How to go about securing the best policy for your insurance in Canada.
Latest News
Simplii, Tangerine, Motusbank – Who Are These “New” Players? + MORE Apr 25th
You’ve seen those ads show up more and more the past few years: financial institutions who offer a new way of banking. But do those flashy logos hide something you already know? Many of these businesses are owned by traditional Canadian banks. The industry is tightly regulated, but you.... More »
The best TFSAs in Canada for 2021 Jan 27th
A tax-free savings account, known better as a TFSA, is a savings vehicle available to Canadians aged 18 and up who have a valid social insurance number (SIN). It was launched by the federal government in 2009 as a way to encourage Canadians to save and invest.
As the name suggests, TFSAs offer a tax.... 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 »
What is an Insurance Grace Period? Sep 13th
Life gets busy sometimes. It’s not surprising you might forget to pay your insurance premium. But what does that mean for your coverage? Some insurance is optional, but some — like auto — is mandatory. So, the last thing you want is a cancelled policy.
Thankfully, you might not ne.... More »
Planning to buy your first home? Be ready to jump in when the post-pandemic market picks up Apr 17th
Closing costs, such as land transfer tax, lawyer fees and title insurance, have to be paid on top of the down payment when you take legal possession of your new home, and they add up fast..... More »
A reno can void your home insurance
– moneysense.ca
A bathroom renovation could void your home insurance policy. (Getty Images / ullstein bild)Have you ever read your insurance policy contract in full? I mean line by line, page by page?
Turns out there’s a clause in the vast majority of home insurance policies that eliminates your coverage protection should you undertake a home renovation. So, if a pipe bursts during that bathroom remodel and ultimately destroys the floors on your second floor, you could find out that your claim is denied.
While it’s case by case, the fact is your insurance provider has a legal right to deny your claim—simply because of that clause.
You can always call your insurance provider and notify them of the planned renovation, but don’t assume this protects you on the off chance you need to file a claim. Notifying your insurer of your intent to renovate simply prompts the company to go the next step, which is to talk to their actuaries. (These are the people who love numbers and statistics and who crunch probabilities all day long to calculate premiums and rates…
Ontario Auto Insurance Rates Drop Up to 7%
– ratesupermarket.ca
Great news for Ontario drivers – lower pricing was rolled out across the province last week by auto insurers, according to the quarterly rate report released by the Financial Services Commission of Ontario (FSCO).
Thirty nine insurers, representing 73.48 per cent of the market, have cut their premiums by a province-wide average of 0.95 per cent, with some insurers slashing rates up to 7 per cent. This is compared to an average rate reduction of 0.54 per cent reported in Q4 of 2014.
Will You See Lower Auto Insurance Premiums?
Keep in mind, these reports indicate the average reduction put in place across the province; some drivers may see lower, higher or unchanged premiums, depending on their specific driver history and demographics.
“An individual policyholder may experience a rate change that is either higher or lower than the industry-wide average rate change, or the average rate change for a particular insurer, depending on several factors,” states FSCO.
How Can I Take Advantage of these Auto Insurance Premium Discounts?
Don’t wait for your renewal deadline: It’s important to shop around when rates are lower; as some insurers are implementing greater reductions than others, it’s worth checking to see if you’ll qualify for a better rate elsewhere…
A Fresh Financial Start
– ratesupermarket.ca
It’s been a week of change for your finances, from new savings options announced in the government’s budget to a wave of price reductions for auto insurance customers. Will your piggy bank come out on top? Read on to see how these updates will affect your bottom line.
INFOGRAPHIC: The Perfect Pro – Your Guide to Mortgage Professionals
It takes a village to buy a home – from your first open house to picking up the keys, you’ll need a slew of pros to make the transaction a smooth one. We’ve rounded up the players for your home buying dream team, what they cost, and what they do – plus vital questions you need to ask.
Read Penelope’s Blog | Your Guide to Mortgage Professionals
Federal Budget Highlights: What’s in Store For Your Money
The Conservatives pre-election federal budget has been announced, and appears chock-full of new tax savings and consumer protection measures. Will these changes really help the bottom line for Canadians? Here’s what’s new – and what it means for your money…
