc. (TXT), up $1.20 to $36.17
The weakening dollar could make Textron’s products, including Cessna small planes and Bell helicopters, more affordable overseas.
Bank of America Corp. (BAC), up 39 cents to $13…
